East China city to build "Chinese pharma valley"
The city of Suzhou in east China's Jiangsu Province aims to build a "Chinese pharma valley" by 2030, according to a biomedical development conference held in the city on Saturday.
The city plans to attract more than 10,000 bio-pharmaceutical enterprises with an industrial scale of over 1 trillion yuan (about 141.21 billion U.S. dollars) by 2030.
Encouraging the enterprises to set up regional headquarters in Suzhou, the city will offer a maximum subsidy of 60 million yuan to those companies that meet conditions.
The annual turnover of Suzhou's bio-pharmaceutical industry has exceeded 170 billion yuan, and the city has attracted more than 3,000 bio-pharmaceutical enterprises.
The number of newly approved drugs in the city accounted for 3.6 percent of the country's total in 2019.