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Hainan medical tourism zone to set up intellectual property exchange

Once the new platform is established, transactions involving medical technology rights will be conducted primarily online
Boao Lecheng International Medical Tourism Pilot Zone Yuan Chen/Hainan Daily
Boao Lecheng International Medical Tourism Pilot Zone
© Yuan Chen/Hainan Daily

HAIKOU /China/, Nov. 18. /TASS/. Lecheng International Medical Tourism Zone in the east of Hainan Island plans to create an intellectual property exchange for cross-border transactions of medical equipment licenses, the Hainan Daily reports.

According to the newspaper, in connection with the task set earlier this week, Lecheng management signed a strategic cooperation agreement with the Hainan International Intellectual Property Exchange Center in the context of a task set earlier this week. Once the new platform is established, transactions with licenses granting the right to use medical technology will be conducted mainly online.

"Through this close cooperation, equipment manufacturing enterprises will be able to transfer the rights to inventions," said Liu Xiaolei, deputy head of the Lecheng Advanced Development Zone management. "The result will be a cluster for exchanging medical technology, interacting with both Chinese and foreign markets."

She stressed that Lecheng should become a "first-class innovation platform of international level" in the relevant field.

As Sheng Yang, chairman of the board of the Hainan Intellectual Property International Exchange Center, clarified, his organization will actively promote transaction security and optimization of foreign exchange settlements. "We can also provide companies with financial services, including investments needed for development," he added.

In February 2013, the Chinese State Council approved an initiative to establish an advanced health cluster in eastern Hainan. Lecheng is a short car ride from the annual Boao Forum for Asia and is considered the island's "medical landmark". In 2019, this special zone received about 75,000 tourists, and the total income from the main activities of hospitals, sanatoriums and other institutions located on its territory exceeded 640 million yuan (approximately $ 96 million at the current exchange rate), having increased by 75% year on year.