Biomedicine, one of the three major emerging industries in Haimen district, Nantong, has been among the fastest growing industries in the district, local media outlets reported.

Biomedicine companies above designated size, which are those with an annual revenue of 20 million yuan ($3.08 million) and more, generated a combined taxable sales revenue of 2.49 billion yuan from January to May, up 66.2 percent year-on-year.

These leading companies are mostly located in the Linjiang New Area, the Haimen Economic Development Zone, the Sanchang Industrial Park and Yuelai town.

Over the past years, the Linjiang New Area has taken advantage of its proximity to Shanghai to transform itself from a fine chemicals industrial area into a biomedicine hub.

The area is currently home to more than 200 biomedicine companies and has a complete industrial chain involving medicine research and development, pharmaceutical preparation, medical apparatus and R&D outsourcing.

The area has also built a number of research platforms, including a model animal research center, a drug safety evaluation center, and a pharmaceutical research institute for the Yangtze River Delta region.

In 2020, the biomedicine industry in Linjiang New Area generated 1.43 billion yuan in taxable sales revenue, up 46.5 percent year-on-year. The rapid growth has play a leading role in the development of Haimen's biomedicine sector.

"Biomedicine is a primary industry that Haimen plans to develop during the 14th Five-Year Plan period (2021-25)," said Yu Jun, director of the district's development and reform commission.

This year, Haimen has set up a new mechanism to boost its life science and health industry through biomedicine. The industry's market value is expected to exceed 100 billion yuan by 2025, with the combined taxable sales revenue surpassing 10 billion yuan.