Time Medical Officially Opens New Hong Kong Production Facility at Tai Po MARS Centre

(Hong Kong, 16^th March 2023) – Time Medical (TM), a leading enterprise in the medical imaging field, today announced the official opening of its new Hong Kong production facility located at the MARS Centre at Tai Po InnoPark, becoming the first large-scale medical equipment production facility in Hong Kong and the largest MRI production base in the Greater Bay Area and Southeast Asia. The production facility specialises in R&D and production of high value-add neonatal and breast screening superconductor magnetic resonance imaging (MRI) systems.

The new Time Medical production facility covers an area of 30,000 sq. ft. at the MARS Centre, equipped with advanced technologies, seamless logistics support and a tightly-integrated manufacturing environment. Hong Kong Science and Technology Parks Corporation (HKSTP) repositioned the three industrial estates in Tai Po, Yuen Long and Tseung Kwan O as InnoParks in 2021, to drive innovation and technology opportunities and long-term economic development in Hong Kong through Innofacturing. The new production facility will greatly facilitate the productivity of Time Medical's new-generation neonatal and breast screening MRI systems, plus advance the mission for New Industrialisation and high-value manufacturing proposed in Hong Kong’s Innovation & Technology Development Blueprint.

Professor Dong Sun, Secretary for Innovation, Technology and Industry, formally opened the new production facility and said in his speech, “Hong Kong has unique advantages in life sciences and strong capabilities in scientific research. The Budget released by the Financial Secretary last month also highlights our strength in R&D and fully supports the construction of the second Advanced Manufacturing Centre (AMC) operated by HKSTP. The Government is working in full swing to lay a solid foundation for New Industrialisation in Hong Kong, by promoting interactive development of upstream, midstream and downstream sectors. Time Medical provides a major boost to the city’s industrial development with its one-stop shop featuring R&D, design, production and sales of high value-added medical equipment in Hong Kong.”

Dr Q.Y. Ma, Founder and Chief Executive Officer of Time Medical, said: “We are grateful for the support from the Innovation, Technology and Industry Bureau and the HKSTP. After years of hard work, our team created the first MRI prototype for infants from within the R&D ecosystem at the Science Park and today's opening ceremony is a proof of our rapid growth in Hong Kong. The first batch of pediatric MRI systems made in Hong Kong will be used in top hospitals around the world. We are confident that these innovative pediatric products will soon emerge as premium ‘Hong Kong Brands’ and be exported to more regions such as Asia, Europe and the US.”

Dr Sunny Chai, Chairman of HKSTP, said in his speech: “HKSTP has been actively promoting the “R&D to Innofacturing" concept to develop a new generation of high-end manufacturing for Hong Kong, while enhancing the Hong Kong brand and creating more job opportunities for young people. I believe that in the future, there will be more successful I&T companies like Time Medical to shine on the stage in Hong Kong, the Greater Bay Area and even across the globe with their R&D achievement, realising numerous possibilities for Hong Kong Innofacturing.”

Time Medical is a leading innovator in the medical imaging industry. It is committed to bringing advanced, accessible and affordable medical imaging diagnostic services to the world, focused on developing dedicated MRI systems for Baby, Breast, and Brain (3B) diagnosis. With over 500 installations in hospitals and clinical centers across 16 countries, the company is already leading China's private hospital MRI market and has 40% share in China's pet MRI market. Time Medical’s R&D team originated from Columbia University, Harvard Medical School and University of Hong Kong, and has already acquired a number of patented technologies in the field of medical imaging; Currently, it has established R&D, sales and operation centers in Hong Kong, Shanghai, Silicon Valley and Singapore. 

Time Medical will leverage its new production facility in Hong Kong to produce the dedicated superconductor MRI system designed optimally for neonates - Neona. Its neonatal magnetic resonance imaging (MRI) system is a patented product of Time Medical using original revolutionary technology, and it has officially obtained the US Food and Drug Administration (FDA) approval and won the Geneva International Invention Award. Neona is lightweight, compact in size, safe and reliable. It is suitable for adoption by around 8,000 different neonatal intensive care units (NICUs) globally, providing dedicated and radiation-free diagnosis for infants. Neona is developed by the engineering team of Time Medical based at Hong Kong Science Park, making it the first high-end medical device that is "Innovated, Designed and Made in Hong Kong" and it will be exported to the US, Europe and mainland China, propelling the Hong Kong brand in the international medical market.

MARS Centre at the Tai Po InnoPark was launched in 2021, it is a modern industrial space purpose-built to fit the high-end manufacturing requirements, dedicated to the manufacturing of personal protection equipment (“PPE”) and relevant materials, medical devices and related equipment as well as precision instruments. Time Medical is one of the first batch of enterprises settled down, its new Hong Kong production facility is designed to have an annual production capacity of 200 units, with an annual output value of HK$1.5 billion. Time Medical looks forward to establishing its facility as Asia's leading digital medical imaging R&D centre and permanent manufacturing base, as well as to contribute to the development of the I&T ecosystem and healthcare industry in Hong Kong and the Greater Bay Area.