Foreign pharma, medtech firms among major beneficiaries

The China International Import Expo will continue to cement its status as the global launchpad for new products, technologies and services, attracting a growing number of companies eager to capitalize on the immense potential of the Chinese market and grow a global network of collaborative partners.

This year's expo, the seventh edition to be held in Shanghai from Nov 5 to 10, will feature the debut of more than 400 representative new products, technologies and services across a wide range of cutting-edge sectors, including high-end equipment, advanced materials, marine engineering, biotechnology and innovative agricultural technologies.

The speed at which exhibited products have been converted into top-selling items has exceeded the expectations of many participants, while the event's ability to connect global companies with prospective partners has grown tremendously, said Bai Ming, a researcher with the Chinese Academy of International Trade and Economic Cooperation.

Intuitive Fosun, a robotics-assisted medical device manufacturer founded by US company Intuitive Surgical and Shanghai-based Fosun Pharma, will showcase a new transcranial magnetic resonance guided ultrasound device during the event.

This innovative technology is poised to provide noninvasive surgical treatment options for Parkinson's disease, which is difficult to manage with medication alone, said Wu Yifang, chairman of Fosun Pharma.

Exhibiting at the CIIE allows businesses to leverage favorable policies and incentives to aid in the introduction and commercialization of their new products and technologies, Wu said.

The company's ion robotic bronchoscopy, a robotics-assisted minimally invasive biopsy system first showcased at the CIIE in 2019, has now received regulatory approval and entered commercial deployment after a rigorous review process.

The CIIE has not only helped streamline the overall process of bringing innovative products to market, but has also created numerous opportunities for companies to drive their continued expansion in China, Wu added.

China's substantial imports of a wide range of products, from premium consumer goods to advanced equipment, have also served to satisfy the needs of both industrial and consumption upgrades, said Xu Hongcai, deputy director of the China Association of Policy Science's Economic Policy Committee.

China's imports climbed 4.1 percent year-on-year to 13.71 trillion yuan ($1.92 trillion) in the first three quarters, said the General Administration of Customs.

The debut of groundbreaking new products and technologies during the CIIE has also enabled participants to forge valuable collaborative partnerships.

The CIIE is a great platform that fosters global collaboration and opens new opportunities in the Chinese market. Six consecutive years of participation reflects German pharmaceutical company Boehringer Ingelheim's confidence in driving accelerated innovation in China, said Mohammed Tawil, president and CEO of Boehringer Ingelheim Greater China.

"We aim to leverage the CIIE to advance various partnerships on open innovation. While advancing our own growth, we are focused on contributing to China's high-quality development and deepening cooperation on innovation between China and the rest of the world," Tawil said.