By LI Linxu

A specialized fund of 10 billion RMB for the life and health industry has been set up to support pharmaceutical companies to be listed at home or abroad, according to a series of measures recently unveiled by East Lake Science City in Wuhan, Hubei province.

Focusing on cultivating major new drug discoveries, improving innovation capabilities, promoting investment, and optimizing industrial ecology, a total of about 20 measures have been introduced to support the industrial development of new medicines.

Wuhan East Lake High-tech Development Zone

Of note is that to support new drug innovation and development, a partner model has been created.

Under this model, the funding support will move forward and the risk of developing new drugs will be shared. For the clinical research of a Class I new drug, the funding support can amount to a maximum of 20 million RMB annually and the accumulative amount of funding support can reach a maximum of 100 million RMB.

In addition, a maximum of 100 million RMB will be allocated to attract top scientists and high-end talent through a talent exchange program.

By the end of 2030, the industrial output value of related pharmaceutical companies is expected to exceed 100 billion RMB, 30 top academicians and experts in the field will be introduced, and 20 listed companies to be fostered, according to East Lake Science City.