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Hong Kong fund invests to usher medical innovations into mainland hospitals
The Hong Kong government’s HK$62 billion (US$8 billion) investment fund is teaming up with a medical group co-founded by the city’s former finance minister to bring innovations developed by start-ups into clinical use across the Greater Bay Area.
Hong Kong Investment Corporation (HKIC) said on Wednesday that it would fund New Frontier Group as it works to identify biotech start-ups with great potential and help promote the clinical application of their products. The partnership is HKIC’s first this year.
“We have invested in various biotechnological projects in the past year, and we are seeking routes to apply such innovations to reach patients, to cover the last mile,” said Carla Chan Ka-chai, CEO of HKIC. “The facilities and services of [New Frontier Group] have provided scenarios for application of such innovation.”
Co-founded and chaired by former financial secretary Antony Leung Kam-chung, New Frontier has a presence in 59 Chinese cities, including Hong Kong. In 2019, the group acquired United Family Healthcare, one of the largest private hospital chains by revenue in mainland China.
Leung said the firm would promote commercialisation of Hong Kong medical innovations in the bay area, while also helping mainland biomedical breakthroughs enter the international market through Hong Kong. The Greater Bay Area is the Chinese government’s scheme to link Hong Kong, Macau, Guangzhou, Shenzhen, Zhuhai, Foshan, Zhongshan, Dongguan, Huizhou, Jiangmen and Zhaoqing into an integrated economic and business hub.
“What we are hoping to do is create an end-to-end ecosystem from research labs to clinics,” said Carl Wu, co-founder and CEO of New Frontier.
Under the partnership, New Frontier will provide contract research services, including seeking clinical trial scenarios for product verification and assisting with licensing and registration.
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