Hong Kong and GBA Cities Drive Global Biomedical Leadership Through Strategic Collaboration

The Hong Kong Trade Development Council (HKTDC) has released a comprehensive research report detailing the remarkable growth and strategic importance of biomedical collaboration within the Guangdong-Hong Kong-Macao Greater Bay Area. The study, titled "I&T Cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area: Hong Kong Partners with Mainland Cities in Advancing Biomedical Upgrade in the GBA," demonstrates how regional cooperation is driving global technological leadership in the biomedical sector.

Hong Kong's healthcare sector has experienced substantial growth, surging by nearly 30% over the past decade, with the total number of related businesses now exceeding 3,000 companies. This expansion reflects the city's successful collaboration with key Guangdong GBA cities and Macao in biomedical innovation, with the collective endeavor positioned for sustained growth. The research, produced alongside "Seizing GBA Opportunities: Biomedical Co-operation and Development" in partnership with the Department of Commerce of Guangdong Province, highlights the strategic advantages of this regional partnership.

HKTDC Research Director Irina Fan emphasized the significance of this development, stating that technological innovation has been a key driver of Hong Kong's economic growth, allowing effective alignment with national prioritization of new quality productive forces. The Guangdong Government has announced ambitious action plans to grow its biomedical and healthcare industry cluster by approximately 50% by 2027, increasing its value from RMB 664 billion in 2023 to more than a trillion yuan. A critical element of this plan involves leveraging Hong Kong's existing strengths as a platform for development.

Hong Kong's status as a leading international financial center provides global biotech businesses with comprehensive funding opportunities. As of June 2025, the total market capitalization of the Hong Kong-listed healthcare sector reached US$441 billion, accounting for approximately 8.1% of the total market capitalization of Hong Kong-listed companies. This represents a threefold increase from the US$144 billion figure recorded at the end of 2017, prior to the implementation of the HKEX Chapter 18A regime. Since these listing rules came into effect, allowing biotech firms without recorded revenue or profits to list, 73 biotech companies have listed, collectively raising US$16 billion as of mid-2025.

Beyond financial resources, Hong Kong offers several technical capabilities that significantly benefit GBA businesses looking to expand throughout mainland China and into international markets. The city's advanced clinical trial services, which yield internationally accepted data, make Hong Kong an ideal launchpad for regional healthcare ventures seeking global expansion. Clinical data derived through Hong Kong-based trials has gained approval from world-leading regulatory bodies, including the US Food and Drug Administration, the European Medicines Agency, and China's National Medical Products Administration (NMPA). Several of Hong Kong's premier healthcare institutions, including Queen Mary Hospital and Prince of Wales Hospital, have secured NMPA accreditation.

The World Intellectual Property Organization's designation of the Shenzhen-Hong Kong-Guangzhou cluster as the world's leading innovation hub in its 2025 Global Innovation Index further underscores the region's global standing. This recognition acknowledges biotechnology's leading role within this cutting-edge cluster. Hong Kong's biotech and health startup sectors have experienced extraordinary growth, more than quadrupling from 110 to 510 companies between 2018 and 2024. The sectors' share of the city's total startup ecosystem increased from 4% to 11%, encompassing pioneering businesses in drug development, gene editing technology, medical device innovation, and precision medical solutions.

HKTDC Research Senior Economist Cherry Yeung highlighted how future intra-regional cooperation could benefit all parties, noting that Hong Kong's strengths in research and development and international trade create seamless connections with pharmaceutical manufacturers and markets in mainland China. GBA cities provide substantial production and resource support, creating synergistic opportunities across the industry. With Guangdong committed to further expanding its biomedical sector, this collaboration will foster a new generation of cross-industry innovation and global competitiveness.