The so-called Health Advances Asia Limited subsidiary, which forms part of Parexel's consulting unit, is set up to “support development of global expansion strategies for Asia/Pacific and multinational companies from new Hong Kong presence,” according to the firm.
It will be led by biopharma and medtech veteran Gary Cheng, who will be in charge of the local team. Cheng, who counts Novartis, BD, Chiron, Alere and Aventis among his former employers, will also work with Vivek Mittal, a long-time partner at Health Advances in its San Francisco office who will now be based in Hong Kong.
“For both local companies in Asia/Pacific and global companies looking to expand into the region, taking advantage of the rapid economic growth in the local healthcare market requires thoughtful and strategic business decisions,” said Paula Ness Speers, Health Advances’ co-founder and managing director.
“Building on our long history of helping companies explore and evaluate opportunities in the Asia/Pacific region and assisting locally-based companies looking to expand beyond their borders, we’re excited to have part of our consulting team now based full-time on the ground in the region to readily support customers in this growing market.”
She continued: “Under Vivek and Gary’s leadership, our local team is well-equipped to help clients across the healthcare sector, including biopharmaceutical, medtech, diagnostics, health IT and digital health, and healthcare services as well as investors in healthcare businesses understand and capitalize on both local and global opportunities.”