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Competition aims to lure biomedical companies
From:Shanghai Daily  |  2019-08-08 08:29

A GLOBAL competition in the biological medicine sector was launched yesterday to attract leading startup firms to Fengxian District.

The entrepreneurship contest organized by the Fengxian District government will be held through November in seven cities in China, Singapore, Israel and South Korea.

Two-thirds of the district on the city’s southern outskirts, covering 14 square kilometers, have been listed as part of the new Lingang section of the China (Shanghai) Pilot Free Trade Zone.

The competition aims to invite the winning companies and projects from across the world to base and develop in the district, said Gu Yi, deputy director of Fengxian.

A total of 1,000 startup or innovative projects for medical instruments, intelligent medical services, cosmetology and genetic technology will be canvassed from cities, including Beijing, Ningbo in neighboring Zhejiang Province and Shenzhen in the south Guangdong Province. Three leading projects will be selected at each city for a final competition in the “Oriental Beauty Valley,” focused on the cosmetics and health industries in Fengxian.

A total of 10 million yuan (US$1.4 million) will be awarded to winners to be selected by experts and industrial leaders from both home and abroad, said Tang Dongying, director with the district’s science and technology commission.

“If the winning companies decide to be based in the valley, they can receive almost 3 million yuan in subsidies along with preferential policies,” Tang said. The valley, the first of its kind in Shanghai, includes a 20-square-kilometer core section for the headquarters of domestic and international companies.

China’s leading cosmetics brands such as Jala, Pechoin and Marie Dalgar have manufacturing centers or marketing headquarters in the valley, which aims to be on a par with France’s Cosmetic Valley in Eure-et-Loir and Loiret.

The valley has nearly 100 cosmetics companies and generates more than 40 percent of the of city’s cosmetics revenue. Valley revenue is expected to hit 100 billion yuan by 2025. But companies mainly focus on the traditional medical industry and struggle to form an industrial chain from R&D to production, Gu said.

The competition aims to help the valley become a “Silicon Valley for the life and health sector,” Gu said.

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