China's GBA offers huge potential for health tech investment: political advisor

HONG KONG, Nov. 24 (Xinhua) -- There is huge potential for investors to develop healthcare technology, community health and wellness in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), a national political advisor said here Wednesday.

For healthcare innovations, the GBA can draw on complementary strengths across the area, said Donald Li, a member of the 13th National Committee of the Chinese People's Political Consultative Conference and President of the World Organization of Family Doctors, at the Asia Summit on Global Health held in Hong Kong.

He said in the wake of the COVID-19 pandemic, the healthcare industry has attracted major attention, deals and investments, and the GBA has abundant healthcare resources and infrastructure to draw upon to further healthcare development.

"The demand for healthcare services is growing in Asia rapidly, the provider networks in Asia are still developing, and the buildup of the healthcare ecosystem is likely to accelerate," Li said.

The country's 14th Five-Year Plan (2021-2025) supports Hong Kong in developing into an international innovation and technology hub. Li noted that Hong Kong serves as a gateway to the GBA opportunities with many strengths.

In the healthcare sector, Hong Kong has top international-ranked universities for health and medicine and medical schools, and has trained graduates with outstanding achievements internationally, he said.

He also said Hong Kong has been able to access some of the newest pharmaceutical drugs and make arrangements for prescribing and delivering medicine.

Alfred Sit, secretary for Innovation and Technology of the Hong Kong Special Administrative Region (HKSAR) government, said at the forum that Hong Kong has many world-class talents in the life and health discipline, a solid foundation in research, as well as a vibrant and conducive ecosystem that facilitates the development of health tech-related startups.

"Currently, we are Asia's largest and the world's second-largest fundraising hub for biotech companies," said Sit.

Co-organized by the HKSAR government and the Hong Kong Trade Development Council, the health summit gathered more than 70 business leaders and medical experts both online and in-person to share ideas on the latest technological developments and investment opportunities in the healthcare sector.