The Interim Measures for Accelerating Innovative Drug Cultivation and Agglomeration of Cuiheng New District, Zhongshan has recently been released to encourage the development of domestic and overseas innovative drug projects in the district and to promote the development of the biomedical industry.
The Measures cover start-up funding, equity financing incentives, project loans with discounted interests, financial leasing subsidies and other preferential policies, proposing to earmark 50 million yuan from industrial support funds each year starting from 2023 to support 10 to 20 start-up innovative drug R&D teams.
The Measures specify the areas of support, with a focus on projects in categories 1 and 2 of preventive biologics, categories 1 and 2 of therapeutic biologics, category 1 of chemical drugs, and category 1 of traditional Chinese medicine and natural drugs (different dosage forms and specifications are combined).
Funding falls into four categories. Start-up funding is up to 5 million yuan; equity financing incentives are up to 5 million yuan; project loans with discounted interests are up to 1 million yuan per year with a maximum period of 3 years; and financial leasing subsidies are up to 1 million yuan per year with a maximum period of 3 years.