Hangzhou grants $ 4.6 million for pharmaceutical innovation
The Hangzhou government has granted up to 30 million yuan ($ 4.6 million) for the development and research of first-class innovative drugs and up to 12 million yuan for the improvement of these treatments.
The grants are in line with the State Council’s 14th Five-Year Plan (2021-25) which stimulates biopharmaceutical science and aims to build a cluster of national biopharmaceutical laboratories across the country.
Hangzhou is encouraging more companies to cooperate with local hospitals in clinical trials and studies through CRO (contract research organization), CMO (contract manufacturing organization) and CDMO (manufacturing organization development contract).
If a product obtains the national registration certificate for medical devices for the first time, local departments will subsidize it up to 6 million yuan based on its initial R&D expenditure.
If the fixed capital investment of a pharmaceutical project exceeds 200 million yuan, Hangzhou will subsidize up to 20% of the total investment, with the aim of accelerating the speed of commercialization.
Software companies creating online platforms for medical registration, intellectual property trading and public medical services are also included in the new policy.
If it is evaluated by the government as a key platform, the company will be awarded up to 18 million yuan. Others will receive up to 1 million yuan.
With the pharmaceutical industry heavily dependent on politics, Hangzhou hopes to become one of the sector’s hubs in China by launching attractive grants.
In recent years, companies capable of developing original drugs have appeared in the city.
Betta Pharmaceuticals, a listed company founded by several PhD graduates who returned from the United States, produced and developed the first targeted anti-cancer drug in China. The drug received a patent in 2007 and was marketed as Conmana in 2011.
In the first half of 2020, Conmana dominated the Chinese market with cumulative sales reaching 924 million yuan, benefiting more than 250,000 lung cancer patients.