"Scientific and technological innovation is the driving force behind the development of enterprises and is essential for the transformation of old growth drivers into new ones," said Zhang Daiming, chairman of Shandong Xinhua Pharmaceutical Co and deputy to the Shandong Provincial People's Congress.

Zhang Daiming, chairman of Shandong Xinhua Pharmaceutical Co and deputy to the Shandong Provincial People's Congress [Photo/iqilu.com]

Zhang, who is attending the fifth session of the 13th Shandong Provincial People's Congress from Feb 2 to 6 in Jinan, the provincial capital, felt inspired when he learned that Shandong has listed the enhancement of scientific and technological innovation capabilities and achieving practical results as its top priorities in its provincial government work report for 2021.

During the 13th Five-Year Plan period (2016-20), Xinhua Pharmaceutical invested 960 million yuan ($148.61 million) in R&D, with an average annual investment growth rate of 29.4 percent, said Zhang, who added that the company has obtained 10 drug approval numbers, 21 clinical approval documents, and 69 authorized patents.

Zhang said that Xinhua Pharmaceutical has witnessed rapid growth over the past five years, as it has been promoting internationalization and innovation-driven development strategies, with revenue increasing from 3.62 billion yuan in 2015 to 5.61 billion yuan in 2019.

Last year, Xinhua Pharmaceutical established three joint research institutes in Changsha, Dongguan, and Jinan, and cooperated with Central South University in the research and development of new drugs for treating pulmonary hypertension.

The company has established a national enterprise technology center, academician workstations, postdoctoral workstations, and other high-end talent platforms. It has also formed cooperative ties with prestigious domestic colleges and universities such as Shandong University, the Chinese Academy of Medical Sciences, and Tsinghua University.