Budget 2022: Financial Secretary announces additional $10 billion to boost Hong Kong’s biotechnology industry

Hong Kong will continue to invest billions in the biotechnology industry as it works to enhance institutional capacity with HK$10 billion earmarked for life and health technology, Paul Chan Mo-po, Financial Secretary, said in his budget address today. 

The investment in the innovation and technology sector comes amid the Greater Bay Area development.

The establishment of the InnoLife Healthtech Hub in the Hong Kong Shenzhen Innovation and Technology Park, announced in the 2021 policy address, will bring the research strengths and resources of laboratories to create greater synergy, Secretary for Innovation and Technology Alfred Sit Wing-hang said in October last year.

Biotechnology plays a significant role globally as it will dominate important economic activities in the 21th century and firms or countries that control key biotechnology will be able to rule the market and the economic development, according to scholars.

“With more than 16 laboratories and the eight relevant State Key Laboratories, we can pool together top‑notch research teams from all over the world and focus our efforts on R&D work as well as global research collaboration in the field of life and health sciences,” Chan said.

There are more than 250 biotechnology‑related companies in Hong Kong, with the majority of them operating in pharmaceuticals, traditional Chinese medicinal, healthcare products or medical devices and diagnostics, according to the Hong Kong Trade Development Council.

In the 2018-19 Budget Address, biotechnology was recognized as one of four priority sectors, which Chan had earmarked an additional $50 billion for developing innovation and technology in Hong Kong.

“Continuous promotion of Innovation and Technology development is an important strategy to foster a more vibrant and diversified economy.  The 14th Five‑Year Plan supports Hong Kong's development into an international I&T hub,” said Chan. 

The current-term government has invested more than $130 billion in I&T development, which has seen results trending up gradually in recent years, according to Chan.