A design sketch of Genesis MedTech Wuxi Innovation Center. [Photo provided to chinadaily.com.cn]

The biomedicine industry in Binhu district, Wuxi, East China's Jiangsu province, is showing strong potential for growth thanks to the aggregation advantages of over 200 enterprises in the industrial chain and improved innovation capabilities among local players.

Among many healthcare and biomedicine companies based in the district, Genesis MedTech, located in the Wuxi (Mashan) National Life Sciences Park, is remarkable due to its rapid development and globally advanced level.

Genesis MedTech, established in 2019, signed on to build its research, development, and production base for high-end medical devices in Wuxi in February 2020.

With a total investment of 5 billion yuan (739.77 million), the company's Wuxi base has been under construction since 2021 and is expected to be completed in 2026.

Its first phase, including two R&D and production buildings and one innovation center, will start operating by the end of October. The phase is expected to achieve sales revenue of about 200 million yuan within the year.

Zhang Wei, vice president of the business and professional education department of Genesis MedTech, said the company will work to produce high-value medical devices and consumables related to cardiac intervention, nerve intervention, tumor intervention, and cancer intervention, aiming to replace imported products with domestically-made medical devices.

Zhang spoke highly of the business environment and policies related to talent introduction in Wuxi, adding that the development of the biomedicine industry should focus on the introduction of innovation resources, especially high-caliber talent. Zhang has emphasized the protection of knowledge products important for ensuring innovative achievements and motivating talent.

In 2021, the overall industrial output value of the biomedicine industry in Binhu district reached 15 billion yuan. The Wuxi (Mashan) National Life Sciences Park is now home to more than 180 biomedicine companies, accounting for 80 percent of Wuxi's total.