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John Lee, the chief executive of Hong Kong, wants to make the former British colony a "biomedical innovation hub," the South China Morning Post reports.
According to the South China Morning Post, Lee says he wants to turn Hong Kong into a "health and medical innovation hub" by attracting more drug companies to conduct clinical trials there, as well as providing them with access to the Chinese market.
He also wants Hong Kong to create its own drug regulatory authority, as well as set up its own registration mechanism to expedite approval and set up a clinical trial institute, the Post reports.
According to the South China Morning Post, Lee also wants to make it easier for patients in Hong Kong to get access to drugs.
Hong Kong's current drug registration system only covers certain types of drugs, the Post reports.
An insider says authorities might expand the system to cover a wider range of medication types, allowing patients with different diseases to have quicker access to treatments.
Selected Grant News Headlines
A customized collection of grant news from foundations and the federal government from around the Web.
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Social Entrepreneurship
Spotlight
When it Comes to Social Enterprises, Failure is the Best Platform for Innovation
In the world of social enterprises, failure is a cringe-worthy moment nobody wants to talk about. But, social entrepreneurs can benefit from their failures.