The first China (Shaoxing) Life and Health Industry Summit was held in Shaoxing, East China's Zhejiang province, on Nov 29. [Photo/shaoxing.com.cn]

An alliance of biomedicine companies, research institutions, and social organizations has been established to lead the life and health industry in Shaoxing's Binhai New Area on Nov 29.

Agreements for eight key projects worth over 11 billion yuan ($1.67 billion) were signed in an effort to incubate companies engaged in biomedicine, rehabilitation, cancer treatment, and services for medicine producers.

Local authorities said at the summit that medicine is an important industry in Shaoxing, which has formed a production pattern dominated by drug manufacturing and supplemented by medical dressings and consumables. The city is also exploring medical cosmetology.

Bulk pharmaceutical chemicals and intermediates account for about 70 percent of the industry, while pharmaceutical preparations account for about 20 percent.

As of 2019, Shaoxing was home to 80 pharmaceutical manufacturing enterprises above designated scale, with annual sales revenue surpassing 20 million yuan ($2.85 million).

The industry generated 28.03 billion yuan in output, accounting for about 20 percent of the province's pharmaceutical industry and ranking third in the province after Hangzhou and Taizhou.