The Hong Kong Science and Technology Park aims to double the number of start-ups joining its upgraded incubation programme, with some companies saying the scheme will help to speed up the commercialisation of their products .

The park on Thursday launched its new life and health tech-focused incubation programme Incu-Bio, which is designed to offer start-ups support, such as assistance with laboratory research, regulatory activities and the advancement of research to a preclinical stage over a four-year period.

Derek Chim, the park’s head of start-up ecosystem and development, said that under the programme, enterprises would receive up to HK$6 million (US$771,000) each in the form of grants, subsidies and regulatory affairs funding.

The first phase of the programme managed to attract more than 600 applicants, with over 100 start-ups selected from the diagnostics, medical device and therapeutics fields.

“We hope to make use of Hong Kong’s advantages to attract mainland [Chinese] life and health tech start-ups, connect them internationally,” Chim said at the revamped scheme's launch ceremony.

“In terms of quantity, I believe we can at least double the number of companies compared to the first programme.”