The Hong Kong Trade Development Council (HKTDC) has released a research report 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," highlighting the rapid growth of Hong Kong's healthcare sector and its collaborative role in the region's biomedical innovation. According to the report, the number of healthcare-related businesses in Hong Kong has surged from 2,340 in 2013 to 3,020 in 2023, reflecting nearly 30% growth over the decade.
The report, produced alongside the "Seizing GBA Opportunities: Biomedical Co-operation and Development" initiative with the Department of Commerce of Guangdong Province, demonstrates that Hong Kong is successfully collaborating with key Guangdong GBA cities and Macao in biomedical innovation, with sustained growth expected. Irina Fan, HKTDC Research Director, noted that technological innovation has been a key driver of Hong Kong's economic growth, aligning with national priorities. She highlighted the Guangdong Government's action plan to grow its biomedical and healthcare industry cluster by around 50% by 2027, increasing its value from RMB 664 billion in 2023 to over a trillion, leveraging Hong Kong's strengths.
Hong Kong's status as a leading international financial centre provides comprehensive funding opportunities for global biotech businesses. As of June 2025, total market capitalisation of Hong Kong-listed healthcare sector reached US$441 billion, accounting for about 8.1% of total market cap, triple the US$144 billion recorded at end-2017. Since the HKEX Chapter 18A regime allowing biotech firms without revenue or profits to list, 73 biotech companies have listed, raising US$16 billion cumulatively. Wing Chu, HKTDC Deputy Director of Research (Officer-in-Charge), emphasized Hong Kong's technical capabilities, including advanced clinical trial services yielding internationally accepted data, making it an ideal launchpad for global ventures. Clinical data from Hong Kong trials is approved by regulatory bodies like the US FDA, EU EMA, and China's NMPA. Key healthcare institutions such as Queen Mary Hospital, Prince of Wales Hospital, Hong Kong Eye Hospital, and Hong Kong Sanatorium & Hospital have secured NMPA accreditation.
The World Intellectual Property Organization designated the Shenzhen-Hong Kong-Guangzhou cluster as the world's leading innovation hub in its 2025 Global Innovation Index, partly due to biotechnology's lead role. Hong Kong's biotech and health start-up sectors have grown rapidly, with numbers more than quadrupling from 110 to 510 between 2018 and 2024, and their share of the city's total start-up ecosystem rising from 4% to 11%. Cherry Yeung, HKTDC Research Senior Economist, noted that Hong Kong is seamlessly connected with mainland pharmaceutical manufacturers and markets, while GBA cities provide production and resource support, fostering cross-industry collaboration as Guangdong expands its biomedical sector.
