Hong Kong’s biotech sector needs more measures to flourish, as John Lee’s policies fall short, say industry experts
- John Lee’s new policies to help innovative industries are not enough, with experts calling for building a self-sustained ecosystem and easing restrictions for hiring talent
- The Hang Seng Biotech Index is down 64.2 per cent since reaching its peak in June last year
Hong Kong Chief Executive John Lee Ka-chiu’s newly announced policies are not adequate for the development of the biotech industry, with participants and experts urging the government to do more if it wants to build the city into a leading hub.
Their suggestions included building a self-sustained ecosystem, enriching the talent pool and smoothing parts of the supply chain among others.
Experts also suggested taking a holistic approach to advance one of the key innovative industries, as Hong Kong seeks to transform itself into an international innovation and technology hub and to lead the Greater Bay Area from relying heavily on traditional industries such as real estate and finance.
“The government is not only focusing on financial innovation this time, but extending the policies to the real economy, the infrastructure, and measures to attract talent and companies,” said Bruce Liu, partner at Simon-Kucher & Partners. “They are more tangible and real.”
He said the government should step beyond attracting biotech companies to the city and enhance the ecosystem for the industry. His suggestions included improving Hong Kong’s clinical and research infrastructure, and nurturing academia that is geared towards innovation.
