Opportunities for Swiss Companies in the Hongkong Life Science Market. March 2012. osec.ch
Opportunities for Swiss Companies in the Hongkong Life Science Market. Title.
The Hongkong Life Science Market.
Number of pages.
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Table of Contents. 1
2.1 2.2 2.2.1 2.2.2 2.2.3 2.3 2.4 2.5 2.6 2.7 2.8 2.9 2.10
Facts about Hong Kong .................................................... 5 Health Care in Hong Kong ................................................ 6 Health Care Market ........................................................... 6 Hong Kong Health System ................................................ 7 Public Sector ..................................................................... 8 Health Legislation ........................................................... 10 Health Professionals in Hong Kong ................................. 10 The Trend of Healthcare Demand in Hong Kong.............. 11 Financing ......................................................................... 11 Healthcare System Reform .............................................. 11 Gateway to China ........................................................... 12 Local Medical Non-Governmental Organisations / Associations .................................................................... 12 Upcoming International Fairs .......................................... 12
3.1 3.1.1 3.1.2 3.1.3 3.1.4 3.1.5 3.1.6 3.2 3.2.1 3.2.2 3.2.3 3.2.4 3.2.5 3.2.6 3.3 3.3.1 3.3.2 3.3.3
Pharmaceuticals ............................................................. 14 Business Opportunities for Swiss Companies ................. 14 Market Size ..................................................................... 14 Demand Analysis ............................................................ 14 Regulations ..................................................................... 15 Distribution Channels ...................................................... 16 Traditional Chinese Medicine .......................................... 17 Medical Equipment ......................................................... 17 Business Opportunities for Swiss Companies ................. 17 Market Size ..................................................................... 17 Demand Analysis ............................................................ 18 Regulatory of Medical Equipment ................................... 19 Distribution Channels ...................................................... 19 Tenders ........................................................................... 19 Biotechnology ................................................................. 19 Business Opportunities in Biotechnology for Swiss Companies ...................................................................... 19 Overview of Biotechnology in Hong Kong ....................... 20 Main Biotechnology Institutions in Hong Kong ................ 20
Doing Business in Hong Kong
5.1 5.1.1 5.1.2 5.1.3 5.1.4 5.1.5 5.1.6 5.1.7 5.1.8 5.2
Why Hong Kong? ............................................................ 23 Taxation........................................................................... 23 The Rule of Law .............................................................. 23 Clean Government .......................................................... 23 Availability of Talent ......................................................... 23 Immigration Policies ........................................................ 23 International Lifestyle ...................................................... 23 Well Developed Infrastructure ......................................... 23 Summary......................................................................... 23 Hong Kong and Switzerland ............................................ 24
1 Executive Summary Hong Kong, as one of the most developed internationalised cities has the highest hospital standards in the region as well as the best medical practitioners. Given the increasing public health awareness and the pressure from an ageing population, this report provides information to Swiss companies who have plans to expand their footprints in Hong Kong´s Life Science market. 1) Hong Kong as a Base Situated in the Pearl River Delta (PRD) in China, Hong Kong is a global business hub. With low taxes, robust intellectual property rights and skilled international talent, Hong Kong provides Swiss companies a supportive business environment and a gateway to China. 2) Local / Regional Market Development Hong Kong is an attractive emerging Life Science market due to its high GDP per capita, wide usage of patented drugs, and an ageing population. The health expenditure in Hong Kong is projected to increase from HKD101billion (CHF11.9 billion) in 2011 to HKD133 billion (CHF15.6 billion) in 2015 with an average 6% annual growth rate. 3) Life Science Challenges for Hong Kong The market relies heavily on imports, especially for hightech medical products Local manufacturers’ output comprised mainly of low value added products due to limited R&D capability Lack of public health facilities and resources to cover all the demand. No compulsory public insurance scheme Slow progress to improve the public sector in order to reform the healthcare system 4) Direct Opportunities The government is the main driving force in Life Science, but the private sector also participates proactively. We identified the following opportunities for Swiss companies to target: A.
Pharmaceuticals 1. The cardiovascular, central nervous system (CNS), and anti-cancer segments are forecast to grow rapidly given the ageing population 2. Cost-saving and convenience in the form of selfmedication opens the market for over-the-counter (OTC) medicine
Medical Equipment 1. Patient aids enjoy the highest growth rate stimulated by the ageing population and growing number of small private clinics 2. Diagnostic and analytical treatment shows increasing demand 3. Home use sector will grow more quickly as a potential market
Bio-technology 1. Rising demand for sophisticated vaccines (e.g. hepatitis C, influenza) 2. Growing R&D of mono-clonal antibodies and generic drugs
5) Entry Barriers Lack of connection and bargaining power as SMEs Lack of local knowhow and resources to set up and operate the company in the start-up stage Local customisation needed e.g. products specs, dosage and marketing strategy to enter the Hong Kong and Chinese market 6) Entry Strategy Work with Swiss Business Hub and Hong Kong government, approach local councils, chambers and companies to educate and build up relationships Set up a private limited company in Hong Kong to target the local market and cooperate with local players Partner with reliable local professional service providers for outsourcing operations, e.g. book keeping Set up a research and development (R&D) centre in Hong Kong to localise technology Expand into the Chinese market (e.g. manufacture in the PRD, set up sales network in China) In conclusion, by using Hong Kong as their springboard to China, Swiss companies can access a significant market with their R&D expertise and complementary mid-to-high end product portfolios.
2 Market Overview 2.1 Facts about Hong Kong Hong Kong is a Special Administrative Region (SAR) of the Peoples’ Republic of China (PRC). It is situated on China’s South Coast, bordered by the PRD, and ideally located at the heart of the Asia-Pacific region. Hong Kong’s location and infrastructure enable accessibility to all of Asia’s key markets and to half of the world’s population within 5 hours flight time.
As a founding member of the World Trade Organization (WTO), Hong Kong is a free and open trade port with no barriers and no tariffs on the import or export of goods. As a SAR of China, Hong Kong plays an important role in importing and developing technology for the rapidly expanding Chinese market. Exhibit 2: Hong Kong vs. Switzerland
Exhibit 1: PRD & Hong Kong
41, 285 km2
GDP (PPP) per capita 2011
USD 49,417 (CHF 45,122)
USD 49,151 (CHF44,880)
Source: Hong Kong & Switzerland Government Website
Perhaps more importantly, Hong Kong is one of the world’s leading global financial centres and trade hubs serving international markets with goods and services. The PRD region is immediately to the north of Hong Kong, where China’s largest and most productive manufacturing region is located.
Under the principle of “one country, two systems” since 1997, Hong Kong's capitalist system will remain unchanged until 2047. It enjoys a largely independent political system and a transparent government administrative process. The judiciary system is independent and separated from executive and legislative functions. The constitution guarantees the essential features for effective business, in particular: Rule of law and an impartial judiciary Open market, with no import duties Low, simple tax regime Freely convertible currency Free flow of information
2.2 Health Care in Hong Kong 2.2.1 Health Care Market In 2012, approximately HKD107 billion (CHF11.8 billion), roughly 5% of Hong Kongâ€™s GDP was spent on health care. In comparison, the total expenditure for health care in Switzerland is about 11% of the total GDP which ranks among the highest in the world.
Between 2011 and 2015, the number of Hong Kong citizens aged 60 and above is expected to rise from 1.4 million to 2 million which will lead to larger spending on drug and medical services. Based on this and on the expected economic growth, the Life Science industry development in general estimates that the city's health care expenditure will grow by more than 25% by 2015.
Based on data from the World Health Organisation (WHO) and Business Monitoring Intelligence, healthcare spending in Hong Kong increased moderately in the past 4 years, at an average rate of 4.5% year on year (y-o-y).
Exhibit 3: Hong Kong Healthcare Expenditure from 2008 to 2015 (forecast)
Source: BMI, Fiducia Analysis Note: 2010 drop caused by 2009 pharmaceutical scandals
2.2.2 Hong Kong Health System The local system of government-operated hospitals constitutes the majority of the health care system. “Hong Kong has developed a highly efficient healthcare system and achieved impressive health outcomes for its population,” cites the WHO. The system includes both public and private sectors with the support of three government departments, namely the Food and Health Bureau (FHB), Department of Health (DoH), and Hospital Authority (HA) as the next chart illustrates. Exhibit 4: Hong Kong Health System
Source: Hospital Authority
The private sector is the major provider of primary health care (PHC, first contact from patient to professional), while the public sector is the predominant provider of secondary and tertiary healthcare services.
health advisor to execute healthcare policies and statutory functions. The HA is an independent statutory body managing public hospitals and related services (e.g. Chinese Medicine) for Hong Kong citizens.
From the perspective of end market share, approximately 70% of the out‐patient consultations are provided by the private sector, while over 90% of the in‐patient services (in terms of the number of bed days) are provided by public hospitals.
The government has been taking actions to improve the PHC over the years. The Strategy Document published by FHB in 2010 highlights the major objectives to deliver high quality primary care services. Details refer to: http://www.fhb.gov.hk/download/press_and_publications/otherinfo/101231_
The FHB is responsible for policy-making and resource-allocation for Hong Kong’s health services. The DoH is the government’s
2.2.3 Public Sector The public sector system of government-operated hospitals costs the government about 3% of GDP. The government is conscious of the need to increase overall healthcare expenditure which is in line with the overall change trend. Exhibit 5: Hong Kong Healthcare Government Expenditure from 2008 to 2015
Source: BMI, Fiducia Analysis Note: 2010 drop caused by 2009 pharmaceutical scandals
The subsidy level of public health care is over 95%, the highest amongst developed economies. Exhibit 6: Fee Structure and Subsidy Level of Public Hospitals and Clinics Public Hospital and Clinics
User Fees (HKD)
Government Subsidy (%)
In-patient (ward level - per day)
Accident & Emergency (per visit)
Specialist Out-Patient (per visit) - First visit - Subsequent visits
General Out-Patient (per visit)
Under the public sector, there are 41 public hospitals and institutions (with full list at: http://www.ha.org.hk/visitor/ha_visitor_index.asp?Content_ID=10084&Lang =ENG&Dimension=100&Parent_ID=10042 ), 49 specialist out-patient
clinics, and 74 general out-patient clinics accounting for 90 to 95% 8
of the market share in hospital healthcare services. At the end of 2011, the total number of visits at government hospitals and HA out-patient clinics were approximately 6.9 million and 13.85 million respectively. In 2011, the total number of hospital beds was approximately 27,041 according to the HA. .
Private Sector There are 12 private hospitals in Hong Kong. (http://www.dh.gov.hk/english/main/main_orhi/list_rc.html). The DoH monitors these private health care service providers to ensure their compliance with relevant regulations. It conducts inspections, handles medical incidents and processes complaints lodged by the general public. All Western medicine practitioners in Hong Kong have to register with the Medical Council of Hong Kong (MCHK, http://www.mchk.org.hk/) The government does not subsidise private sector healthcare. There is no requirement for the private sector service providers to publish their fees and charges. The fee charged by a private doctor is usually around HKD100 to 250 (CHF11.8 to 29.4)
Exhibit 7: Hong Kong Healthcare Private Indicator from 2008 to 2015
Source: BMI, Fiducia Analysis Note: 2010 drop caused by 2009 pharmaceutical scandals
or more for a specialist consultation. Patients are charged extra for diagnostic tests and treatment procedures. Currently, some private hospitals have taken the initiative to increase the transparency by displaying their fees schedule. Due to the high expenses in the private sector, the consumers are mainly those with company insurances or middle to high income level citizens. About 26 million outâ€?patient visits are made to Western medical clinics in the private sector each year. This represents 72% of all Western medicine outâ€?patient consultations, including both consultations of primary curative care and specialist outâ€?patient services. In 2011, over 380,000 patients were treated as in-patients in the private hospitals.
2.3 Health Legislation The DoH coordinates the regulation of medical bodies and health promotion initiatives in Hong Kong, focusing on infection control, disease prevention, curative and rehabilitative services. Medical bodies include child assessment services, immunisation programs, dental services, forensic pathology services, and registration of healthcare professionals through boards and councils including the Medical Council of Hong Kong and the Pharmacy &Poisons Board of Hong Kong. The DoH regulates all private hospitals and medical clinics registered under the Medical Clinics Ordinance. It applies strict licensing and professional registration requirements on its medical practitioners and other health personnel through boards and councils. According to the statistics from the DoH, the number of inspections of licensed institutions registered under the Hospitals, Nursing Homes and Maternity Homes Registration Ordinance is approximately 162. Hospital and medical facility standards are monitored via clinic audits and professional development programs issued by the Professional Development and Quality Assurance department of the DoH. The number of applications for professional registration and qualification checks was 3,400 in 2009.
Licensing Section is responsible for the enforcement of the provisions of the Pharmacy and Poisons Ordinance (Cap. 138,http://www.legislation.gov.hk/blis_pdf.nsf/4f0db701c6c25d4a4825755c 00352e35/0F66D4839C78DBDA482575EE00438DD5/$FILE/CAP_138_e_ b5.pdf), the Antibiotics Ordinance
(Cap.137,http://www.legislation.gov.hk/blis_pdf.nsf/4f0db701c6c25 d4a4825755c00352e35/8CA8AB37ACC51404482575EE00437AB 8/$FILE/CAP_137_e_b5.pdf), and the Dangerous Drugs Ordinance (Cap. 134, http://www.legislation.gov.hk/blis_pdf.nsf/4f0db701c6c25d4a48257 55c00352e35/3E899AC9660B2ACE482575EE00430767/$FILE/C AP_134_e_b5.pdf).
2.4 Health Professionals in Hong Kong In Hong Kong, there are more than 12,000 registered medical practitioners, with approximately 49% in the private sector.
The Hospital Authority Ordinance contains provisions for the HA to manage and control public hospitals including stipulations on its establishments, functions, powers and resources.
High standard and internationally recognised training and continuing education by well-established institutions, including universities and other education and training institutions for doctors, nurses, allied health professionals, and the 15 Medical and Dental Colleges of the Hong Kong Academy of Medicine, are necessary to support the medical service professionals in Hong Kong.
Private hospitals are subject to regulations under the Hospital, Nursing Homes and Maternity Homes Registration Ordinance, which empowers the Director of Health to register private hospitals subject to conditions relating to accommodation, staffing or equipment. The Medical Clinics Ordinance (Cap. 343) provides for the registration of clinics that are operated on a non-profit basis. Legislations under Cap.165 and Cap.343 were promulgated in 1937 and 1964 respectively.
The University of Hong Kong (HKU) and The Chinese University of Hong Kong (CU) provide basic training for doctors. Three local universities provide full-time Chinese medicine programmes. For allied health professionals, Polytechnic University (PolyU) offers degree programmes in the areas of medical laboratory science, physiotherapy, occupational therapy, optometry and radiography. In addition, HKU, CU and the PolyU provide basic training to registered nurses.
The â€œMedical Device Control Officeâ€? was established in July 2004 for the implementation of the voluntary Medical Device Administrative Control System (MDACS, details refer to http://www.mdco.gov.hk/textonly/english/mdacs/mdacs.html) and the development of a long-term regulatory framework for medical devices. The Pharmaceutical Service ensures the safety, quality and efficacy of medicines used in Hong Kong. The Inspection and 10
However, compared to developed countries, the number of healthcare professionals in Hong Kong is still far behind. The doctors-to-overall population ratio is 1:554. (Details at: http://www.dh.gov.hk/english/statistics/statistics_hs/files/Health_Statistics_p amphlet_E.pdf)
2.5 The Trend of Healthcare Demand in Hong Kong Hong Kong has one of the healthiest populations in the world. The life expectancy is 84 years for women and 78 for men, ranked second-highest worldwide behind Iceland. This combined with the increasingly ageing population makes Hong Kong an attractive healthcare market. From the data provided by the Census and Statistics Department, and the DoH, the ageing population is reflected in the increase of those aged 35 to 64 years old and those aged 65 and above with an increase from 29.6% and 5.2% respectively in 1974, and to 47.3% and 13.3% in 2011. According to the DoH, cancer is the leading cause of death in Hong Kong with a number of 13,113, followed by heart disease and pneumonia. Among the elderly, cancer and heart disease cause more deaths than communicable diseases. Cholesterol levels also have risen sharply, as well as incidents of dementia which will affect 77,000 people in Hong Kong aged 70 or over by 2019.
2.6 Financing Health service expenditures are paid by the government and are predominately funded by general taxation revenues, whereas the private sector operates in a loosely organised manner with individual clinics dominating the ambulatory care sector. Hong Kong has a high ratio of 54% for tax financing for health expenditure and out of pocket payments are at 36%. The subsidy level of public healthcare ranges from 85% to 98% for different services. Public sector care offers universal coverage to all local residents in Hong Kong. Those who are in the labour force and their spouses may be entitled to medical benefit schemes that are offered by their employers. Employees of private corporations often enjoy subsidised care in the private healthcare sector. There is no compulsory public insurance scheme, and for those with insurance, the coverage plans vary significantly. More highincome earners are covered by these schemes than low-income earners.
2.7 Healthcare System Reform Healthcare system reform was instituted by the government to improve health and address evolving challenges: Rising morbidity rates for certain common diseases Limited and inadequate capacity to respond to changes in the demographic structure of low birth rate and increasing elderly population Under-development of preventive care which results in poor coordination and workload imbalance between the public and private sectors Low health awareness by the public, over-reliance on treatment and tendency for quick fix rather than a sense of self-responsibility Improving the quality of care with greater efficiency, more responsive patient care, accelerated adoption of innovative interventions and preventive measures On 6 October 2010, FHB published a consultation document - "My Health, My Choice", to seek views from the community to set up a voluntary and government-regulated health protection scheme. It includes four healthcare service reform proposals to enhance primary care promote public-private partnership in healthcare develop electronic health record sharing strengthen the public healthcare safety net including a healthcare financing reform proposal to consider introducing supplementary healthcare financing via six possible supplementary financing options On 11 July 2011, FHB published the Second Stage Public Consultation Report for the health protection scheme that is proposed as a standardised and regulated framework for health insurance under its aegis. The reform focuses on improving the primary care system and the healthcare safety net, promoting greater public-private partnership and developing a territory-wide electronic health record system. Healthcare reform initiatives include conducting a strategic review on manpower supply and professional development, providing detailed proposals for a voluntary, government regulated health insurance scheme, and facilitating healthcare service development. There are 5 steps to further develop primary healthcare: 1. 2.
Develop basic models for primary care services with emphasis on preventive care Establish a primary care directory with healthcare providers proving comprehensive primary care based on the family doctor’s principles
3. 4. 5.
Subsidise patients for preventive care based on the needs of different population groups Improve public primary care services, in particular, to serve the low income and under-privileged groups Strengthen the public health functions by health promotion and disease prevention
Furthermore, the HA came up with four main thrusts of costcontainment policy to cover rising healthcare costs: 1. Transferring more of the cost to the patient through new charges and increases in existing charges 2. Clustering the public hospitals in order to achieve economies of scale 3. Cutting back on staff cost 4. Shifting patients back into the private sector through public-private partnerships The government has also set aside 4 possible pieces of land and intends to develop these sites into private hospitals. Currently, only around 35% of Hong Kong’s population is covered by private health insurance. The government allocated HKD50.4 billion (CHF5.9 billion) for healthcare reform, which encourages the public to purchase private medical insurance and utilise private healthcare services, thus relieving the pressure on Hong Kong’s overburdened public healthcare system. Details on this Health Protection Scheme will be announced in 2013.
CEPA is a free trade agreement which grants an easier access for Hong Kong products or Hong Kong based service companies to the mainland market. Under the agreement, all the goods are tariff free. Swiss Life Science companies can also benefit from the tariff exemption as long as they satisfy certain criteria. Hence, technology companies can also take advantage of the Mainland Hong Kong collaboration model, using Hong Kong as the base for R&D, and Mainland China as the base for manufacturing. Particularly in medicine and medical devices, Hong Kong is the flagship for China. Chinese hospitals usually adopt the products/technologies that are used in Hong Kong, because of its strong reputation.
2.9 Local Medical NonGovernmental Organisations / Associations Swiss companies are also able to find cooperation opportunities with local organisations / associations. A list of medical technology organisations can be found in the Appendix.
2.10 Upcoming International Fairs 2.8 Gateway to China Hong Kong has thrived as a trading gateway between China and the rest of the world, handling about one-fifth of the Mainland’s foreign trade. China also benefits from Hong Kong's position as a catchment basin for imported goods from overseas. Companies in Hong Kong enjoy unrivalled access into China. Almost half of China’s inward investments are made via Hong Kong. According to the government investment promotion body InvestHK, the majority of international companies in Asia Pacific have their regional headquarters and regional office based in Hong Kong with a geographical responsibility for the mainland market. Cross-border connections between Hong Kong and Guangdong are amongst the busiest in the world. Even though much of the low-cost manufacturing has moved across the border to the PRD, high-technology companies still choose to produce in Hong Kong for reasons such as duty-free export to Mainland China under the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) and reliable product quality of products “made in Hong Kong”. 12
Exhibitions and fairs are a good platform for Swiss companies to enter the market and test its potential. One of the upcoming fairs is Hong Kong International Medical Devices and Supplies Fair 2013 (14-16 May 2013). The Medical Devices and Supplies Fair was organised by the Hong Kong Trade Development Council and the Hong Kong Medical and Healthcare Device Industries Association in 2009, 2010 and 2012. The fair has been continuous developing and the participants are mainly from the countries like Canada, China, Korea, and USA.
Previous Fairs Exhibit 8: Statistics of Previous Fairs Year No. of Exhibitors 2012 2010 2009
168 140 130
No. of Trade Buyers 7,337 3,720 3.500
Major Exhibit Categories Accident and Emergency Equipment Building Technology and Hospital Furniture Chinese Medical Devices Communication, Systems and Information Technology Dental Equipment and Supplies Diagnostics Electromedical Equipment / Medical Technology Laboratory Equipment Medical Components and Materials Medical Supplies and Disposables Physiotherapy / Orthopaedic / Rehabilitation Technology Textiles Details refer to http://www.hktdc.com/fair/hkmedicalfair-en/s/2578General_Information/HKTDC-Hong-Kong-International-Medical-Devicesand-Supplies-Fair/Fair-at-a-Glance.html
3 Market Segmentation In this report, we mainly focus on 3 categories of the Life Science market in Hong Kong.
2.1 Pharmaceuticals 2.2 Medical Equipment 2.3 Bio-technology
3.1 Pharmaceuticals 3.1.1 Business Opportunities for Swiss Companies Demographic changes (especially ageing population and the patient influx from the Mainland) and healthcare system reforms will boost the market Sub-sector markets, such as cardiovascular, central nervous system (CNS) and cancer, are forecast to grow rapidly Over-the-counter (OTC) medicines will grow consistently with the market bolstered by the increased concern regarding health conditions, the insufficient clinic and paramedic workforce as well as the well-developed distribution channel such as pharmacy chains Generic medicines which have the highest growth rate of all three categories have been impacted by cost cutting resulting from the recent economic slowdown
3.1.2 Market Size Hong Kong boasts a developed, but small pharmaceutical market mainly due to the size of its population. It reaches HKD10.4 billion (CHF1.22 billion) in 2012 with 8% annual growth over 2011. The per capita pharmaceutical spending is high in the region at about HKD 1,500 (CHF181), compared with an average of HKD 980 (CHF 118) in mainland China. In next 3 years, the market is projected to grow at a compounded annual growth rate (CAGR) of 6% and reach HKD13 billion (CHF1.56 billion) in 2015. Hong Kong’s pharmaceutical market consists of approximately 190 local manufacturing firms with 40 of them holding a generic drug license. Local output is mainly focused on basic medicines as well as Traditional Chinese Medicine. The local pharmaceutical market mainly relies on imported products. The import of pharmaceuticals correlates with the demographic changes. Most of the imported products are for therapeutic, prophylactic or diagnostic usage. Imports have 14
increased by 11% in 2011 and the total value reached HKD 17.4 billion (CHF 2.05 billion). The market has close trade links with Western developed countries. Switzerland is a key player as Hong Kong’s third largest import partner with a trade value of HKD120 million (CHF14.1 million) in 2011. In 2011, the value of medicine re-exported from Hong Kong equalled HKD 10.6 billion (CHF 1.27 billion). Half of the total exports went to mainland China.
Exhibit 9: Pharmaceutical Market Projection (in billion HKD)
Source: BMI, Fiducia Analysis
3.1.3 Demand Analysis Demographic changes e.g. ageing population, will boost the use of novel drugs for cardiovascular, neurological and cancer conditions, as well as new versions of existing prescription analgesics, antifungal agents, cholesterol reducers and acid reducers However, some diseases are trending among the young citizens in Hong Kong, such as diabetes and obesity and other chronic diseases which will stimulate the sales of relevant pharmaceuticals, as well as home use medical devices. Private hospitals, which currently account for 10% of total pharmaceutical sales, will increase their share under the healthcare system reforms. In an interview with Fiducia, Dr. Neil Kwan, a senior consultant supervising biomedical engineering technology at the Hong Kong Productivity Council (HKPC), has
emphasised the importance of the cooperation with private hospitals to expand business. By organising strategic partnerships with the private hospitals, HKPC can provide the related support for those who are planning to enter the Hong Kong market. There are three main categories of medicines in the market including patented, generic and OTC medicines. Exhibit 10: Total Pharmaceuticals Import by Origins 2011 (in billion HKD)
OTC Medicines Market Size The OTC sector reached nearly 24% of the whole market at 2.4 billion HKD in 2011. The key drivers of the market growth are the increased concern about health, the insufficient clinic and paramedic workforce as well as the well-developed pharmacy chains such as Watsons and Mannings. Other reasons for selfmedication include convenience and cost saving. Fiducia forecasts OTC will increase at a CAGR of 7% in the next 3 years. Consumer Buying Behaviour Based on a recent research by Nielsen, Hong Kong consumers tend to buy OTC medicines with the brands they know well. The consumersâ€™ high degree of loyalty to branded medicines means higher entry barriers and stresses the importance of brand management.
Source: BMI, Fiducia Analysis
Patented Medicines Patented medicines account for 57% of the total pharmaceuticals in 2011. The market is mainly dominated by large multinationals such as GlaxoSmithKline, Pfizer, Novartis, Merck & Co and Roche. This is due to many multinationals establishing offices in Hong Kong during British colonial rule, which ended in 1997. In the short term, the demand of patented products will shrink because of the pressure from patent expiration and the higher uptake of generic medicines. However, in the long term, the latest development of novel medicines such as biologics will work towards the restoration to previous growth levels. Generic Medicines Even though they only represented 19% of the total market in 2011, generic medicines enjoy the highest growth rate of the three categories, driven by their use as an alternative for patented medicines as the way of reducing costs. Regarding the governmentâ€™s decision to introduce bioequivalence tests as registration requirements by 2016, the market will experience restructuring and provide opportunities for new players to join.
In Hong Kong, pharmaceutical advertising for minor diseases such as coughs and influenzas is permitted, while advertising to the general public via mainstream media for major diseases such as diseases of the cardiovascular system is prohibited. Given that most consumers perceive that OTC advertising exaggerates the therapeutic functions, the selling-based-on-experience approach is regarded as a good alternative. Considering the market situation, Swiss companies need to set up close cooperation with local retailers and distributors.
GMP and PIC/S standards In 2009, a series of scandals concerning pharmaceuticals forced the government to enhance the existing regulation. The FHB and DoH took immediate measures to address the concerns such as strengthening the inspection of all local drug manufacturers. The government also decided on a comprehensive review of the existing regime for the regulation of pharmaceutical products. In the review published in January 2010, the government highlighted certain regulatory areas for improvement, including Good Manufacturing Practice (GMP), pre-market control of drugs, regulations for importer/ exporters, pharmacovigilance and public awareness. (Full report http://www.ppbhk.org.hk/eng/files/Report_of_Review_Committee_eng.pdf)
Drug Classification Category 1: must be dispensed and sold on doctor’s prescription Category 2: does not require doctor’s prescription Category 3: can be sold in pharmacies or medicine stores without a residing pharmacist Note: Category 1 & 2 must be sold in registered pharmacies under the direct supervision of registered pharmacists and labelled as “Poison” Medicine to remind customers to follow the instructions given by doctors or pharmacists Details refer to http://www.drugoffice.gov.hk/eps/root/en/consumer/news_informations/drug
3.1.5 Distribution Channels Patented and generic drugs are mainly distributed directly to hospitals, clinics or/and other institutions. OTC medicines are distributed through the well-established chain stores, pharmacies or supermarkets. The public healthcare sector accounts for nearly 65% of the patented and generic drugs. The HA is a large purchaser of medicines. On the official website, there is a document entitled “Drug Items of Limited Supply Sources” which invites suppliers to show their interest and provide related medicines.
Pharmaceutical Trade Regulations Under the Import and Export Ordinance of Law of Hong Kong, all pharmaceutical product and medicine trade must be covered by import and export licences issued by the Trade and Industry Department. Details refer to http://www.tid.gov.hk/english/aboutus/publications/generalpub/files/requirem ent_02.pdf
Other Regulations of Pharmaceutical Products in Hong Kong Antibiotics Ordinance (http://www.legislation.gov.hk/blis_pdf.nsf/4f0db701c6c25d4a482 5755c00352e35/8CA8AB37ACC51404482575EE00437AB8/$FI LE/CAP_137_e_b5.pdf)
Dangerous Drugs Ordinance
Besides the above document, there is also a tentative list of tenders for the upcoming year. (http://www.ha.org.hk/visitor/ha_visitor_index.asp?Parent_ID=2001&Conten t_ID=202043&Lang=ENG) In the contract award noticefrom March to
December in 2012 of HA, main suppliers include Zuellig Pharma Limited (88 tenders) and DKSH Hong Kong Limited (48 tenders). Large international companies dominate the market through welldefined and structured large trading companies. In OTC market, the main sales categories include anesthetic products, antibiotic creams/gels and anti-itch products. Mannings (335 outlets) and Watsons (160 outlets) are the two major chain stores. Besides OTC medicines, they also provide a wide range of healthcare products e.g. health supplement and home use devices.
(http://www.legislation.gov.hk/blis_pdf.nsf/6799165D2FEE3FA94 825755E0033E532/3E899AC9660B2ACE482575EE00430767? OpenDocument&bt=0)
Undesirable Medical Advertisements Ordinance (http://www.legislation.gov.hk/blis_pdf.nsf/4f0db701c6c25d4a482 5755c00352e35/548A11A2EC9DE0F4482575EE0050492E/$FIL
Other important distribution channels for OTC medicines are the small and medium pharmacy stores and supermarkets. They provide services as neighbourhood stores with lower price than that of large chains. They also provide wider categories of OTC medicines than the chain stores.
Public Health and Municipal Services Ordinance (http://www.legislation.gov.hk/blis_pdf.nsf/6799165D2FEE3FA94 825755E0033E532/40DC34E06542CFE1482575EE003FE971/$ FILE/CAP_132_e_b5.pdf)
Some supermarkets such as Wellcome, Parknshop, Market Place, and Jusco also provide OTC medicines within limited categories of products.
Exhibit 11: Distribution Channels of Pharmacies in Hong Kong Medicine category
Patented and Generic medicine
Hospitals/ Clinics/ Other Institutions
Chain stores Small and medium pharmacy stores or supermarkets
3.1.6 Traditional Chinese Medicine The TCM sector is increasing in popularity among Hong Kong residents. Many people will ask for help from TCM first before approaching western medicines. The government gives enormous support for the “modernisation” of the TCM industry. During the late 1990s, the TCM sector was given priority and was provided a significant amount of R&D resources. However, since there is no standard definition of TCM, commercialisation and production standards are still in the development stage. Potential business opportunities mainly fall in exporting TCM finished products to mainland China, where there is a similar ethnic and cultural make-up. Switzerland companies gain the opportunities from TCM market and explore the possibilities to apply the western technology to Chinese medicine development in Hong Kong and China.
3.2 Medical Equipment 3.2.1
Business Opportunities for Swiss Companies
In term of application sectors: The home use sector will grow faster than the institutional sector because of the public's increasing awareness of disease prevention, personal health and fitness and a resource shortage in the public hospitals.
In terms of product categories: Patient aids enjoy the highest growth rate stimulated by the ageing population and growing number of small private clinics. Swiss companies dominate the import market of pacemakers, sub-sector of patient aids. Following patient aids, the diagnostic imaging sector has the second highest growth, especially digital and computing technology as the substitution for analog technology. Swiss medical devices companies are international leaders in implants, diagnostic equipment as well as laboratory instruments and systems for minimally invasive surgery. Therefore, with those cutting edge technologies companies can find great business opportunities in the Hong Kong market.
3.2.2 Market Size The medical equipment market in Hong Kong is estimated to reach HKD3.8 billion (CHF450 million) in 2012, and has experienced an average 7.5% growth in the last 5 years. By 2015, the market demand is expected to have a 6% annual growth rate and reach HKD 5 billion.
Exhibit 12: Medical Device Market Projection in Hong Kong (in billion HKD)
products, 55% are syringes, needles & catheters, and the others include blood grouping reagents, ostomy appliances and surgical gloves. Dental Products The market for dental products was estimated at HKD 296 million in 2011. Dental instruments & supplies accounted for 93% of the market and capital equipment – drills, chairs and X-rays for the remaining 7%.
Source: BMI, Fiducia Analysis
The import of medical equipment is focused on high-end and demographic-change-related products. Surgical, diagnostic and analytical products are the main categories in demand. Hong Kong’s total medical equipment imports in 2011 were HKD 24.6 billion (CHF2.9 billion). Switzerland accounted for HKD 466 million (CHF 54.8 million) or approximately 3% of the total. More Swiss companies should take advantage of their cutting edge products and services in this sector to penetrate the Hong Kong market. Exhibit 13: Trade of Medical Equipment in 2011 (in billion HKD)
Source: UN Comtrade, Fiducia Analysis
Diagnostic Imaging Apparatus The market for diagnostic imaging was estimated at HKD 756 million in 2011, 47% related to electro diagnostic products, 30% to X-ray and other radiation apparatus, and the rest to imaging parts & accessories. Consumables The market for consumables was estimated at HKD 619 million in 2011. The composition is as follows: 28% are wound care 18
Orthopaedic Products The market for orthopaedic & prosthetic products (including orthopaedic applies, artificial joints, artificial body parts) was estimated at HKD 243 million in 2011. Patient Aids The market for Patients Aid products (including portable aids, therapeutic appliances) was estimated at HKD 388 million in 2011. Others The others include equipment such as medical or surgical sterilisers, ophthalmic instruments & appliances.
3.2.3 Demand Analysis The medical equipment market has two distinct segments: products for home use and products for institutional use. In the HA’s Annual Plan 2012-2013, the government will spend HKD 635.2 million (CHF 74.8 million) to replace and add medical equipment, including radiological equipment, surgical equipment, endoscopic equipment, laboratory analyser or pathology equipment, and physiological equipment. HA’s purchases account for 17% of the total market. Since 2007, HA has allocated around HKD2.3 billion (CHF270 million) in total to replace old medical equipment and purchase new/additional equipment. Currently 32% of HA’s equipment is more than ten years old and is in need of replacement or upgrading. As the government intends to increase the role of the private sector due to increasing costs in the public sector, the demand for modern medical equipment and diagnostic machines will stimulate the market growth. Home use medical devices are mainly those for chorionic diseases, self-care as well as for nursing. An ageing population and increased health consciousness in personal health and fitness are boosting the demand for home use equipment, such as pill alarm boxes, massagers, positioning aids, and medical equipment
for those patients who suffer from cardiopulmonary disease and neurological disorders.
suppliers, such as Osim and OTO, have set up their own special shops.
Mr Albert Lee, Chairman of the Hong Kong Medical & Healthcare Device Industries Association (HKMHDIA), mentioned at a seminar in 2012 that there is a current demand for home use medical devices with high-tech sensors inside. This trend is mainly driven by: Consumer’s demand for convenience and timely diagnosis and inspection Cost-saving considerations
Exhibit 15: Distribution Channel
3.2.4 Regulatory of Medical Equipment Hong Kong has no general medical device registration requirements though products for public hospital usage should be approved by the DoH. Aligned with the international classification of medical devices, Hong Kong has 4 groups of medical devices. Exhibit 14: General Classification System for Medical Devices Class Risk Level Device Examples I
Surgical retractors/ tongue depressors Hypodermic needles/ suction equipment Lung ventilator /bone fixation plate Heart valves/ implantable defibrillator
Chain stores Own shops Department stores
Most local companies have established manufacturing sites and expanded their distribution network in mainland China, especially the PRD region. Their offices in Hong Kong are mainly involved in product design, prototyping, testing, quality control as well as distribution, marketing & sales management. Swiss companies could partner with them to localise their products and acquire distribution channels. Institutional Use Products Products for institutional use are distributed directly to hospitals and clinics by the manufacturers or trading companies. High-tech and sophisticated medical devices for institutional use are mainly provided by multinationals such as GE Medical Systems H.K. Ltd, ArjoHuntleigh (Hong Kong) Limited, and Siemens Limited, etc.
3.2.6 Tenders The tenders and application guidelines from HA are updated in a timely manner and HA publishs the latest tenders on its website. (http://www.ha.org.hk/visitor/ha_visitor_index.asp?Content_ID=2001&Lang
In order to ensure the medical devices are of good quality and safe to use, the government launched a voluntary MDACS on 26 November 2004. In 2007, the DoH conducted a study called the Regulatory Impact Assessment (RIA) to provide a framework for the statutory control of medical devices, which was completed in 2008. In September 2010, the DoH reviewed the recommendations made in RIA for further actions. (Details can be found at www.mdco.gov.hk/eindex.html)
Home Use Medical Devices Major distribution channels for these groups of medical devices are department stores, retail stores and chain stores via local or overseas trading companies. Only those well-established
3.3 Biotechnology 3.3.1
Business Opportunities in Biotechnology for Swiss Companies Hong Kong’s biotechnology sector performs well in terms of basic research. However, Hong Kong is short of experts, qualified scientists and companies for commercialisation activities. Opportunities in this area for Swiss companies are to set up independent R&D centres or cooperate with local companies e.g. by setting up joint ventures to take part in the development of biotechnology programs in Hong Kong and China.
3.3.2 Overview of Biotechnology in Hong Kong Hong Kong started to venture into the biotechnology sector in the early 1980s. Unlike Switzerland, which has the highest concentration of world class medical technology companies with their own R&D centres, the local Hong Kong biotechnology institutes are more government driven.
Exhibit 16 HKSTP Phase Planning
The government allocates R&D funds to universities to conduct upstream research. Each year, there are approximately 6,500 of academic publications in the biotechnology field. Today, there are approximately 250 -300 biotechnology-related companies in Hong Kong with 80 companies listed on the Hong Kong Stock Exchange and Growth Enterprise Market . Fueled by an ageing population as well as high demand for sophisticated vaccines (e.g. hepatitis C, influenza); Hong Kong has significant potential market in the field of biotech, like R&D for the mono-clonal antibodies and generic drugs.
Main Biotechnology Institutions in Hong Kong
The Hong Kong Science & Technology Parks Corporation (HKSTP) With the aim of transforming innovation and technological advancement into value creation that benefits Hong Kong, mainland China and the rest of the world, the HKSTP aspires to be a centre for excellence in Biotech. HKSTP offers comprehensive set up and laboratory services to support the R&D of biotechnology. The HKSTP is an independent statutory body supported by the government to promote technology and innovation in targeted industries by providing facilities, services and a dynamic environment. In early 2011, an additional HKD4.9 billion (CHF580 million) was made available for the construction of phase 3 of the HKSTP. The first building will be put into use in 2014, while the whole phase will be completed by 2016. The government took the initiative to boost the development of bio technology to attract high-tech investments from private companies.
Biotechnology is one of HKSTP’s five key focuses. The other four are electronics, precision engineering, information technology and telecommunications, and greentech. The biotechnology in HKSTP is mainly composed of medical devices, regenerative medicines, therapeutics and Chinese medicine. As of now, 56 biotech companies have set up R&D centres in the Science Park. To support the entrepreneurs, HKSTP launched a technologybased incubation service.. HKSTP also provides start-ups with quality infrastructure and supporting facilities for innovation and technology development. To reduce the initial set-up costs, startups can access the Technology Support centre which is wellequipped with all the laboratory facilities most biotech companies require. In addition, each incubatee has an opportunity to access discounted rental space and an expense reimbursement package up to a maximum of HKD 860 thousand (CHF106 thousand) under the Incu-Bio programme. Meanwhile, HKSTP creates a platform for biotech related companies to access a wider region in PRD. The Science Park Applied Research and Commercialisation (SPARC) forum is a business matching event to help start-ups build up business connections and for potential venture capitalists and investors. To further the cooperation between Hong Kong and Guangzhou, HKSTP signed an agreement with the Guangzhou Science Park to set up the ‘Green Channel’ for biological sample transportation. Companies who have a presence in both science parks can use the Hong Kong - Guangzhou green channel to move biological samples
The Hong Kong Institute of Biotechnology (HKIB) The HKIB is wholly owned by the Council of the Chinese University of Hong Kong. Founded in 1988, HKIB is composed of an on-site incubation centre for start-up firms and a biologic unit offering both upstream research and downstream production services. It also provides GMP consultation services and TCM commercialisation. The Hong Kong Productivity Council (HKPC) As a multi-disciplinary organisation established by statute in 1967, HKPC provides a wide range of consulting and technology services. There are 5 divisions in the technology development branch and among them is the Materials & Manufacturing Technology Division (MTD) focusing on R&D technology including medical equipment. Funds and Investment in Biotechnology Innovation and Technology Fund (ITF) In 2011, the government allocated HKD 6.9 billion (CHF822.3 million) to support mainly applied R&D projects conducted by universities, industry support organisations, industry & trade associations or private sector companies which contribute to enhancing innovation and technology in Hong Kong. The funding went to 8 technology categories and biotechnology received HKD430 million (CHF 50.6 million) or 6.2% of the total. There are different programmes under the ITF: The Innovation and Technology Support Programme The General Support Programme The Small Entrepreneur Research Assistance Programme There are no restrictions or quotas on the number of applications submitted by any applicant at any one time. As of 30 November, 2012, there are total of 3,112 programmes that have been approved and supported by ITF. Details refer to http://www.itf.gov.hk/
4 Case Sharing “DKSH – your Market Expansion Services partner to grow your medical technology business in Asia” DKSH, headquartered in Switzerland, is a leading Market Expansion Services provider with a focus on Asia. Its business covers Consumer Goods, Healthcare, Performance Materials and Technology. In 2011, DKSH generated net sales of CHF 7.3 billion worldwide. Since 1923, DKSH has been active in Hong Kong. In 2011, the net sales for Greater China (including Hong Kong, China, and Taiwan) were over HKD 15.5 billion (CHF 1.8 billion). The number of employees in Hong Kong is around 1,000 serving over 400 suppliers and 17,000 customers. DKSH Business Unit Healthcare is a leading provider of Market Expansion Services for pharmaceuticals, over-the-counter (OTC), consumer health as well as medical devices companies. By means of offering Market Expansion Services, DKSH provides a wide range of solutions that extend from product feasibility studies and registration to importation, customs clearance, marketing and sales, to physical distribution, invoicing and cash collection. DKSH offers these service solutions to companies or brands to grow their business in new or existing markets. The net sales of DKSH’s Business Unit Healthcare were CHF 2.9 billion in 2011 worldwide. “Hong Kong is an excellent place for multi-national companies to start their business and build their brand equity in Asia. It is a gateway for companies to enter into the South China market where demand for high quality medical devices, pharmaceuticals as well as OTC and consumer health products is surging with the rise of the middle class,” said Lewis Huen, Business Development Director, DKSH Healthcare Hong Kong. “With technological advancement, the medical technology market in Hong Kong is booming. Having superb local market knowledge, strong Swiss heritage in compliance and good reputation in the healthcare industry, DKSH is always on the top of mind with clients. A number of international renowned companies in orthopedics, cardiology, vascular surgery, wound care and ophthalmology have recently partnered with us to benefit from our Market Expansion Services.” according to Mr. Huen. 22
5 Doing Business in Hong Kong 5.1 Why Hong Kong? The Globalisation Index 2011, released by Ernst & Young in cooperation with the Economist Intelligence Unit (EIU), shows that Hong Kong has the highest level of globalisation of the world’s 60 largest economies, making Hong Kong one of the most favourable places to do business in an international context. 5.1.1 Taxation According to Forbes Tax Misery Index 2009, Hong Kong has the lowest tax misery in the Asian-Pacific-Region and the third lowest in the world. The Hong Kong profits tax of a standard 16.5% is a territorial tax, based on the source of income only within the territory of Hong Kong soil. Earnings and capital gains outside of Hong Kong soil are not taxed. Furthermore, there is an unlimited carryover of losses. 5.1.2 The Rule of Law The rule of law is fundamental to Hong Kong’s success. All people are equal in front of the law and all have access to the justice system. Under the 50 year autonomy declaration imposed after the hand-over of Hong Kong to China, Hong Kong has complete financial autonomy and independence of its monetary system up to 2047. According to the Political & Economic Risk Consultancy Ltd, which publishes intelligence reports about East and Southeast Asian countries, Hong Kong has the best judicial system in Asia. In addition, according to Asian Corporate Governance Association’s “CG Watch 2012”, the sixth survey of corporate governance in Asia, Hong Kong has the best corporate governance in Asia. The system of intellectual property protection in Hong Kong is comprehensive. It covers trademarks, copyrights, patents and designs, plant varieties, and trade secrets. For example, there is a strong patented drug segment with preference for innovative drugs. 5.1.3 Clean Government Hong Kong is one of the most corruption free economies in the world. Thanks to its anti-corruption system, embodied in the Independent Commission Against Corruption (ICAC), Hong Kong investigates the integrity of government departments, local councils, members of Parliament, ministers, the judiciary and the Chief Executive on an independent and regular basis. A clean government ensures that companies are free to pursue their business interests without concerns of the influence of government officials.
5.1.4 Availability of Talent Hong Kong has a total of 8 universities. 3 of them are listed in the world’s top 50 institutions, compiled by the Times Higher Education QS World University, which ensures the availability of high educated professionals and qualified workforce. Hong Kong possesses a rich talent pool comprised of local and overseas university graduates. 5.1.5 Immigration Policies In order to attract professionals, talent and investors to ensure its continued competitiveness, Hong Kong focuses on promoting friendly immigration policies. Currently, it offers four types of visas to foreign nationals: work, study, establish or join in any business or to take up residence in Hong Kong. 5.1.6 International Lifestyle Hong Kong is a city with a fusion of East and West. The official languages of Hong Kong are both Chinese and English, being the gateway and bridge to mainland China. 5.1.7 Well Developed Infrastructure The electricity grid is state-of-the-art. The supply of electricity and water is more than adequate, readily and reliably available. The telecommunications system is fully digitized. The government's Go Wireless-stay connected initiative has improved facilities and resulted in over 7,900 WiFi hotspots available in public libraries, recreational and cultural venues and even major parks, for people living in Hong Kong. 5.1.8 Summary Hong Kong is ideally located to act as a gateway for foreign companies into mainland China. As a result, it is able to take advantage of the emergence of China as a global economic powerhouse. Hong Kong has one of the highest per capita GDPs in the Asia Pacific region, so domestic demand is a key driver of the economy. To boost its economy, the Central government in Beijing has granted Hong Kong a number of concessions, cooperation initiatives and easier access to mainland China (i.e. the CEPA roadmap) which strengthens the position of Hong Kong in the world.
5.2 Hong Kong and Switzerland Switzerland is a society, which is fair, egalitarian, open and transparent, combining social welfare with very strong private enterprises. Switzerland has one of the highest ratios of large companies and world famous brands per capita in the world, and it is also one of the most innovative societies globally. Switzerland and Hong Kong are both small economies among big players. However, collaboration between the two economies will be much easier as both territories are inherently identical in various aspects including their free economy and business transparency. According to the statistics from the Hong Kong government, the average annual growth rate in bilateral trade between Hong Kong and Switzerland from 2007 to 2011 was 20.3%. In 2011, Switzerland ranked 12th amongst Hong Kongâ€™s trading partners in the world. The total trade between the two countries amounted to 10.23 billion EUR. About 8.7% of the total trade between Switzerland and mainland China was routed through Hong Kong. Since 2012, close to 200 Swiss companies have their offices in Hong Kong where they engage in banking, insurance, pharmaceuticals and other businesses. Among them, over 100 are regional headquarters or regional offices. Furthermore, over 2,000 Swiss citizens live in Hong Kong and Macau. In June 2011, Hong Kong and the European Trade Association signed a Free Trade Agreement (entered into force on 1 October 2012) which covers trade in services and goods as well as investment, and other trade-related issues like protection of intellectual property. It contains an administrative assistance clause in accordance with the international standard. The agreement will contribute to the further positive development of bilateral economic relations between Hong Kong and Switzerland. Hong Kong and Switzerland also signed a comprehensive agreement on the avoidance of double taxation (CDTA). It contains an administrative assistance clause in accordance with the international standard. The agreement will contribute to further positive developments of bilateral economic relations. The agreement entered into force on 15 October 2012, and is effective from 1 January 2013 with regard to Swiss taxes, and from 1 April 2013 concerning Hong Kong taxes. This is the first such agreement between the two parties 24
InvestHKâ€™s Innovation & Technology team can provide practical support to biotechnology and pharmaceutical companies wishing to set up in Hong Kong.
6 References 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21.
Business Monitor International Biotechnology in Hong Kong: Prospects and Challenges, Joseph WONG, 2008 Department of Health DKSH Hong Kong Espicom Business Intelligence Hong Kong Government News Hong Kong Medical & Healthcare Device Industries Association Limited (HKMHDIA) Hong Kong Science & Technology Parks Hong Kong Trade Development Council Hospital Authority Health Bureau Invest Hong Kong Innovation and Technology Commission Life Sciences Opportunities in Hong Kong, UK Trade & Investment Medical & Healthcare Equipment Industry in Hong Kong, HKTDC, 2012 South China Morning Post Swiss Life Science Report 2012 The Chinese University of Hong Kong The Wall Street Journal The University of Hong Kong World Health Organisation
7 Appendix Local Medical Non-Governmental Organisations / Associations 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37.
Hong Kong Association of Critical Care Nurses (http://www.medicine.org.hk/hkaccn/) Hong Kong Association of Dental Surgery Assistants (http://www.fmshk.com.hk/hkadsa/index.htm) Hong Kong Continence Society (http://www.hkcs.hk/) Hong Kong Dental Association (http://www.hkda.org/) Hong Kong Doctors Union (http://www.hkdu.org/) Hong Kong Society for Emergency Medicine & Surgery (http://www.hksems.org.hk/) Hong Kong General Chamber of Pharmacy Limited (http://www.hkgcpl.com.hk) Hong Kong Medical Association (http://www.hkma.org/eindex.htm) Hong Kong Medical and Healthcare Device Industries Association (HKMHDIA) (http://www.medicaldevice.org.hk) Hong Kong Occupational Therapy Association (http://www.hkota.org.hk/) Hong Kong Orthopaedic Association (http://hkoa.org/) Hong Kong Orthoptists Association (http://www.fmshk.com.hk/hkoa/index.htm) Hong Kong Paediatric Nephrology Society (http://www.fmshk.com.hk/hkpns/) Hong Kong Physiotherapy Association Limited (http://www.hongkongpa.com.hk/) Hong Kong Society for Nursing Education (http://www.hksne.org.hk) Hong Kong Society of Clinical Chemistry (http://www.medicine.org.hk) Hong Kong Society of Critical Care Medicine (http://www.hksccm.org/) Hong Kong Society of Cytology (http://www.cytology.org.hk/) Hong Kong Society of Endocrinology, Metabolism and Reproduction (http://www.endocrine-hk.org/) Hong Kong Society of Medical Genetics (http://www.hksmg.org/) Hong Kong Society of Nuclear Medicine (http://www.hksnm.org/main.php) Hong Kong Society for Surgery of The Hand (http://www.hkssh.org) The Hong Kong Society of Neurosciences (http://www.medicine.org.hk/) The Hong Kong Society of Rheumatology (http://www.rheumatology.org.hk/) The Federation of Medical Societies of Hong Kong (http://www.fmshk.org) The Hong Kong Association of Pharmaceutical Industry (http://www.hkapi.hk/) The Hong Kong Cancer Chemotherapy Society (http://www.fmshk.com.hk) The Hong Kong Geriatric Society (http://www.hkgs.org/) The Hong Kong Gynaecological Endoscopy Society (http://www.fmshk.com.hk/hkges/) The Hong Kong Neurological Society (http://www.hkns.org/) The Hong Kong Nutrition Association Ltd (http://www.hkna.org.hk/) The Pharmaceutical Society of Hong Kong (http://pshk.hk/) The Practising Pharmacists Association of Hong Kong (http://www.ppa.hk/) The Private Hospitals Association (www.privatehospitals.org.hk) The Society of Anaesthetists of Hong Kong (http://www.sahk.hk/) The Society of Hospital Pharmacists of Hong Kong (http://www.shphk.org.hk/) Hong Kong Society of Certified Prosthetist-Orthotists (http://www.hkscpo.org/)
8 Glossary BMI: Business Monitor International CAGR: Compound Annual Growth Rate CDTA: Avoidance of Double Taxation CEPA: Closer Economic Partnership Arrangement CNS: Central Nervous System CUHK: The Chinese University of Hong Kong DoH: Department of Health FHB: Food and Health Bureau GMP: Good Manufacturing Practices HA: Hospital Authority HKPC: Hong Kong Productivity Council HKSTP: The Hong Kong Science & Technology Parks Corporation HKU: The Hong Kong University ICAC: Independent Commission Against Corruption ITF: Innovation and Technology Found LSR: Liquid Silicone Rubber MTD: Materials & Manufacturing Technology Division OTC: Over – the – counter PHC: Primary Health Care PHI: Personal Health Insurance PolyU: The Polytechnic University PRC: Peoples’ Republic of China PRD: Pearl River Delta (PRD) SAR: Special Administrative Region SMEs: Small-Medium-Enterprises SPARC: The Science Park Applied Research and Commercialisation TMC: Traditional Chinese Medicine WTO: World Trade Organization WHO: World Health Organisation
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