Govt aids nine medical tech companies to settle in HK this year

The government has assisted nine medical technology companies to settle in Hong Kong within the first eight months of 2024, according to Invest Hong Kong (InvestHK).

Companies from China, the US, France, and South Korea have collectively invested around HK$60 million in developing products such as infant MRI devices and breast cancer screening tools. They also created approximately 120 local job opportunities.

Benefiting companies noted that obtaining certification and patents in Hong Kong is faster than in Europe and the US. 

Simon Yeung, co-founder of Time Medical, explained that the application process for certification and patents can take about three years in EU countries and up to five years for FDA approval in the US, but in Hong Kong, it can be done in as little as seven months.

Andy Wong Wai-cheuk, the head of innovation and technology at HK Invest, emphasized that Hong Kong's conducive innovation and business landscape positions it as an appealing hub for foreign companies seeking entry into the Greater Bay Area and mainland China.