Chinese Biotech Companies Making Inroads in the Middle East: A Strategic Move
HONG KONG, June 12, 2023 /PRNewswire/ -- KPMG China recently led a delegation of Chinese biotech companies to explore opportunities in the rapidly emerging Middle East market. The region has become a key destination for global expansion in the biotech industry, thanks to the robust partnership between China and the Middle East fostered by the Belt and Road Initiative.
During the five-day event, representatives from 14 Chinese biotech innovators, including founders, chairmen, CEOs, and scientists, visited prominent institutions in the UAE and Saudi Arabia. Their itinerary included visits to renowned organizations such as Janssen EMEA, Dubai Science Park, Dubai Healthcare City, Dubai Economy and Tourism, Abu Dhabi G42 Healthcare, Saudi Food & Drug Authority, the Royal Commission for Riyadh City, and the King Abdullah International Medical Research Center. These visits provided invaluable insights into the local market dynamics, regulatory landscape, R&D infrastructure, and clinical research facilities. The conference also facilitated discussions on the lucrative opportunities available to Chinese biotech innovators in the Middle East and beyond.
Frank Mei, a Life Sciences Partner and Head of Risk Consulting at KPMG China and ASPAC, emphasized the immense potential for Chinese biotech innovation in emerging markets worldwide. KPMG China's strategic initiative is to support these companies in establishing a strong international presence by providing assistance in crafting global strategies, developing sustainable business models, and fostering mutually beneficial collaborations within the biotech ecosystem.
While the Middle East offers promising prospects, Chinese enterprises venturing into the region must address challenges related to regulatory systems, market structures, and cultural integration. Leveraging its expertise and global network, KPMG China is actively promoting biotech innovation systems in China, the Middle East, and other emerging markets, contributing to advancements in the fields of innovation and healthcare.
This conference serves as a pivotal step in KPMG China's ongoing efforts to facilitate the expansion of biotech innovators into emerging markets worldwide. Going forward, KPMG China will continue exploring opportunities for local biotech companies to venture into other burgeoning regions, including the ASEAN region and South America.
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