Abstract:Biopharma industry stands as a key focus area for development in Hong Kong and is pivotal in its aspiration to become an international innovation and technology center. The Special Administrative Region (SAR) government has implemented a series of innovative policies to foster the growth of biopharma research, education, and industry-academia collaborations. This paper juxtaposes the efforts of Hong Kong with those of New York City, which has also made significant strides in biopharma industry development in recent years. While Hong Kong"s innovation policies demonstrate considerable vigor, the study reveals areas for enhancement in the biopharma innovation ecosystem. Key challenges include the inadequacy of financial services to support innovation-driven economy, the need for improvement in cross-border flow of innovation elements, and the insufficiency of regional innovation networks. The paper concludes by proposing strategic recommendations to expedite the enhancement of the innovation ecosystem.