ChinaBio LLC, a U.S. company based in San Diego and Shanghai, announced that it has formed a China domestic company to help U.S. life science companies establish operations and enter the China market quickly and safely.
The idea is to apply the concept used successfully in the web industry by Baidu, Google’s primary competitor in China, to the life science industry, which has increased significantly over the last three years, with most major pharma and many device and diagnostic companies having established R&D facilities there.
Commenting on the initiative, Greg Scott, founder and CEO of ChinaBio LLC, and President for the new ChinaBio Accelerator (Shanghai) Company Ltd., said: “The advantages of operating as a China domestic company are tremendous.
“We can help U.S. companies directly access government and private funding, technologies and markets that would normally not be available to them.
“They have a trusted partner that operates under U.S. law, ChinaBio LLC, but they also have access to China’s abundant resources directly through our China domestic company, ChinaBio Accelerator”.
Funding has also become available to China domestic companies through central, provincial and municipal government sources.
The ChinaBio Accelerator will initially operate out of ChinaBio’s newly expanded Shanghai offices in Zhangjiang Hi-Tech Park, but expects to have facilities open in other life science parks later this year.