Speech by FS at 30th Hong Kong Medical Forum
Following is the speech by the Financial Secretary, Mr Paul Chan, at the 30th Hong Kong Medical Forum today (May 16):
Professor Zhang Xiang (President and Vice-Chancellor of the University of Hong Kong (HKU)) , Professor CS Lau (Vice-President & Pro-Vice-Chancellor (Health)(Interim) and Dean of Medicine of the HKU, Professor Lau Chak-sing), Professor Tse Hung-fat (Chairperson of the Department of Medicine of the School of Clinical Medicine of HKU Li Ka Shing Faculty of Medicine), Professor Desmond Yap (Deputy Chairperson of the Department of Medicine, HKU and Chairman of the Organising Committee of the 30th Hong Kong Medical Forum), Professor Rosie Young (Emeritus Professor and Honorary Clinical Professor for HKU Li Ka Shing Faculty of Medicine), distinguished guests, ladies and gentlemen,
Good afternoon. It is my honour to join you at the opening of the 30th Hong Kong Medical Forum. It is heartening to see so many academics, clinicians and industry partners gathered here today, exchanging knowledge across such a remarkable breadth of medical disciplines.
To those who have travelled from around the world — a very warm welcome to Hong Kong.
30 years ago, the inaugural Forum welcomed fewer than 300 participants. Today, this hall brings together over 2 500 leading medical experts from across the globe. From precision diagnostics to innovative therapeutics, from chronic disease management to pandemic preparedness — the programme before us is itself the finest testament of your sustained pursuit of medical excellence.
30 years of excellence
This year's theme captures something important. 30 years of accumulated insight, clinical rigour, and cross-border collaboration is a formidable legacy. But the next decade will demand more than continuity.
Technological innovation is disrupting and redefining everything at unprecedented speed. You know better than I do how AI is profoundly changing medical discovery. The question for us is not just how this transformation will applied, but who will shape it — and where.
Hong Kong can play a pivotal role. Four distinctive factors stand out.
Hong Kong's advantages
First, intellectual property (IP) protection. For life-sciences investors, IP security is a precondition. Under the "one country, two systems" framework, Hong Kong's common law framework, a judiciary exercising powers independently, and alignment with the best international professional and regulatory standard provide that assurance. They give multinational biotech and health research institutions and companies the confidence to site their operations here.
Second, institutions and talent. Our two medical schools are among global top 25, and soon, a third medical school will join this ecosystem. It will expand clinical research and talent training capacity at precisely the moment when global demand for medical expertise is at an all-time high. Meanwhile, our talent admission schemes continue to welcome talent from all over the world. Hong Kong with its excellent law and order, connectivity, quality education, diverse cultural offering and natural scenery— remains one of the most compelling cities to build a career.
Third, capital. The Hong Kong Stock Exchange is a premier global venue for biotech listings. Currently, over 80 biotech firms have listed here, with a total market capitalisation of HK$120 billion. Beyond public markets, Hong Kong hosts the second-largest private equity pool in Asia only after the Mainland, plus a very vibrant venture capital and patient capital ecosystem. The full spectrum of funding for basic research, outcomes translation, clinical trials to commercial scale-up is available right here.
Fourth, the Greater Bay Area — an innovation corridor encompassing top research universities, vibrant startups, world-leading technology firms and advanced manufacturing. For a medical innovator, nowhere else puts lab bench, patient bedside and factory floor within one-hour drive. And it is not just physical distance, but the highest collaborative efficiency.
It is no surprise that five of the world's top 10 pharmaceutical companies have chosen Hong Kong as the base for their regional R&D operations.
Policy in motion
And we are working to set things in greater motion. Because our ambition is for Hong Kong to be the beating heart of this global medical innovation ecosystem.
First, the Hong Kong Centre for Medical Products Regulation will be established this year, enabling Hong Kong to conduct primary evaluation of new drugs and medical devices. This will materially accelerate the path to market for innovative therapies.
Second, in the Hetao Co-operation Zone (Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone), we are enabling cross-boundary flow of biological samples and clinical data — building the architecture for data-intensive, cross-boundary medical research. Clinical trial institutions from both the Mainland and overseas are already operating there. We are working to secure the establishment of branch of Mainland regulatory authority in the Zone, to facilitate quicker access to the Chinese Mainland market.
Third, the new Committee on AI+ and Industry Development Strategy announced in the Budget this year will bring together experts from academia, business and our science and technology parks to chart a roadmap for integration of AI across industries, with biotech and embodied intelligence as initial priorities.
The above three initiatives point to a single goal: to make Hong Kong one of the world's premier launch pad for new therapies.
Two thoughts
Ladies and gentlemen, amid all this momentum, the temptation is to focus entirely on what is possible. But the more important question is what is purposeful. Allow me to share two convictions that stay with me — and I hope they will resonate with you too.
Preparedness
A few years ago, the COVID-19 pandemic swept across the world, and communities everywhere endured several extremely difficult years. That experience underscored the imperative of preparedness. I note that this Forum includes sessions on vaccine platforms and preventive strategies. I am confident these discussions will deepen our thinking and contribute to international efforts in this field.
Inclusion
Today, more than four billion people worldwide still lack access to essential healthcare. This is not just a market gap for investment; it is a test of our civilisation, and a collective responsibility of our time, and I appeal to you to lead boldly.
Concluding remarks
Ladies and gentlemen, thirty years ago, the founders of this Forum believed that knowledge shared across borders could transform the practice of medicine. Today, that conviction matters more than ever. Artificial intelligence can detect patterns across vast patient datasets in moments; gene therapies may rewrite the code of life. Yet the value of every breakthrough begs a single question: does it improve the individual in our care?
The true frontier of medicine is not the laboratory bench. It is the moment when a patient realises that the innovation we speak of is real, tangible, and within their reach. Looking ahead, Hong Kong must be the place where the velocity of discovery is matched by the breadth of its reach – where advances celebrated in this hall translate into better outcomes in clinics and homes across the world.
May we continue to build bridges with knowledge and lay foundations with compassion, so that every ordinary person can feel, with certainty and comfort, that medical progress is brought into being for their sake. That is the well-being we pursue. That trust is yours to sustain.
I wish you a most stimulating and productive two days. Thank you very much.
Speech by FS at 30th Hong Kong Medical Forum Source: HKSAR Government Press Releases
Speech by FS at 30th Hong Kong Medical Forum Source: HKSAR Government Press Releases
Source: AI-found images
