A researcher at the laboratory of Hangzhou-based Betta Pharmaceuticals Co Ltd. [Photo/zj.zjol.com.cn]

The biomedicine industry in Hangzhou, East China's Zhejiang province, is expected to be worth 1 trillion yuan ($154.34 billion) in 2030, according to the measures released by the local government to accelerate the high-quality development of the industry.

The city also plans to double the annual output value of its biomedical manufacturing industry in three years.

Currently, the output value of Hangzhou's biomedicine industry accounts for more than half of the province's total. More than 10 of local biomedicine companies have gone public.

New measures have been implemented to improve the innovation and research capabilities of companies. These measures include the introduction of up to 48 million yuan in subsidies for innovative medicines and setting up an industrial fund worth 20 billion yuan for medical devices, biological medicine, and medical service.

Hangzhou is also constructing a biomedicine industrial ecosystem integrating basic innovation, research achievement transformation, preclinical study, production, and logistics.