Patrick Nip: Hong Kong will attract more top international and mainland pharmaceutical companies to set up in Hong Kong.

The Chief Executive of the Hong Kong Special Administrative Region, Carrie Lam, delivered a new policy address at the Legislative Council of the Hong Kong Special Administrative Region today. Lam stated that the government will attract more pharmaceutical companies to Hong Kong to conduct clinical trials and treatments for rare disease drugs, high-end cancer drugs, and advanced therapeutic products. Efforts will be made to enhance patient recruitment and trial initiation efficiency, and through the "Greater Bay Area Clinical Trials Collaboration Platform", pharmaceutical companies will conduct trials in Hong Kong and Shenzhen simultaneously. Additionally, preparations are being made to establish the "International Clinical Trials Academy" to nurture talent in clinical trials in the Greater Bay Area, as well as host international summits and forums. The government plans to establish the "Hong Kong Drug and Medical Device Regulatory Center" by 2026, and submit legislation proposals to regulate medical devices in order to become an internationally recognized authority in drug and device regulation as soon as possible. Hong Kong will also expedite the approval process for innovative drugs through the "1+" new drug approval mechanism, prioritizing approval for drugs recommended by the Hong Kong Hospital Authority to treat severe or rare diseases, helping pharmaceutical companies bring innovative drugs to market faster. Furthermore, Hong Kong will promote standardization of clinical data in the Greater Bay Area to build a real-world data platform, facilitating quicker access of innovative drugs to the mainland and international markets. In addition, the Hospital Authority will establish the "Office for the Introduction of Innovative Drugs and Medical Devices", using big data to determine the local need and benefits of innovative drug treatments for patients, actively introducing cost-effective innovative drugs that benefit patients in Hong Kong.