Riding high on Hong Kong’s first blueprint to help traditional Chinese medicine (TCM) go global and the opening of its first TCM hospital, stakeholders are betting on the city as a strategic gateway for expanding the industry based on a time-honored, holistic system of health.

“Last year, over 30 companies in the life and health sector established a presence in Hong Kong. Among them, a double-digit percentage were involved in traditional Chinese medicine,” Andy Wong, head of innovation & technology and life & health science at Invest Hong Kong, told the Chinese Medicine Forum in Hong Kong on Thursday.

These companies, Wong pointed out, cover a wide range of activities — some are focused on development and research, while others are looking to move into production in Hong Kong. “This has been very helpful for the overall development of the Northern Metropolis,” he said.

The forum, hosted by Invest Hong Kong, attracted over 150 industry stakeholders.

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Guangzhou Pharmaceutical Baiyunshan established its corporate treasury center as well as international R&D center in Hong Kong last year. Bruce Chan, general manager of the conglomerate’s Hong Kong branch, said the city has all the elements required to take on more roles, eyeing it as a hub for localized marketing, advanced manufacturing, overseas registration, talent nurturing, and international branding.  

“The biggest takeaway from Hong Kong’s Chinese Medicine Development Blueprint, rolled out in December, is that it reinforces our belief in the territory’s role as a global bridgehead for TCM,” Chan noted.

“For domestic pharmaceutical companies — not only those in TCM, but also in biologics and even advanced medical devices — Hong Kong stands as a natural starting point,” he said.

Chan highlighted Hong Kong as a diversified market with a solid social understanding of TCM, and well aligned with international standards and global channels. “It allows companies to lay the groundwork first, and then gradually expand into the Belt and Road countries, as well as major European and US markets,” he noted.

Last year also saw Sichuan Neautus Traditional Chinese Medicine file for a Hong Kong listing. In what could be the first initial public offering launched by TCM decoction-ready product manufacturers in the Chinese mainland and Hong Kong, Executive Director Jiang Feng has completed all the IPO roadshows and is counting the days until the hearing process.

“Nearly 30 percent of investors we have reached out to during the roadshows are foreigners, who are basically unfamiliar with TCM,” Jiang noted. “We are now reaching some final agreements with cornerstone investors.”

Contact the writer at sophialuo@chinadailyhk.com