Hong Kong needs new funding model to draw investment from global drug makers: AstraZeneca

Hong Kong can attract more global biotech investments if the city builds up a new healthcare financial model, according to AstraZeneca, a Cambridge-based multinational pharmaceutical giant.

While global drug makers have been doubling down on investments in mainland China in recent years, AstraZeneca brought over 60 clinical trials to the city and invested over HK$200 million (US$25.5 million) over the past three years.

Hong Kong was still a key research and development hub for the firm, David Fredrickson, executive vice-president of oncology business, said in an exclusive interview with the South China Morning Post.

“Hong Kong has great science and a modern regulatory system,” he said. “[It] now needs to make sure there’s modern funding to go along with that, then I think that is a very compelling opportunity to continue to attract research and development investment.”