China Summit paves the way for Australian companies

Recognising the leading role China will take globally in the future of life sciences, AusBiotech recently presented the second Australia China Life Science Summit in Sydney and now continues to pave the way for Australian companies interested in opportunities in and with China.

AusBiotech is committed to continuing the staging of the Australia China Life Science Summit and is considering opportunities to hold the event both in Australia and/or China in 2015. The organisation would appreciate feedback, particularly if you would consider attending the event if it were to be held in mainland China. Expressions of interest are invited and the details are below.

The 2014 summit focused on the issues and challenges of doing business in China and how to navigate the ever-changing, rapidly developing and complex China market to build mutually fruitful partnerships. Over two days, delegates gained expert insights, heard case studies and shared knowledge and experiences with other companies that are planning to or have already created linkages with China.

There were a number of key outcomes from the event, which include:

• It is important to develop a comprehensive business plan and relationship map prior to beginning your China business strategy.
• DLA Piper identified a business structure called a “cooperative joint venture” which could be considered by Australian companies as a possible company structure in China.
• Of particular interest to Australian companies is the first pilot “free trade zone” recently established in Shanghai. Observers believe the zone is irreversibly linked to plans for national economic liberalisation.
• Three key messages from China’s 12th Five Year Plan are: “going out, going west, going green”. Biotech is one of the key industries identified. The summit included updates on advancements in science and technology development policy in China, which is injecting US$40 billion into life sciences development each year.
• It is imperative to understand the cultural differences associated with doing business in China. Improve your cultural understanding to build lasting relationships.
• Opportunities in China for AusBiotech members are extensive and include industry collaboration, academic and research collaboration, clinical trials, manufacturing and sales.

Speaker presentations (from the majority of summit speakers) can be accessed by emailing Hayley Laing at hlaing@ausbiotech.org. Special thanks are extended to AusBiotech’s Major Partner DLA Piper and to sponsors and esteemed speakers, who shared their experience of working in China and whose support made this event possible.

AusBiotech, as part of a broader strategy to assist Australian companies seeking to engage in and with China, will in addition to the China Summit plans mentioned above conduct an investor meeting in Hong Kong (3-5 June 2014) and will lead a delegation of Australian medtech companies to China in early 2016. Expressions of interest are invited to Hayley Laing at hlaing@ausbiotech.org for:

• Asia Biotech Invest 2014 (Sheraton Hong Kong)
• China Summit 2015 Australia (city TBC)
• China Summit 2015 mainland China (city TBC)
• Medical devices and diagnostics to China delegation 2016