【BIOHK2022】Thriving through change – INspire the Biotech Innovation Hub of the Future
Publish Date: 21 December 2022
The BIOHK2022 convention was held on 14-17 December at Hong Kong Convention and Exhibition Centre. The first large international biotech convention in Hong Kong since the pandemic, this event attracted biotech company founders, entrepreneurs, investors, and experts in the sector from across the world to meet and exchange ideas on-site. The four-day convention included exhibitions, academic speeches, business matching sessions, and one-to-one business meetings.
As partner and sponsor of BIOHK, Deloitte created a booth on site, and organized and delivered a series of speeches and panel discussions at the main forum to shed light on new trends in biotech development and discuss future opportunities.
[Pre-event Biopharma Seminar]
On the morning of 13 December, Deloitte and InvestHK organized a hybrid seminar at Deloitte's Hong Kong office, which focused on the current development environment of China's biopharma industry, technological advances, and investment trends, and foresaw the future of the biotech industry.
As the seminar kicked off, Lillian Cheong, under secretary for Innovation of Technology and Industry of Hong Kong SAR, and Edward Au, Deloitte China Southern Region managing partner, delivered the opening remarks.
Jens Ewert, Deloitte China Life Sciences and Health Care (LSHC) Industry leader, then delivered a keynote speech on the implications of the 20th NPCC for the LSHC industry. He indicated that, in 2030 and onwards, the real economy and R&D investment in the pharma sector in China would be further emphasized and the rejuvenation of TCM would drive domestic sector growth. Investment in China’s Healthcare Metaverse, including infrastructure and innovative medical technologies, will grow, promoting technology-backed solutions shifting from diagnostics to prevention, especially when reducing geographical imbalances. At the same time, elderly and senior care, driven by demographic structural challenges, will continue to see local-level initiatives and provide opportunities.
During a panel discussion, Jens moderated the Digitalization Empowers Biopharma Industry session with Scott Sun, Deloitte Consulting China Life Sciences deputy leader, Ted Lai, chief digital officer of Sanofi Greater China, and Frank Pun, head of HK Office at Insilico Medicine. They discussed the digital transformation and AI empowerment of the biopharma industry and how digitalization will facilitate the industry's development in China.
Afterwards, Kenneth Law, Deloitte China LSHC Financial Advisory partner, shared his views on China LSHC Investment and M&A Market Outlook. He emphasized the solid, long-term fundamentals and huge potential of China's LSHC market and said that the recent “reset” in the market was only a temporary setback, with future possibilities for business collaboration remaining wide open, and further industry consolidation through M&A set to emerge. In tandem with Healthy China 2030 and public wellbeing awareness, he believed that TCM, localization, consumer medical, and new collaboration models would grow in parallel with one other and cultivate huge M&A opportunities.
At the end of the seminar, Charles Ng, associate director-general of Investment Promotion at Invest Hong Kong, and Gladys Fung, Deloitte China LSHC Southern Region leader, delivered closing remarks, highlighting that with the support of policy, capital, and technology development, stakeholders can work together to build a better future for the biopharma industry.
[The first day of the convention]
On 14 Dec, the opening day of BIOHK2022, Leung Chun-ying, vice chairman of the National Committee of the Chinese People's Political Consultative Conference, Prof. Sun Dong, JP, secretary for Innovation, Technology and Industry of HKSAR, and Prof. Albert Yu, chair of the Hong Kong Biotechnology Organization (HKBIO), visited Deloitte's booth and had a cordial exchange with Philip Law, Deloitte China SR Venture Capital & Private Equity lead partner.
On the afternoon of 14 Dec., Deloitte and HKBIO held a press conference at Hong Kong Convention and Exhibition Centre to launch the 2023 China LSHC Investment and M&A Market Outlook whitepaper. Gladys Fung, Deloitte China LSHC Southern Region leader, Kenneth Law, Deloitte China LSHC Financial Advisory partner, and Prof. Albert Yu, Chair of the HKBIO, attended the press release launch on-site.
Deloitte was named BIOHK 2022 Diamond Sponsor for its support and contribution in advancing the development of the biotechnology industry in Hong Kong and making the convention a reality in current uncertain times.
[The second day of the convention]
On 15 Dec., Mohit Grover, Deloitte AP Risk Advisory LSHC leader, presented insights on ESG in Biotech: Driving towards a more Sustainable Future at a plenary session. Mohit talked about how the biotech industry could work with ESG to move towards a more sustainable future, given the current focus areas of the biotech and pharmaceutical industries in the wake of the epidemic and the inextricable connections between ESG and corporate operations.
[The third day of the convention]
On 16 Dec., Deloitte held the Investment in Biotech Industry sub-forum. The speakers expressed how Hong Kong should give full play to the advantages of the capital market to contribute to the biotech industry and make Hong Kong a biotech hub for Asia Pacific and the world.
Kenneth Law, Deloitte China LSHC Financial Advisory partner, shared the key findings of the China LSHC Investment and M&A Market Outlook and reviewed the development trajectory of M&A and investment activities in China's life sciences and health care industry in the past two years, indicating that M&A and investment activities in the industry will grow steadily in the coming years.
Panel Discussion on Biotech Capital Market
Philip Law, Deloitte China SR Venture Capital & Private Equity lead partner, Simone Song, founder and senior partner of ORI Capital, Maggie Lo, deputy head Innovation and Technology at Invest HK, Samuel Siu, executive director of Morgan Stanley, and Thomas Chou, co-head partner of Asia Private Equity Group of Morrison Foerster had a vivid discussion on the latest developments in the global investment market, the driving forces and unique opportunities for growth in China's biotechnology industry, and how Hong Kong can fully leverage its capital market advantages to become a world biotech hub.
Bong Chan, Deloitte China TMT SR leader, Edward Au, Deloitte China Southern Region managing partner, Archie Fong, managing director and head of Healthcare at Ping An of China Capital (Hong Kong), and Jasmine Fan, executive director of Morgan Stanley, had a lively discussion on biotech IPO global market outlook, how existing global capital market infrastructure can help biotech companies raise funds, the development and listing strategies of biotech companies, and future investment trends. They also discussed how Hong Kong could attract listings of global biotech companies and how companies should prepare for a successful IPO.
Deloitte pledges HKD1 billion over the next three years as part of the INspire HK initiative to double down on the growth of our Hong Kong practice by advancing our firm's multidisciplinary business model (MDM), enhancing talent development, and strengthening our position as an integrated, full-service professional services firm.
Harnessing our innovative MDM, we will deliver greater value and impact for our clients through five integrated value propositions (IVPs): M&A, Sustainability, Digital Transformation, ONEInsurance, and Smart City.
The Hong Kong SAR government is committed to promoting biotech research and development and industry development. In recent years, the HKSAR government has issued many infrastructure, research funding, and financing initiatives to attract international institutions and world-class talent to Hong Kong. Deloitte is committed to assisting the government and working with all sector participants to make an impact for Hong Kong, build a better environment for innovation and research, and take biotech development to the next level.
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