To strengthen the pipeline of technology companies and develop new productive forces, Hangzhou launched the “new falcon” company programme last year.
The 2024 list has now been published. On the strength of its R&D capability and growth potential, Westlake Pharmaceuticals is among the first cohort.
In September 2024 the Hangzhou Science and Technology Bureau issued the management measures for the programme, setting out criteria and application procedures.
Companies must meet three characteristics:
Frontier industries. Products or services must fit the future industries Zhejiang prioritises — general artificial intelligence, the low-altitude economy, future healthcare and similar emerging fields with high potential.
Heavy research investment. At least 20% of staff must work in R&D, and the company must hold at least three core IP assets (at least one granted) or at least one PCT international application, ensuring independent innovation capability.
Early stage. The company must be less than five years old, with detailed requirements on the make-up of the core R&D team, R&D spending in the previous year and cumulative equity financing.
After open application, district screening, formal review and expert assessment, 102 companies were recognised.
Westlake Pharmaceuticals has focused on original drug discovery since founding. Building on a deep understanding of the life sciences, the company integrates artificial intelligence with cell biology, structural biology and medicinal chemistry to turn scientific insight into medicines of clinical value.
It has grown quickly. Its first original drug, WPV01, went from first discovery to completed clinical trials in only three years, far faster than the industry average. Other programmes in oncology and antiviral research are progressing, with initial breakthroughs.
The company launched its in-house AI drug discovery platform WAND (Westlake AI for Novel Drug) last year. It is now applied to the company’s own pipeline and delivers higher efficiency than conventional routes.
Hangzhou has been building a technology transfer system in which companies lead, demand drives and industry, academia and research work together.
By 2027 the city aims to cultivate around 300 “new falcon” companies across five industrial ecosystems — intelligent IoT, biopharmaceuticals, high-end equipment, new materials and green energy — and its priority future industries.
Recognition is both affirmation and incentive. Westlake Pharmaceuticals will keep focusing on original drug discovery and accelerating the translation of research.