China approves biopharma innovation plan for Jiangsu free trade zone

BEIJING -- China's State Council has approved a plan to accelerate the opening-up and innovation of the entire biopharmaceutical industrial chain in the Jiangsu pilot free trade zone (FTZ), according to the Ministry of Commerce on Wednesday.

To support the integrated innovation of the full value chain in the sector, the guideline calls for prioritizing the development of R&D innovation capacity, improving product approval services, building a modern production and distribution system, and refining procurement and usage policies.

By 2030, Jiangsu's biopharmaceutical industry is expected to see major growth in terms of its scale, stronger innovation ecosystems, a more modernized industrial chain, and distinctive industrial clusters in key fields such as macromolecular biologics, cell and gene therapy, and innovative medical devices.

The move is part of China's broader effort to upgrade pilot FTZs, according to the ministry. Coordinated efforts will be made to strengthen risk prevention in key areas and ensure the timely implementation of pilot measures and innovative practices.

Earlier this year, the country released a guideline for improving the country's FTZs to further promote high-standard opening up and high-quality development, calling for promoting the optimization and upgrading of trade of goods, invigorating the development of services trade, and supporting innovative development in digital trade.