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- HKSTP enters into strategic partnership with Medical Valley EMN, HKBIO and HKMHDIA to enhance cross-country collaboration in the biomedical industry
(Hong Kong, 23 May 2016) - Hong Kong Science and Technology Parks Corporation (“HKSTP”), Medical Valley EMN, Hong Kong Biotechnology Organisation (“HKBIO”) and Hong Kong Medical & Healthcare Device Industries Association Limited (“HKMHDIA”) signed a Memorandum of Understanding (“MoU”) to accelerate the development and collaboration of the biomedical industry between Germany and Hong Kong.
Under the MoU, the four parties agree to pool resources to establish a network of partners that will work to facilitate innovation, technology transfer and commercialisation of promising healthcare-related inventions for companies in Germany and Hong Kong. Leveraging Hong Kong’s role as a super-connector, the partnership also aims to help local late-stage start-ups and SMEs to expand to Europe, and likewise, to assist German companies to develop Asian market from Hong Kong.
One of the four signatories of the MoU, Medical Valley EMN, is a renowned medical technology cluster from Germany with over 190 medtech start-ups and SMEs within its current network. In the past, the organisation has worked with different parties in the U.S. and in South America; and in its first attempt at breaking into the Asian market, Medical Valley EMN has chosen Hong Kong as its entry point with HKSTP as its partner.
Since the nature of biomedical value chain always involves research talents, suppliers, manufacturers, distribution and marketing professionals from different parts of the world, Hong Kong’s proximity to the Mainland China gives the city an absolute advantage over neighbouring cities. Utilising Hong Kong’s unique edge and network, Medical Valley EMN can easily access the resources and talent to help these German start-ups commercialise their inventions and facilitate midstream and downstream development, including clinical trials, accreditation and certification, product development and marketing.
Under the first phase of the collaboration, Medical Valley EMN will identify, shortlist and introduce promising biomedical innovations to Hong Kong, and it is expected to have partnerships with companies in Hong Kong on three areas within this year, including wound healing patch, micro MRI technology and bio-sensors.
“Hong Kong is a great springboard for us to easily reach key players and markets all across Asia. This vibrant city is also where some of the region’s brightest minds are working in, making it a great frontier for scientific and technological advancement. In addition to advanced technology know-how, the reasons why we chose Hong Kong to be the starting point in Asia is hugely due to its global network of professionals as well as the proactive and supportive attitude of the Hong Kong SAR Government. These factors enable the German medtech research companies to create value quickly,” said Matthias Hiegl, Member of the Managing Board of Medical Valley said. “One point to note that our partner -- HKSTP is a world renowned incubator, whose connections and networks will surely enable us to achieve great success in realising innovative ideas from Germany and Hong Kong.”
Commenting on the overall status of Hong Kong’s biomedical industry, Andrew Young, Chief Commercial Officer of HKSTP, said: “Biomedical industry is a global business. Professionals in Hong Kong have made great strides in the field of biomedical technology, and many of them are of global renown. With its extensive resources, established legal system and connected talent pool in biomedical technology, Hong Kong is ready to take the next step forward.”
“HKSTP is already hosting numerous research teams that are focused on developing biomedical technology in collaboration with local universities and healthcare institutes. And by signing the MoU, we formalise our intent to catalyse the development of biomedical technology in Germany and Hong Kong, which will ultimately speed up commercialization of innovations, foster closer industry collaboration and development. HKSTP, together with our three new partners, will bring in new opportunities for knowledge exchange and funding for innovators in the field of biomedical technology,” added Young.
Young and Hiegl were joined by Albert Yu, Chairman of HKBIO and Andros Chan, Chairman of HKMHDIA, in signing the MoU. Partnering with key local and global players is one of many initiatives undertaken by HKSTP to drive the growth of Hong Kong’s biomedical technology industry. HKSTP remains committed to executing on its 3C Strategy – Connect, Collaborate, Catalyse – to fuel the continued advancement of Hong Kong’s technology sector