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Chinese government funds a company to boost biotech commercialization

By David Schwartz
Published: June 13th, 2012

A $157 million tech transfer company funded by the Chinese government is expected to launch in August, with the goal of fostering collaboration between researchers and investors in the city of Chengdu. According to deputy director of China’s technology bureau Ding Xiaobin, the new company is one in a series of initiatives led by local governments to promote commercialization.

Chengdu houses 50 universities and research institutions and a vast pool of human resources, all of which pave the way for the development of high-tech sectors like biomedicine and new materials. Despite the city‘s advanced innovative capabilities, however, local industry has been somewhat lacking. With hundreds of businesses making medicinal or healthcare products, only Kelun Pharmaceutical Co. has generated more than $1 billion a year.

But the new state-owned company — along with three separate industry research institutions respectively focused on clean energy, new materials and automobiles — is playing an active role in revamping innovation and promoting tech transfer with the help of a few private firms. “Industrial growth is surely not only related to the expansion of scale but also to the improvement of quality,” Ding says, stressing how the importation of experts and specialists will help achieve this goal.

Source: China Daily

Posted under: Tech Transfer e-News

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