Beijing-based biotech company Kemei plans to establish a base in Suzhou New District, Jiangsu province, according to a signing ceremony between Kemei and the Suzhou New District government on Aug 22.
The new base will be capable of developing, producing, and marketing in vitro clinical diagnostic products, and is expected to expand Kemei's annual output of medical diagnostic products to more than 500 million.
According to Li Lin, president of Kemei, after the facility is put into production, it will bring in more than 2 billion yuan ($279.9 million) per year.
Li said that Kemei decided to shift its R&D and production business to Suzhou New District due to the area's favorable business climate and abundant medical device resources.
In the next five years, Kemei will invest 600 million yuan in the establishment of an R&D and production base, which will target countries along the Belt and Road route.
Founded in 2007, Beijing Kemei Biotech Co is a Chinese leading supplier of in vitro diagnostic devices and auxiliary reagent. In 2018, the company obtained private equity investment of roughly 2 billion yuan.
The medical device industry is an important strategic emerging industry in Suzhou New District. The district is now home to more than 200 medical device companies that are seeing annual growth rates of 20 percent in output value and, in addition, there are currently 10 related innovation platforms, including the Southeast University-University of Birmingham Biomedical Engineering Research Center.