Exploring Hong Kong's Role in Med-Tech: A Bridge to Mainland China
Hong Kong: A Boon for Medical Technology Investment in Asia-Pacific
Hong Kong is emerging as a stronghold for medical technology, particularly due to its regulatory support and strategic connector role with mainland China. With significant investment from companies like Time Medical, the city is facilitating advancements in medical imaging. Chief Operating Officer Simon Yeung highlights how Hong Kong accelerates approval processes, proving its attractiveness as a hub for innovation and growth in the healthcare sector.
Regulatory Support Fuels Growth
Time Medical is a Hong Kong-based medical imaging company spun off from Columbia University. Yeung noted that the company underwent a five-year regulatory approval process for its MRI machine in the US but managed to condense this timeframe to a few months by conducting preparatory work in Hong Kong. This local groundwork, including testing and clinical trials, was crucial for speeding up the vetting process.
InvestHK's Role in Attracting Med-Tech Firms
- InvestHK plays a pivotal role in attracting foreign investments.
- Time Medical is one of nine companies assisted by InvestHK this year.
- The collective investment of these firms reached HK$60 million (US$7.7 million).
- A total of 120 jobs were created from these investments.
Connections to the Greater Bay Area
Hong Kong's connection to the Greater Bay Area opens pathways for medical technology firms to enter the mainland China market. The medical connect scheme introduced in 2020 allows registered drugs and devices in Hong Kong to be eligible for use in local institutions, promoting accessibility and innovation.
Opportunities in the Asia-Pacific Market
Hong Kong is regarded as a strictly regulated city, which assures investors and consumers of the safety and quality of medical devices. Dilip Parmanand, CEO of Koning HK, emphasizes this point, noting that successful devices in Hong Kong gain credibility in other markets, such as Thailand and Malaysia.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.