China draws expats from U.S. to launch biotechs
With China's government planning to pump hundreds of billions into its biotech sector, the country is motivating scientists from the U.S. and within its own borders to start biotechs.
China is now safely in the U.S. biotech industry's rear view mirror, but the Chinese government reportedly has a 5-year plan to pour more than $300 billion into the country's life sciences sector to to create more than a million biotech jobs. And Chinese expatriates like Duan Peng, a research assistant professor at Rutgers University in New Jersey, are seizing the opportunity to open biotechs in their native country, China Daily reports.
"Although we are comfortable in America, we often felt that something was missing," Ye Xin, who is working with Duan on the start-up, told China Daily. "The missing piece is a sense of achievement. Though we were well paid at the American companies, we wanted to be more than just employees. We are in our mid-30s and wanted to return home and make things happen."
Generous tax policies and government investments in start-ups are propelling new biotech activity in China. With these benefits in mind, Duan and his partners have started a diagnostics company in the city of Nantong in China's Jiangsu province. And more expats like Duan are expected to do the same.
- see the report in China Daily