Over 50 major biomedical projects, each with an investment of over 100 million yuan ($15.6 million), have signed up to settle in the Lin-gang Special Area – in East China's Shanghai city – in less than two years, with total investment of 35.5 billion yuan, according to the BayHelix Group's 18th annual meeting on May 15.

The BayHelix Group is a non-profit professional organization of business leaders, which has as its mission to shape the growth of the life sciences and healthcare industry.

The deputy director of high-tech industry and innovation in the area's administration, Lu Yu, told the meeting its industrial design and matchmaking prioritized the principles of fairness, justice and openness.

Several attractive policy mixes were available and those, for example, whose headquarters settled there could enjoy very beneficial policies covering the various industries, recruitment and other areas.

He said there were many advantages for the development of biomedicines in the Lin-gang Special Area and among them, recruitment of leading people in the sector took up a lot of the area's time and efforts.

"We introduce the companies. The companies take charge of hiring and we are responsible for making them stay," Lu said, adding that incentives included extremely attractive settlement and housing policies.

As an integral part of Lin-gang Special Area, Blue Bay World, is regarded as an important place for the development of high-end and frontier industries and is a pilot area for the biomedicines industry. [Photo/WeChat account: shlgguanweihui]

As one of 26 specialized industrial parks in Shanghai, Blue Bay World - a biomedicines industrial base - has become an important carrier for the biomedicines industry in the area.

To date, 70 biomedicine companies have settled in Blue Bay World.

According to the Lingang Group, Blue Bay World is also accelerating the development of support functions. Plans are for an incubation platform to start operations in June, while a drug innovation service base and a medical device technology evaluation service station are scheduled to be unveiled in the first half of this year.