Henan invites multinationals to develop biopharmaceutical hub

A roundtable on the pharmaceutical industry attracted global attention in Zhengzhou on Sept 25.

As part of the 2024 Cooperation and Exchange Conference between Henan Province and Multinational Corporations, the roundtable aimed to enhance cooperation in the biopharmaceutical sector, facilitating dialogue to align interests and promote high-quality growth.

Henan's pharmaceutical sector is robust, with a total output value of 282 billion yuan ($40.18 billion) in 2023. The provincial medical market is experiencing high demand, with annual outpatient visits reaching 684 million and public hospitals accounting for nearly 200 billion yuan in procurement.

Michael Hart, president of AmCham China, noted that Henan boasts a favorable business environment and significant investment potential.

He pointed out that the healthcare sector is the largest and most active group within AmCham China, with member companies placing significant importance on business growth in Henan. He expressed hope that the discussions would enhance mutual understanding between Henan's health authorities and the chamber's member companies.

Local representatives, including Yang Shuguang, vice-mayor of Nanyang, emphasized the importance of the biopharmaceutical industry as a strategic focus for development.

He said the city plans to attract large enterprises focused on processing herbal drinks to enhance the added value and market competitiveness of its herbal products. Additionally, there are plans to invite major companies involved in traditional Chinese medicine extraction, medical devices, and food-pharmaceutical integration to establish operations in Nanyang.