DeviceChina2017：Insight into the investment and development direction of medical devices
After the successive formulation of new regulations, guidelines and industry standards on medical devices in recent years, it is widely recognized that the consistent adjustment and improvement on regulatory elements and methods at a national level are happening. Along with the advancement of national overall medical reform, as a crucial component of medical health industry, diagnosis technology of the devices are faced with new opportunities and challenges. The 7th Device China Summit organized by BioBAY and China Association for Medical Devices Industry will be held by the Dushu Lake in Suzhou on 1st to 3rd September, 2017, focusing on the innovation for China medical device under New Medical Reform and Upgraded Regulation Policy.
High-end medical devices have not only been deemed as the target of emerging industry but also a field demand for breakthroughs. The 2017 summit will continue focusing on China's medical equipment industry ecological development, the latest changes in industry policies well as the emerging medical materials, heart disease intervention and its extension and expansion, along with precision medical. How to ensure China's medical equipment innovation to develop steadily under the influence of new medical reform policy is also a key topic for this event. On 1st September a heated round table discussion between the attendees was made around trending topics like Cross-boarder Innovation and Investment in Medtech Field and Application of Artificial Intelligence and Big Data in Healthcare.
Overcome all obstacles and forge ahead
In the opening ceremony on 2nd September, Mr Pang Junyong, president of BioBAY as the summit host made an opening speech. This is the tenth year of ‘Overcome all obstacles and forge ahead’ for BioBAY. Although Ten years is merely a life cycle for a pioneering enterprise from starting R&D to launching products on market, for the development of biological medicine industry in China, it breeds vital innovation power emerging and breaking into the market. BioBAY just arise at the right historical time. Chinese government strongly advocates innovation and market-orientation which is exactly the ideas BioBAY had ten years ago to pave the route of biological medicine innovation.
Mr Pang Junyong, president of BioBAY
The biological medicine industry develops rapidly while BioBAY also keeps evolution to maintain the competitive advantages. Mr Pang has indicated that the next development can be summarized with ‘4I strategy’ which is innovate, integrate, invest and internationalize. BioBAY will promote in four aspects:
Sustaining developing and updating of brand connotation. The upgrading of our company mission from 3P ‘Professional, Practical, Passionate’ to 3C ‘Concentration, Coalition, Creativity’ marks the transition of our brand connotation from service-oriented group to service-oriented community.
Build platform to drive the communications among each part of the ecological chain through conferences. Currently BioBAY has built up a comprehensive conference ecological chain covering early-stage R&D, technology collaboration, investment and financing docking etc. By doing so, BioBAY gather and share all the resources and information required for the industry development.
Conduct industrial layout with internationalized view and cutting-edge technology. Aiming to complete industrial ecological chain, BioBAY will recruit different types of enterprises including medical equipment, cell therapy, biological medicine, genetic technology etc., in a planned way, to cover various therapeutic fields, like anti neoplastic, CVD, metabolic diseases etc.,
BioBAY has launched a Sungent biology fund with Sungent Holding Group. The fund has raised approximately 2 Billion RMB. BioBAY has also taken shares in Front Line Bioventures, Medtronic, Goldstone Fund and Oriza Suzhou Seed Fund as limited partner to fulfill the capital demands in different development stages for innovation enterprises. BioBAY shares the vision to get involved in the industry with investment and grow along with it.
Promote regulated industrial development under supervision
Statistically, medical device industry in China has a market volume of 370 billion RMB in 2016. Large market demands create another wave of development opportunities for the industry. However, the challenges behind the it shall also not be ignored. With the deepening of medical reform, the demander sets high requirements on quality, price and after sales service.
The standard system construction and the development supporting inspection bodies for medical devices in China is speeding up to be internationally compatible. There is a trend for the regulatory focus on medical devices shifting from pre-market inspection to in-market supervision and from product quality inspection to manufacturing quality system inspection. The R&D, manufacturing and business activities for medical device enterprises will be further regulated. After the opening ceremony, member of National Medical Device Expert Evaluation Committee, Prof. Gu Hanqing gave a keynote speech on ‘Latest Changes in Medical Equipment Regulatory Policy of China’. Mr Gu interpreted on which medical devices count as innovative devices, patent for invention, innovative products invented in China, products of remarkable clinical application value and finalized products etc. Afterwards Doctor Jia Feng, vice chairman of China Association for medical devices industry made a speech on ‘Analysis of The Development Trend of Medical Device Industry in China’.
Prof. Gu Hanqing, member of National Medical Device Expert Evaluation Committee
Drive the industry grow healthily with technology innovation
Along with the increase in domestic market demand and export growth for cardiovascular medical devices in recent years, high-end intervention industry achieved rapid development on technology innovation. Distinguished guest Mr Ge Junbo Chinese Academy of Science share his knowledge on ‘Development of Heart Disease Treatment Technology’ with us. World-renowned specialist on congestive heart failure, Prof Wang Jie from Jiangsu Provincial Hospital shared his research on CVD and great R&D achievement on cardiovascular medicine and medical devices. Round table discussion on ‘The Development Direction of Interventional Medical Devices’ was a technology banquet for attendees.
Meanwhile, precision medical is developing rapidly dual driven by policy favor and real demand. Then, what is the reality of precision medical in China and where is the future? We have invited Prof Kang Xixiong, China Medical Association laboratory physician vice chairman to make a speech on ‘Prospect of Liquid Biopsy and Precision Medical Technology’. Dr Shi Chenyang, CEO for Pacific Asian, QIAGEN, also spoke on ‘Global Innovation on Precision Medical’. Entrepreneurs and investors share their views on round table discussion of ‘The Application and Investing Direction of Precision Medical’.
The organizer of this summit, BioBAY has been in development for ten years, working on building world’s best biological ecological cycle with its concept of ‘Concentration, Coalition, Creativity’. Currently BioBAY has clustered 460 plus enterprises and attracted more than 10,000 biological medicine professionals,including 60 from national ‘The Recruitment Program of Global Experts’. BioBAY is a special industrial cluster for new medicine development, medical device and biotechnology etc.,. In the field of medical device, 9 products from 8 medical device enterprises in the park, which is 82% of Suzhou and 50% of Jiangsu have entered ‘Green Channel’ of national medical device products approval. Another 12 enterprises have been certified by EU CE while Visunex has obtained FDA certification. It is predicted that with the increase of R&D investment, the accelerating of clinical trial and new product selling in the market, the economic benefits for enterprises will achieve continual increase. Biological medicine industry in the park will see a explosive growth.