WND biomedicine businesses get national recognition

The trader of biomedicine in the Wuxi National Hi-tech District was recently approved and designated as a national foreign trade transformation and upgrading base on a list released by the Ministry of Commerce.

Wuxi is currently home to seven national foreign trade transformation and upgrading bases, including the latest one.

These foreign trade companies are involved in major industries such as new energy, energy conservation, environmental protection, motorcycles and parts, and biomedicine.

By 2021, WND was home to 230 biomedicine producers, including AstraZeneca, Nutricia, General Medical, and WuXi AppTec Biologics. The industrial scale increased by 17.3 percent year-on-year in 2020, reaching 62.5 billion yuan ($9.65 billion) and accounting for 55 percent of Wuxi's total.

In 2021, the foreign trade of biomedical enterprises in WND was valued at $4.77 billion, among which exports were valued at $1.15 billion.

The Wuxi Aviation Port received approval from China's National Medical Products Administration to import drugs on Sept 14, 2020, benefiting pharmaceutical enterprises by reducing the time and costs associated with importing drugs.

The designated foreign trade transformation and upgrading bases – as industrial agglomeration operations that combine production and trade – are expected to further strengthen the region's export-oriented industrial base.

They are also expected to stabilize foreign trade and the high-quality development of trade in the province.