The health industry in Hengqin New Area is being boosted with up to 10 million yuan ($1.5 million) of development funds available for enterprises and institutions in Traditional Chinese Medicine (TCM) Science & Technology Industrial Park of Cooperation Between Guangdong & Macao.

The news is stated in rules for enterprises at the TCM park wishing to apply for development funding. They were recently issued by the area's Bureau of Commerce.

The guideline details recipients, endowment forms, application times, and required materials for major project introduction and development funds. Also explained are subsidies for workspace rent, economic contribution, new drug R&D, and international certification. 

TCM Science & Technology Industrial Park [File photo]

A one-off equipment-purchasing subsidy of up to 10 million yuan will be offered to renowned international or domestic universities, research institutes, state key laboratories, national engineering laboratories, national engineering (technology) research centers, national enterprise technology centers, public laboratories, and achievement transformation, certification and test institutions settled in the park.

The TCM park was the first outcome of the Framework Agreement on Cooperation Between Guangdong & Macao signed in March 2011 and is tasked with mutually promoting industrial and diversifying the Macao economy.

The first phase of public service, including the GMP (Goods Manufacturing Practice) pilot production base and six additional projects, has been completed. The second phase, an incubation area encompassing incubators, accelerators and headquarters, is expected to be completed in September.

As of July 31, there were 88 enterprises engaged in TCM, healthcare products, medical devices, and medical services registered in the industrial park, 24 of them from Macao.