Chongqing - The 2024 Biopharmaceutical Industry Investment Promotion Conference, a key event of the 6th Western China International Fair for Investment and Trade, was held at Chongqing Yuelai International Convention Center on May 23. 

Hosted by Chongqing Free Trade Area Development & Management Co., Ltd., the event invited attendees to help build a biopharmaceutical ecosystem and announced plans for a specialized two billion yuan (USD 276 million) biopharmaceutical sub-fund.

The 2024 Biopharmaceutical Industry Investment Promotion Conference is hosted in Chongqing Liangjiang New Area. (Photo/Organizer)

The conference, themed "New Opportunity, New Market, and New Future," attracted key participants, including the Chongqing Medical Products Administration, Chongqing Customs District, 55 biopharmaceutical entities, such as Pfizer, AstraZeneca, and Medtronic, and experienced investment institutions.

China has designated the biopharmaceutical industry as a strategic pillar in its 14th Five-Year Medical Industry Development Plan. Chongqing aims to become a leading hub with an industry scale of 500 billion yuan.

Leading this effort is the Chongqing Lianglu Guoyuan Port Comprehensive Bonded Zone, an open industrial platform. As the main entry port for imported pharmaceuticals, the zone plans to create a port-based biopharmaceutical industrial park, offering comprehensive services from research and production to application and sales, leveraging its strategic advantages in transportation, location, policies, and resources.

Yan Wei, Chairman of Chongqing Free Trade Area Development & Management Co., Ltd., emphasized the zone's dedication to the biopharmaceutical industry. He highlighted the integrated transportation network, advanced cold chain storage, efficient port clearance, and detailed plans for a comprehensive supply chain service platform for procurement, storage, and settlement.

Chongqing Free Trade Area Development & Management Co., Ltd. signed strategic cooperation agreements with six companies at the conference. (Photo/Organizer)

Furthermore, the Comprehensive Bonded Zone announced a two billion yuan sub-fund to advance the biopharmaceutical industry, promoting a cooperative model of shared investment, management, development, and profits.

The conference saw Chongqing Free Trade Area Development & Management Co., Ltd. sign strategic agreements with six companies in product research, medical apparatus production and testing, platform operation, and management consultancy. Over 20 biopharmaceutical companies also toured Chongqing's biopharmaceutical industrial park, distribution center, and international air cargo terminal.

Established in 2008, Chongqing Lianglu Guoyuan Port Comprehensive Bonded Zone is China's only inland customs special supervision area with both water and airport functions. Its annual foreign trade volume is 200 billion yuan, making up 25% of the city's total. Notable infrastructure includes a 30,000-square-meter biopharmaceutical distribution center with a 500-million-yuan investment.