Francisco Sánchez, the U.S. Commerce Department’s undersecretary for international trade, will lead a trade delegation to Beijing and Hong Kong, Oct. 13-18, to promote U.S. goods, services, and technologies in the biotechnology sector.
Representatives from 19 U.S. biotechnology and architecture/design firms that specialize in biotech facilities and laboratories will join Sánchez on the mission.
“China is considered the most important future market in terms of sales, clinical trial opportunities, and potential investment for U.S. biotech and life science firms,” Sánchez said in a statement. “Its enormous consumer base and impressive economic growth reinforce its importance for U.S. companies.”
China’s biotech industry is growing at 20-25 percent annually, outpacing China’s overall growth, the Commerce Department noted. Biotech was identified as one of “seven strategic industries” in China’s 12th Five-Year plan. The seven industries are expected to represent more than 15 percent of China’s gross domestic product by 2020.
U.S. biotech trade mission to China
