Interpretation of industrial fund clauses in China's special policies for biomedical industry

By Qiu Xiaoliang This paper studies and analyzes the special policies of biomedical industry in more than 20 cities in recent years, and extracts the terms related to the fund, so as to analyze and understand the local policies in supporting enterprises, and help enterprises solve the current social capital financing problem through financial support Through screening and analyzing the special policies of biomedical industry in recent years (involving fund terms), we found three characteristics of the policies, including: 1 The provincial and municipal special policies do not specify the scale of funds initiated and established by government agencies, and the overall policy is relatively macro; 2 The support of government industrial fund is mainly divided into two dimensions: the risk subsidy to investment institutions and the financing reward to enterprises; 3 Most cities are still trying to explore how to use the fund as a tool for investment promotion and enterprise support For each type of fund policy, we sort out some typical contents, entrepreneurs and investors can have a targeted understanding of the relevant parts Especially for the enterprises with the demand of investment location, when the enterprises land in a city, the fund support policies of the local government need to be supported within the framework, so the support strength can also be broken down from the policies （1） Qidong City's supporting policies for promoting the development of life science industry Qi Zheng Fa [2016] No 84 The municipal government has set up a life science industry development fund with a scale of 1 billion yuan, which is specially used to support the research and development, introduction, investment and expansion of reproduction of life science projects （2） Provisions of Guangzhou on accelerating the development of biomedical industry (Trial) (SFBG [2018] No.5) The first phase of Guangzhou biomedical industry investment fund with a scale of 10 billion yuan will be set up to support the construction of new drugs, innovative medical devices and biomedical industry park The invested projects will be included in the green channel of relevant departments of the city and district in terms of review and approval, drug supervision and management, and will be given priority Guangzhou biomedical industry alliance was established to gather industrial resources such as "government, industry, University, research, application and integration" to build a unique biomedical industry ecosystem Set up a high-level think tank of consulting experts to provide decision-making consultation for industrial development For three consecutive years since the establishment of the alliance, a special fund of 500000 yuan is allocated annually to support the development of technological innovation cooperation, exchange activities, organization of training, high-end forums, exhibitions and other large-scale activities （3） Tianjin three year action plan for the development of biomedical industry (2018-2020) (jzbf [2018] No 41) Strengthen financial support We will make full use of special funds related to intelligent manufacturing, development of science and technology-based enterprises, and development of small and medium-sized enterprises to support projects such as application demonstration of biomedical industry, innovation and entrepreneurship, and construction of public service platforms With the support of Haihe industrial fund, play the role of 30 billion yuan biomedical industrial fund, and drive social capital to carry out equity investment in pharmaceutical enterprises with better competitiveness and growth potential We will support biomedical enterprises to expand financing channels, and develop technology and financial services such as intellectual property pledge financing and technology guarantee In fact, most of the policies on industrial funds do not clearly explain the scale of industrial funds, how to support and what kinds of enterprises to support For details, please refer to the fourth part of the general fund policy （1） Some measures on accelerating the high quality development of Suzhou biomedical industry (SFB [2019] No.69) Financial support relies on Suzhou fund to participate in the market-oriented way or set up a large health industry fund covering project implementation, equity investment, new drug introduction and overseas medical services, to build a biomedical and health industry fund group with Suzhou characteristics, and to invest and promote relevant innovation projects to settle in Suzhou Increase the support for start-up biomedical enterprises, focus on supporting the construction of new drugs, innovative medical devices projects and biomedical industrial park The invested projects are included in the green channel of relevant departments of the city and district in terms of review and approval, drug supervision and management, and priority is given to handling Actively encourage financial institutions in the Soviet Union to use innovative financial instruments to promote the development of the city's biomedical industry, and build the Suzhou biomedical enterprise development index Encourage all kinds of financial institutions in the Soviet Union to increase investment in biomedical enterprises or institutions in the city, support high-quality biomedical enterprises to make full use of domestic and foreign multi-level capital market listing and financing, and expand direct financing channels For biomedical enterprises that have achieved IPO in the capital market, each company shall be given a reward of no more than 1 million yuan according to the regulations （2） Promotion policies for the development of biomedical industry in the free trade zone of Jiangbei new area, Nanjing 1 Strengthen government guidance fund support For the high-end innovative enterprises, such as the first class of chemical drugs, the first class to the third class of biological products (for treatment and prevention), high-end preparations (new injection drug delivery systems such as liposomes, lipid microspheres, nano preparations, oral quick release, slow controlled release, multi-particle systems, oral controlled release systems, transdermal and mucosal drug delivery systems), Chinese medicine first class and third class medical devices or innovative medical devices, If a professional investment institution (or listed company) that has obtained market-oriented operation in the first three rounds of financing or a founding team's investment in fixed assets reaches 50 million yuan within five years after settling in the new area, the guiding fund with the background of the new area government may, after evaluation, make policy investment in accordance with the quota of no more than 50% of the total amount of market-oriented equity investment or the founding team's investment in fixed assets, and at the agreed time and price Case exit The maximum amount of policy investment enjoyed by a single enterprise shall not exceed 100 million yuan 2 Encourage enterprises to market and introduce social capital For the high-end innovative enterprises, such as the first class of chemical drugs, the first class to the third class of biological products (for treatment and prevention), high-end preparations (new injection drug delivery systems such as liposomes, lipid microspheres, nano preparations, oral quick release, slow controlled release, multi-particle systems, oral controlled release systems, transdermal and mucosal drug delivery systems), Chinese medicine first class and third class medical devices or innovative medical devices, If the equity investment of professional investment institutions (or listed companies) that have obtained market-oriented operation for a single time reaches 10 million yuan (or equivalent foreign investment), the enterprise will be rewarded according to 1% of the actual investment The total amount of reward given to a single enterprise shall not exceed 5 million yuan When an enterprise introduces investment or implements the listing plan to carry out the share-holding system transformation, and pays individual income tax or enterprise income tax of 5 million yuan to the founder shareholder's individual and employee's shareholding platform due to equity transfer or share reform dividend, 50% of the financial contribution to the district level will be awarded to the enterprise 3 Encourage enterprises to go public When an enterprise is listed on A-share market in China, if the individual or employee holding platform of the founding shareholder transfers its shares within 3 years after the period of lifting the ban and pays personal income tax or enterprise income tax of 5 million yuan, 50% of the financial contribution to the district level shall be awarded to the enterprise （3） Some policy opinions on accelerating the development of biomedical industry in Yuhang District (Draft for comments) Strengthen financial support (1) The qualified enterprises are recommended to be listed in the technology risk pool or loan assistance fund of small and medium-sized enterprises, enjoying the bank benchmark interest rate loan for the same period, with a maximum amount of 10 million yuan; (2) the enterprises passing the review can apply for the angel dream fund support, with a maximum amount of 1.5 million yuan; (3) the qualified enterprises can apply for the grant equity investment guidance fund support, with a maximum amount of 1.5 million yuan Up to 20 million yuan （4） Some policies and measures for accelerating the development of biomedical industry in Ningbo (yzbf [2018] No 113) 1 Strengthen financial support Bio pharmaceutical enterprises are encouraged to adopt equity, leasing, trust, fund and other means of financing Encourage and promote the listing of qualified biomedical enterprises, and support the newly listed enterprises according to relevant policies We will promote financial institutions to provide a variety of financial products and services, and increase support for loans to eligible biomedical enterprises The municipal angel investment guide fund, venture capital guide fund, industry and information industry fund are encouraged to give priority to the investment in biomedical industry For the start-up enterprises that have obtained private fund investment and obtained municipal venture capital guidance fund or angel investment guidance fund investment, a subsidy of up to 2 million yuan will be given to the enterprises 2 Guarantee institutions provide loan guarantee for biomedical industry and support intellectual property pledge loans of biomedical Enterprises In the specific part of supporting enterprises, we can see from the policy terms given that the policies of Jiangbei new area in Nanjing and Yuhang District in Hangzhou are relatively clear and detailed, and enterprises can better cash in accordance with the terms （1） Measures for promoting the innovation and development of pharmaceutical and medical device industry in Zhongguancun National Independent Innovation Demonstration Zone (zkyf [2019] No 27) （15） We will give full play to the guiding role of the Beijing Science and technology innovation fund, support the establishment of a sub fund for investment in pharmaceutical and medical devices, and invest in early and medium-term projects of pharmaceutical and medical devices For qualified angel investment institutions, risk subsidies shall be given according to 15% of their actual investment amount, with a single subsidy of no more than 500000 yuan and a single investment institution's annual subsidy of no more than 1.5 million yuan; for qualified venture capital institutions, risk subsidies shall be given according to 10% of their actual investment amount, with a single subsidy of no more than 1 million yuan and a single investment institution's annual subsidy of no more than 1 million yuan More than 2 million yuan （2） Some policies for speeding up the development of biomedical industry in Chongqing (yfbf [2019] No 56) Promote equity investment Establish a special investment fund for biomedical industry guided by the government, form an equity investment fund with a total scale of more than 10 billion yuan through the guidance of government funds, financial capital and participation of pharmaceutical enterprises, increase investment in biomedical industry, and continuously expand direct financing channels for enterprises We will conscientiously implement the preferential national tax policies for venture capital enterprises and angel investors to invest in technology-based enterprises in seed stage and start-up stage, and deduct 70% of the investment amount from the taxable income of venture capital enterprises and angel investors For all kinds of market-oriented private equity and venture capital funds established in accordance with the law, a one-off reward of no more than 3 million yuan will be given to the fund management company, the team and the team of the invested project holders according to 1% of the total amount of the annual paid in investment to the local biomedical enterprises Compared with the policies of Chongqing Municipality, the investment institutions and enterprises are taken care of at the same time, and the industrial funds established are relatively large, with a clear scale of 10 billion, which is conducive to the realization of investment institutions and enterprises according to the policy terms （1） Beijing action plan for accelerating collaborative innovation in medicine and health (2018-2020) (jzbf [2018] No 37) Guide medical institutions to speed up the transformation of achievements We should strengthen the cooperation between medical institutions and enterprises, and explore the establishment of a medical and Health Collaborative Innovation Institute that can promote the transformation of scientific and technological achievements To explore the establishment of medical health innovation and Transformation Fund by medical institutions, joint enterprises, social capital, industrial technology alliance, etc., to support the innovation and achievement transformation of medical science and technology Do a good job in fund guarantee Focus on the original innovation in innovative drugs, high-end medical devices, medical health and artificial intelligence, big data technology integration and other fields, and increase the financial investment at the urban level Relying on Beijing Science and technology innovation fund to set up sub fund in the field of medicine and health to attract social funds