More than 40 biomedicine companies representing a combined investment of 15 billion yuan ($2.23 billion) have been set up in Taicang, a county-level city in East China's Jiangsu province, in the first quarter of this year.

Taicang has made efforts to promote high-quality development of the bio-pharmaceutical industry in recent years.

The city is home to nearly 300 biomedicine enterprises engaged in fields including  innovative medicines, medical devices and medical outsourcing. These enterprises generate a combined annual revenue of over 20 billion yuan.

The sustained efforts made by local authorities to help enterprises innovate have been key to bolstering the sector's development in the city.

Ten public platforms offering services related to innovation at provincial level or above have been set up in Taicang to date, official statistics show.

Last year, the local government also released a plan to strengthen coordination among its three major biomedical industrial parks to further advance the sector's integrated development.