Yantai's biomedical industry saw rapid development in 2019, and its sales revenue is expected to exceed 90 billion yuan ($12.85 billion), a year on year growth of eight percent.

Liu Wenbin, deputy of the Yantai market supervision bureau, described the innovative development of the city's biomedical sector in 2019 at a news conference on Jan 8.

The Yantai government has awarded 11.54 million yuan to 11 enterprises for their achievements in innovation and development in the pharmaceutical and healthcare industries.

The revenue of the pharmaceutical industry is estimated to hit 29 billion yuan, while the revenue of the medical circulation should reach 61 billion yuan.

The city held the 2019 International Conference on Pharmaceutical Innovation and Development, attracting more than 2,000 experts and influential figures in the field. The conference saw the signing of 20 projects and more than 10 cooperation intentions and attracted investment of more than 15 billion yuan.

A total of 14 biomedical projects have been completed and construction has begun on another 11. After the planned 36 biomedical projects are put into operation, sales revenue is expected to increase by 22.6 billion yuan.

As for innovation, a total of 26 new drugs developed in 2019 began clinical trials. Twelve products from five enterprises are being exported to America and European countries.

Liu stressed that the local government will ramp up efforts to support the construction of major biomedical projects. A total of 29 key projects will be constructed in 2020.