Hong Kong's Role in Medical Technology Innovation between Mainland China and Global Markets
Hong Kong: A Promising Hub for Medical Technology
Hong Kong's robust regulatory support fosters a thriving environment for foreign medical technology companies. InvestHK plays a vital role in assisting firms like Time Medical, which specializes in innovative imaging systems tailored for neonatal care. This has enabled faster regulatory approval processes, significantly reducing wait times
Convenient Regulatory Processes
According to Simon Yeung, Time Medical’s COO, the company faced a lengthy approval procedure in the US, yet thanks to Hong Kong's support, essential groundwork—including testing—was accelerated, allowing quicker operations.
Innovative Collaborations Tapping into Greater Bay Area
Notably, Time Medical is already collaborating with local hospitals. This effort will pave the way for its advanced MRI systems to reach the mainland Chinese market, leveraging the medical connect scheme introduced in 2020, facilitating broader access.
- Investment Surge: Nine companies, guided by InvestHK, have pooled HK$60 million (US$7.7 million).
- Job Creation: Approximately 120 new jobs have emerged.
Expanding Regional Opportunities
Industry leaders recognize Hong Kong as a connector. Dilip Parmanand, CEO of Koning HK, highlights the city's safety and regulatory adherence as vital for gaining trust in neighboring markets like Thailand and Malaysia.
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