Hong Kong and GBA Biomedical Collaboration Drives Global Tech Leadership

Hong Kong's healthcare sector has experienced remarkable growth, surging by nearly 30% over the past decade, with the total number of related businesses now exceeding 3,000 companies. This expansion is detailed in a new research report by HKTDC Research 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." The report, produced in collaboration with the Department of Commerce of Guangdong Province, demonstrates successful biomedical innovation collaboration between Hong Kong, key Guangdong GBA cities, and Macao, with sustained growth projected.

The partnership has yielded significant results, with Hong Kong developing a substantial pharmaceutical and medical device cluster—growing from 2,340 related companies in 2013 to 3,020 in 2023. Guangdong has similarly developed complementary resources, with the provincial government announcing plans to grow its biomedical and healthcare industry cluster by approximately 50% by 2027, increasing its value from RMB 664 billion in 2023 to over one trillion yuan. HKTDC Research Director Irina Fan emphasized that technological innovation, supported by extensive government backing, has been crucial to Hong Kong's economic growth and alignment with national priorities for new quality productive forces.

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 Hong Kong-listed healthcare sector reached US$441 billion, accounting for approximately 8.1% of the total market cap of Hong Kong-listed companies—triple the US$144 billion figure recorded at the end of 2017. Since the implementation of HKEX Chapter 18A listing rules, which allow biotech firms without recorded revenue or profits to list, 73 biotech companies have listed, collectively raising US$16 billion by mid-2025.

Beyond financial resources, Hong Kong offers technical capabilities that benefit GBA businesses expanding into mainland and overseas markets. The city's advanced clinical trial services produce internationally accepted data, making it an ideal launchpad for regional healthcare ventures seeking global expansion. Clinical data from Hong Kong-based trials has been approved by major regulatory bodies including the US Food and Drug Administration, the European Medicines Agency, and China's National Medical Products Administration (NMPA). Several leading Hong Kong healthcare institutions, including Queen Mary Hospital and Prince of Wales Hospital, have secured NMPA accreditation.

The Shenzhen-Hong Kong-Guangzhou cluster was designated as the world's leading innovation hub in the World Intellectual Property Organization's 2025 Global Innovation Index, partly due to biotechnology's leading role. Hong Kong's biotech and health startup sectors have grown exceptionally, quadrupling from 110 to 510 companies between 2018 and 2024, while their share of the city's total startup ecosystem increased from 4% to 11%. These include pioneering businesses in drug development, gene editing technology, medical device innovation, and precision medical solutions.

HKTDC Research Senior Economist Cherry Yeung highlighted that Hong Kong's seamless connection with mainland pharmaceutical manufacturers and markets, combined with GBA cities' production and resource support, creates significant synergy. With Guangdong committed to expanding its biomedical sector, this collaboration is expected to foster new cross-industry cooperation, reinforcing the region's position as a global biotech innovation leader.