OVC unveils measures to accelerate development of biomedical industry
Wuhan East Lake High-tech Development Zone (Optics Valley of China, or OVC) introduced "Several Measures on the Breakthrough Development of the Biomedical Industry" to accelerate the formation of a world-class biomedical industry cluster.
The document encompasses six major sections and 20 specific measures, focusing on enlarging industry clusters, hastening product R&D and industrialization, transforming and upgrading platform systems, expanding real-world applications, strengthening resource supply, and optimizing industrial park ecosystems.
The "Measures" feature substantial incentives. Notably, to boost industry cluster size, significant projects in key biomedical areas could receive up to 500 million yuan ($69.64 million) in support. Additionally, newly registered Class 1 drugs achieving industrialization may receive up to 100 million yuan. Top scientists and leaders making notable contributions could secure up to 100 million yuan in project funding.
Furthermore, the document encourages companies to develop artificial intelligence products tailored to specific situations, participate in clinical research for biomedical innovations, and collaborate with hospitals to establish innovative medical device demonstration centers.
Regarding platform system transformation and upgrading, the "Measures" advocate constructing high-level innovation platforms in critical sectors, fostering top-tier incubators and biomedical innovation service centers, and incentivizing development of large-scale AI models in sectors such as precision diagnosis, AI pharmaceuticals, and rehabilitation management.
Wuhan is swiftly forming a trillion-yuan health industry cluster. By the end of 2024, the city's life and health industry had reached 554.6 billion yuan, securing a leading position in Central China.
