Hong Kong is ramping up investments in biotech companies to enhance its role in China’s strategy for innovation and to compete with the U.S. in the global pharmaceuticals market. The Hong Kong Investment Corporation (HKIC), managing $8 billion in assets, has developed a comprehensive portfolio in biotech and healthcare, integrating both traditional Chinese and Western medicine. CEO Clara Chan highlighted the inclusion of AI in drug discovery to expedite and reduce costs in developing new treatments. With over 200 investments in high-growth sectors, HKIC has achieved an internal rate of return of 14% since its inception. This focus on biotech comes amid escalating competition between China and the U.S. in the life sciences field.
Disclaimer: This summary is written by AI, which can make mistakes. Please follow up on any news information from additional sources.
Link to original article source: https://www.scmp.com/business/china-business/article/3363320/us-china-pharma-rivalry-heats-can-hong-kongs-us8b-fund-be-global-bridge
