Wed Sep 11 09:30:00 UTC 2024: ## Hong Kong’s Regulatory Support Fuels MedTech Growth, Attracts Foreign Investment

**HONG KONG** – Hong Kong’s robust regulatory environment and strategic position as a bridge between mainland China and global markets are attracting medical technology companies to establish operations in the city. This is particularly evident in the case of Time Medical, a Hong Kong-based medical imaging company spun off from Columbia University.

Time Medical’s Chief Operating Officer, Simon Yeung, highlighted the efficiency of Hong Kong’s regulatory approval process, which significantly shortened the time needed to obtain clearance for their baby-specific MRI machine compared to the lengthy process in the United States. The company credits InvestHK, the government agency tasked with attracting foreign investment, for providing crucial support and guidance throughout the process.

InvestHK has assisted nine medical technology companies in establishing or expanding their businesses in Hong Kong this year, demonstrating the city’s commitment to fostering this sector. These firms benefit from Hong Kong’s strategic connection to the Greater Bay Area, a region with a rapidly growing medical technology market. The “Medical Connect Scheme,” introduced in 2020, allows Hong Kong-registered drugs and medical devices to be used in eligible medical institutions within the Greater Bay Area, further streamlining the process.

Time Medical is currently in discussions with two local public hospitals to install their MRI systems, paving the way for their use in mainland China. The company’s manufacturing operations for its neonatal MRI system, a major segment with global pre-orders, have commenced at its facility in Tai Po InnoPark.

InvestHK’s Head of Innovation and Technology, Andy Wong, stated that the nine med-tech companies have collectively invested HK$60 million (US$7.7 million) and created 120 jobs in the city. Hong Kong’s extensive network of universities, hospitals, and research centers, coupled with various collaboration and funding schemes, make it an attractive destination for medical technology investors.

Dilip Parmanand, CEO of Koning HK, a subsidiary of US-based CAT scan manufacturer Koning Health, emphasizes Hong Kong’s reputation as a strictly regulated city, which reassures other markets in the region about the safety and quality of medical devices approved in Hong Kong. Koning HK is leveraging Hong Kong’s platform to introduce their breast imaging device to markets in Thailand and Malaysia.

The combination of regulatory support, strategic location, and a thriving ecosystem of innovation and research is solidifying Hong Kong’s position as a leading hub for medical technology companies seeking to expand their operations in the Asia-Pacific region.

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