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Asia Media
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2007-11-17 |
| Type: |
SABPA in Media |
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SABPA |
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| Source: |
Asia Media |
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SABPA presents a road map to the new Silk Road
Asia, November 16, 20078
By Gloria Tierney
Special to ASIA
Greg Scott visited for China for the first time as a tourist this year. Although he was a successful investor, having launched over 30 biotechnology and medical device companies, Scott had never considered China fertile ground for this type of investment. After a few days in Shanghai he realized how wrong he had been.
"There is a 1.7-square-mile section of Shanghai with over 1,000 biotech firms,"
he said at the Sino-America Biomedical and Pharmaceutical Professionals Association (SABPA) Conference held at UCSD this past weekend.
Even more surprising: Most firms were established by returning Chinese nationals who had studied in the United States or Europe, worked for a pharmaceutical or biotech company and had come home to start their own companies. None were the types of firms Scott expected - typically, outsource factories manufacturing products for American companies. There were
some of those to be sure, but many more were struggling to discover their own
drugs, develop them and bring them to market. Scott was so impressed that he
founded ChinaBio Accelerator to finance and mentor these young companies and
help them achieve their dreams.
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