The International Biopharma Industry Week Shanghai 2023, slated for Oct. 16 to 20, aims to further promote the industry's high-quality development, said local authorities.

The city has developed the biomedicine sector as its key industry for three decades and counting with the overall biomedicine industrial output growing from less than 5 billion yuan (about 696 million U.S. dollars) to nearly 200 billion yuan today. In addition, the emerging industry has seen its total scale reach nearly 900 billion yuan, the municipal government announced during a press conference on Saturday.

Since 2019, Shanghai has launched new medicine and world-class equipment. About 80 percent of the world's top 20 pharmaceutical equipment enterprises have chosen the city as their regional headquarters or as a hub for research and development endeavours, said Wu Jincheng, director of the Shanghai Municipal Commission of Economy and Informatization, who spoke at the press conference.

The city's international biomedicine industry week has been held twice since 2021.

This year's edition will also launch relevant activities overseas to showcase scientific and technological achievements and academic research, and support the "going global" of Chinese biomedicine enterprises.