Frontage Supports Beijing Pharma Conference with Philadelphia Mayor’s Office
Chinese pharmaceutical executives looking to grow their business in the U.S. recently got insight into financing options at a Beijing pharma conference supported by Frontage Laboratories, Inc.
These options include the federal Welcome Fund’s $2 million 5-year loans with 3.25% fixed interest for projects creating at least 10 jobs for every $500,000 invested. For companies locating in Philadelphia, PA, there is a tax credit of $5,000 or 2% of the annual salary, whichever is higher, for each new full time job created in the city.
These are just two of the many incentives outlined at The 16th Beijing International Healthcare Industry Forum by Frontage speaker Duane H. Bumb, Senior Deputy Director of Commerce for Philadelphia. He presented at the conference Nov. 29 as part of a larger trade mission to China led by Philadelphia Mayor Michael Nutter.
Mayor to be “aggressive in attracting new investment” from China
“China presents huge investment and export opportunities for Philadelphia and I intend to be very aggressive in promoting our city and attracting new investment, all of which ultimately leads to more job opportunities for Philadelphians,” said Mayor Nutter before the mission. “My message for this trip is that Philadelphia – increasingly recognized as an international leader on sustainability, healthcare, education and the creative economy – is ripe for investment and open for business.”
In addition to the public financing, Philadelphia offers robust venture capital opportunities for growing pharma companies. Out of $492 million in venture capital deals last year, 36% – or $177 million – went to biotechnology companies based in the area, Mr. Bumb said.
The region’s financial climate was discussed during the conference session on international market exploration, which was sponsored by Frontage and also featured Nick Zhang, General Manager of Frontage China, who addressed “How to avoid detours in the internationalization of Chinese Pharmas.”
Learning from India
A four step globalization plan starting with international collaboration and leading to innovation was presented by Mr. Zhang. With drug R&D services ranging from early phase DMPK to bioanalytical, product development and clinical trials, Frontage has helped many pharma companies expand internationally. Mr. Zhang used India as a case study of a nation that made the transition with minimal detours. India pharma globalization is 10 to 15 years ahead of China, said Mr. Zhang, pointing to Dr. Reddy’s and Cipla as examples of the country’s success.
Any nation’s path toward pharma leadership will depend on its ability to develop world class talent and medical institutions. Philadelphia is privileged to have both, said Mr. Bumb of the Mayor’s Office.
In fact, from its headquarters outside Philadelphia Frontage has had firsthand experience with these regional assets, attracting employees from the area’s 36 academic research institutions and customers from the globally prominent pharmaceutical companies that call the region their home.
For more information on options for growing a business in the Philadelphia region, please contact Mr. Bumb in the Department of Commerce, Duane.Bumb@phila.gov, or Nick Zhang of Frontage email@example.com.