In the medical and pharma industry, Shanghai has earned itself the status of a global hub for biomedicine, with a wave of new medical facilities and production bases. Despite the challenges posed by the COVID-19 pandemic, local companies are pushing forward with investment initiatives and collaboration programs. Startups are the backbone of this new landscape. Case in point, Laekna Therapeutics, which is a five-year-old Shanghai-based startup. The company made headlines in June when it filed for an IPO in Hong Kong, a move designed to accelerate the clinical research and commercial launch of two promising new drugs. Laekna Therapeutics has also begun constructing a manufacturing facility in Shanghai, spanning 4,100 square meters. The first phase of this facility will feature two production lines capable of producing over 200 million units of capsules and tablets. Expected to be operational by 2023, the facility is designed to meet regulatory standards across China, Europe, and the United States. The company's growth is supported by prominent investors, including CS Capital, Worldstar, Infinity Capital, and Yanchuang Capital, signaling strong confidence in Shanghai's potential as a biopharmaceutical innovation hub. Shanghai's ambition to become a leading center for biopharmaceutical innovation is further evidenced by the recent initiatives of other industry leaders. For instance, Shanghai Microport Endovascular MedTech (Group) Co has commenced construction of its global headquarters and innovation base in Zhangjiang Science City. This state-of-the-art facility will integrate research, office space, and testing facilities, positioning it as the company’s flagship production base for high-end medical devices. Similarly, Ascentage Pharma, which operates its research headquarters in Suzhou, Jiangsu Province, has expanded its footprint in Shanghai by establishing new clinical and commercial headquarters in Xuhui District. The Hong Kong-listed company is focused on expediting the launch of new cancer treatments following the approval of its chronic myeloid leukemia drug, Olverembatinib, in late 2021.