The biopharmaceutical industry in Hangzhou, Zhejiang province maintained a good momentum in the first half of the year, according to statistics revealed by the Hangzhou Investment Promotion Bureau.

The industry witnessed 536 new biopharmaceutical companies in the first six months this year, a year-on-year increase of 26.71 percent. Newly registered capital reached 3.97 billion yuan ($382.43 million), up 66.73 percent on a year-on-year basis.

With a focus on attracting more investment in the biopharmaceutical industry, Hangzhou Biopharma Town, an industrial cluster for biopharmaceutical development, introduced 30 high-quality projects in the related industry with a total investment of 4 billion yuan in 2017.

More than 300 companies and research institutes in the biopharmaceutical industry are now stationed in the town, including one of the world's largest pharmaceutical companies, Pfizer Pharmaceutical Ltd, and an innovative research institute of China Pharmaceutical University.

Since the beginning of the year, Hangzhou has integrated its existing medical data resources and established a national leading biomedical platform, amid efforts to provide data support for pharmaceutical companies and statistical agencies.

It is expected that the revenue of major businesses in Hangzhou's biopharmaceutical industry will hit 100 billion yuan by 2020, according to an official from the Hangzhou Investment Promotion Bureau.

Hangzhou Biopharma Town, an industrial cluster for biopharmaceutical development, is located in Xiasha district of Hangzhou, Zhejiang province. [Photo/hangzhou.gov.cn]

An innovative research institute of China Pharmaceutical University is located in the Hangzhou Biopharma Town, Xiasha district of Hangzhou, Zhejiang province. [Photo/Xiasha Fabu WeChat]