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Shanghai Free Trade Zone 10 years on / Updates

Bio-pharmaceutical industry surges in Waigaoqiao Bonded Area | Updated: 2023-10-31
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As the core area of China's first pilot free trade zone, Waigaoqiao Bonded Area has been committed to implementing strategies for upgrading the free trade zone. It is enhancing the industrial chain, filling chain gaps, and strengthening the existing chain, thereby forming a strong advantage in the bio-pharmaceutical industry.

Boston Scientific, a globally leading minimally invasive interventional medical device company, expressed its intention to further establish a presence in the bonded area and expedite its local operations.

Inno Medicine Production Base in Waigaoqiao was officially launched recently as well. This marks the first industrialized production line for targeted drugs for cardiovascular diseases globally and, upon full operation, it is expected to become the world's largest production base for liposome per batch.

From January to August this year, the bio-pharmaceutical industry in the bonded area achieved a revenue of 203.7 billion yuan ($27.84 billion), marking an 11 percent increase over the same period last year. Medical instruments and apparatus imports reached 27.7 billion yuan, an 8 percent growth and accounting for 43.2 percent of total national imports of similar goods. Drug imports reached 66.2 billion yuan, up by 27.6 percent, accounting for 26.9 percent of total national imports of similar goods.

The bonded area will continue to extend the industrial chain, perfect the supply chain, and aggregate innovative chains. It aims to provide more precise policy support and efficient service connections, allowing more bio-pharmaceutical enterprises to achieve their aspirations.

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