Shanghai Introducing New Polices to Promote Biomedical R&D Industry

On October 25, 2022, Shanghai Municipal Government released the Measures to Accelerate the Establish of a Global Biomedical R&D hub in Shanghai (“Measures”). The Measures came into force on October 31 and will be valid until October 30, 2027, aiming to drive expansion of biomedical R&D and industrialization activity by a 5-year plan. The core content of the Measures includes 16 specific policy measures in 6 aspects, which expect that the development pattern of Shanghai’s global biomedical R&D economy and industrialization hub will be initially formed by 2025 when the R&D economy is expected to be generating over RMB 100 billion, and over 100 innovative drugs or medical devices are expected to be under development locally. In addition, the Measures also supports the establish of innovative companies with biomedical R&D and the flow of research projects from universities and research institutes to industry.