New insurance offering fortifies Guangzhou's biomedical sector

China Pacific Insurance Guangzhou Branch recently partnered with the Innovation Center of High-Performance Medical Devices to launch Guangzhou's first biomedical technology insurance.

This insurance can provide comprehensive risk protection for a medical device research and development company, covering expenses such as research and development losses, critical equipment failures or losses, and intellectual property disputes.

The IHM Innovation Center. [Photo/WeChat account: guangzhougaoxinqu]

The IHM Innovation Center, located on Guangzhou International Bio Island, is an innovation research and industrial transformation platform in the field of high-performance medical devices. This insurance covers risks throughout the entire product development lifecycle, with a maximum coverage of 100 million yuan ($14 million), ensuring stability and economic security for enterprises.

In recent years, Huangpu district has aggressively developed the biopharmaceutical industry, attracting over 4,000 biopharmaceutical companies, including 18 listed companies, accounting for 75 percent of Guangzhou's total.

This initiative is expected to boost the confidence and support of biomedical technology entrepreneurs, thereby driving the overall development of Guangzhou's biopharmaceutical industry.

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