To strengthen the early-stage cultivation of technology enterprises and accelerate the formation of new quality productive forces, Hangzhou launched the New Fledgling enterprise selection program last year.
Recently, the list of enterprises recognized as Hangzhou's New Fledgling Enterprises for 2024 was announced. Leveraging its outstanding R&D capabilities and significant growth potential, Westlake Pharma was named one of the inaugural New Fledgling enterprises.
In September 2024, the Hangzhou Municipal Science and Technology Bureau released the "Management Measures for the Cultivation of 'New Fledgling' Enterprises," which outlined the specific criteria and application procedures for the designation.
A New Fledgling enterprise must meet three key characteristics:
Focusing on the Forefront of Future Industries: The company's products or services must align with key future-oriented industries prioritized by Zhejiang Province, such as general artificial intelligence, the low-altitude economy, and future healthcare—all emerging fields with immense potential.
Significant R&D Investment: New Fledgling enterprises are required to have an R&D workforce comprising at least 20% of their total employees. They must also hold a minimum of three core intellectual property rights (including at least one granted patent) or have at least one international patent application filed via the PCT, ensuring a strong capacity for independent innovation and core competitiveness.
Young Corporate Age and High Potential: The program specifically targets companies founded within the last five years. It also enforces detailed and stringent requirements regarding the composition of the core R&D team, annual R&D expenditure, and total equity financing raised, assessing the company's innovation vitality and growth potential.
The selection process included an open call for applications, self-declarations, district-level preliminary reviews, formal examinations, and expert evaluations. After this rigorous process, 102 companies were ultimately granted the New Fledgling designation.
Since its inception, Westlake Pharma has focused on the R&D of first-in-class drugs. Based on a deep understanding of life sciences, the company deeply integrates artificial intelligence with cutting-edge knowledge and technologies from cell biology, structural biology, and medicinal chemistry, dedicating itself to transforming scientific insights into clinically valuable new medicines.
The company has experienced rapid growth since its founding. Westlake Pharma's first innovative drug candidate progressed from initial discovery to the completion of clinical trials in just three years—a timeline that far exceeds the industry average. Currently, other pipelines in oncology and infectious diseases are also advancing smoothly and have achieved milestone breakthroughs.
Notably, the company launched its proprietary AI drug discovery platform, WAND, last year. This platform is now fully integrated into the R&D of the company's internal pipelines, enabling the team to achieve higher efficiency compared to traditional methods.
In recent years, Hangzhou has been systematically building a technology transfer and commercialization system that is enterprise-led, demand-driven, and integrates industry, academia, and research. By 2027, Hangzhou aims to cultivate approximately 300 New Fledgling enterprises focused on the city's five major industrial ecosystems—intelligent IoT, biopharmaceuticals, high-end equipment, new materials, and green energy—as well as other key future industries. This initiative is designed to provide powerful technological support for high-quality economic development.
Being selected as a New Fledgling is both a recognition and a motivation. Inspired by this honor, Westlake Pharma will continue to deepen its focus on first-in-class drug R&D, accelerate the commercialization of its scientific achievements, and contribute to the future of China's biopharmaceutical industry.