Life science boost: Government funds medical production lines

A newly approved project under the New Industrialization Acceleration Scheme plans to set up medical production lines worth over HK$400 million, with around HK$140 million supported by government funding.

The Innovation and Technology Commission announced on Monday that the New Industrialization Vetting Committee under the Innovation and Technology Fund has supported an application from Advanced Isotopes Technology Asia Limited under the Acceleration Scheme, or NIAS.

The commission noted the project will focus on production lines for medical-use superconducting cyclotron and radionuclide medicines, featuring smart production facilities with high-end advanced technologies in the life and health sector. This marks the second NIAS project supported by the Vetting Committee.

Secretary for Innovation, Technology and Industry Sun Dong stated Hong Kong must be proactive in integrating into the country’s modern industrial system and accelerating new industrialization in response to the complex international landscape. 

He expressed satisfaction with one more enterprise with international elements to establish new smart production facilities in the city with funding support from the NIAS.

“By leveraging advanced technologies, enterprises can enhance productivity, create job opportunities and inject new impetus into the economy.”

“We look forward to more enterprises from the mainland and overseas developing smart production facilities in Hong Kong, driving the sustainable growth of our economy,” said Sun.

Launched by the SAR government last year, the NIAS provides funding on a 1(government): 2(enterprise) matching basis for enterprises in strategic sectors such as life and health technology.

Enterprises must invest at least HK$200 million to set up new smart production facilities in Hong Kong, with a minimum total project cost of HK$300 million. Each enterprise can receive up to HK$200 million in funding.

The first NIAS project was submitted by Jean-Marie Pharmacal Company Limited, with a projected total cost of around HK$600 million and expected NIAS funding of about HK$200 million.

(Cheng Wong)