The Waigaoqiao Free Trade Zone in Shanghai's Pudong New Area is working to accelerate the development of a biopharmaceutical industry development ecosystem with international competitiveness.

At the 5th Waigaoqiao Medical and Health Cooperation Forum on Dec 6, the Academy for Clinical Innovation and Translation of Shanghai (ACITS), Ortho-Clinical Diagnostics Trading (China) Co Ltd, Nanjing Immunophage Biopharmaceutical Technology Co Ltd, and Emedlo (Shanghai) Pharmaceutical Technology Co Ltd signed cooperation agreements with Shanghai Waigaoqiao Biomedical Industry Development Co Ltd, Shanghai Waigaoqiao Free Trade Zone Xin Development Co Ltd, and Gaoyue Group.

The Waigaoqiao Data Asset Service Package was launched at the event, aiming to accelerate companies' digital transformation through comprehensive services involving data resources inventory, data product processing, data asset management, and data asset listing.

In 2023, the biopharmaceutical industry in Pudong accounted for over 40 percent of Shanghai's total biopharmaceutical output. The bonded area's biopharmaceutical industry achieved an operating income of 306 billion yuan ($42.09 billion), a 7.3-percent increase from the previous year, accounting for about one-third of Shanghai's total.

Additionally, the import value of medical instruments and devices reached 41.7 billion yuan, a 7.7-percent increase from the previous year, accounting for 43 percent of national imports of similar goods. Pharmaceutical imports were valued at 96.3 billion yuan, a 15.6-percent increase, accounting for 26.4 percent of China's total imports of similar goods.

"We aim to provide more refined services tailored to the new needs of biopharmaceutical enterprises, enhancing the environment for the biopharmaceutical industry in bonded areas," said Zhu Yaopeng of Shanghai Waigaoqiao Biomedical Industry Development Co Ltd.