Eye-drops pharma firm sees $200m subsidy

Wallis Wang

A pharmaceutical company has become the first recipient of the New Industrialization Acceleration Scheme subsidy, receiving some HK$200 million to set up smart production lines for sterilized eye drops as well as various oral solid and liquid dosages.

The Innovation and Technology Commission announced yesterday that a vetting committee had approved the first application from Jean-Marie Pharmacal Company Limited, a subsidiary of Jacobson Group, covering the life and health technology sector.

The HK$10 billion scheme was launched in September last year, offering funding support to enterprises engaged in industries of strategic importance including life and health technology, artificial intelligence and data science.

The enterprises will also contribute at least HK$200 million to set up smart production facilities in Hong Kong.

The minimum project cost is HK$300 million, with the government covering a maximum of one-third of the total cost or HK$200 million - whichever is lower.

Jean-Marie Pharmacal plans to set up smart production lines at a total cost of HK$600 million, including HK$200 million funded by the scheme.

Meanwhile, the commission revealed that another program, the New Industrialization Funding Scheme, has supported more than 100 new smart production lines involving such industries as food manufacturing and processing, textiles and clothing, construction materials, medical devices, new energy and pharmaceuticals.

The production lines involve a total cost of HK$1.3 billion, of which HK$930 million came from private investment.

Secretary for Innovation, Technology and Industry Sun Dong said the government launched the two schemes to promote new industrialization and secure room for high-quality development in the city.