New initiative helps cement Hong Kong's standing as regional hub for technology and innovation

The Hong Kong Science and Technology Parks Corporation (HKSTP) today inaugurated the Science Park Applied Research Commercialisation Forum (SPARC).

The new initiative brings together innovators, industry leaders and investors to facilitate commercialisation of research — and help cement Hong Kong's standing as a regional hub for technological innovation.

The SPARC Forum will become a bi-annual event with a specific aspect of technology for each forum. The first forum, co-hosted with the Hong Kong Jockey Club Institute of Chinese Medicine (HKJCICM) at Hong Kong Science Park, focused on Chinese medicine and herbal products.

Officiating at the Opening Ceremony of the SPARC Forum, the Guest of Honour Gordon Leung, Acting Commissioner for Innovation and Technology, said, “Modernization of Chinese medicine has always been one of the technology areas supported by the Innovation and Technology Fund.”

“Up to end of September 2008, the Innovation and Technology Fund has funded 28 projects on Chinese medicine through various schemes with a total funding of HK$72.7 million.”

At the first SPARC Forum, 16 participants showcased their latest developments and research projects, as business leaders shared their experiences, and potential investors and innovators exchanged their perspectives.

“The purpose of the forum is to assist innovators to explore business development, licensing, commercialisation and investment opportunities with industry leaders and investors from Hong Kong and elsewhere," said HKSTP Chief Executive Officer, Anthony Tan.

The first forum will focus on Biotechnology which will be a key development area in the 21st century. “To promote the industry of Biotechnology, HKSTP must work closely with the universities to help them commercialise their inventions and discoveries in addition to recruiting already established Biotechnology companies to the Park,” Mr. Tan continued.

“Our help is in the form of hardware which includes the two dedicated state-of-the-art Biotechnology buildings that we just completed,” Mr. Tan remarked, “We also provide software support, like Incubation Programmes to nurture start-ups, conferences and technical services to allow networking among the companies so they can accelerate their research and gain deeper understanding of the markets.”

Speaking on the occasion, Dr Edmund Lee, Executive Director of Hong Kong Jockey Club Institute of Chinese Medicine (HKJCICM), remarked, “As the traditional industry modernizes and matures, more and more companies will acknowledge the importance of R&D as part of their growth strategy and a source of innovation. There is a learning curve for all of us.”

“To bring Chinese medicine to the world, we also need to strengthen Mainland China-Hong Kong collaboration and international partnership. As the Chinese medicine R&D centre and local focal point, HKJCICM will continue to fund strategic and applied research to advance standardisation of Chinese Medicine, herbal product innovations and dissemination of sector-relevant information” Dr. Lee continued.

In the Forum, key industry players such as Shiseido and Nanfang Lee Kum Kee. Co., Ltd. discussed a wide range of issues, including how to develop Chinese medicinal plants for the world market, modernize the traditional Chinese medicine, develop associated health foods in the Mainland China market and application of Chinese herbs on skincare products.

In light of the challenges as a result of the financial tsunami, Hong Kong Venture Capital & Private Equity Association talked to businesses on how to manage business and fund raising during economic uncertainty. Mastermind Strategy Advisors and L.E.K. Consulting from Shanghai spoke on how to translate opportunities to life science and Chinese medicine commerce, and the financing of life sciences companies respectively.

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About Hong Kong Science and Technology Parks Corporation
Hong Kong Science and Technology Parks Corporation ("HKSTP") is a statutory body set up by the Government of the Hong Kong SAR. HKSTP provides innovative and technology driven infrastructure and support facilities which includes market-focused clustered laboratory services enabling Hong Kong industries and services to be more competitive; a full-service incubation programme for technology and design start-ups; and fosters partnerships and collaboration between industry and universities/applied research institutes through consulting, training and research programmes.

More information about HKSTP is available at www.hkstp.org.

About Hong Kong Jockey Club Institute of Chinese Medicine Limited
As the strategic local focal point and the Chinese medicine R&D centre, HKJCICM pursues a public mission to advance value-added development through quality, science, evidence and application. With the pledged donation of HK$500 million from The Hong Kong Jockey Club Charities Trust and policy support of the HKSAR Government, HKJCICM focuses on (1) CM standardization, application and value-added product development; (2) planning, co-ordination and management of CM R&D projects, and commercialisation of R&D deliverables, and (iii) dissemination of sector-relevant information covering policies, regulatory news, R&D updates and market developments.

More information about HKSTP is available at www.hkjcicm.org.

Media contacts:
Ada Tam / Julia Cheung
Hong Kong Science and Technology Parks Corporation
Tel: (852) 2629 6891
Email: julia.cheung@hkstp.org

Victoria Ho / Joyce Mok
Upstream Asia
Tel: (852) 2973 0222
Fax: (852) 2973 6900
Email: hkstp@upstreamasia.com