Apart from a 450 million euro investment plan over the course of five years, the company has spared no efforts in taking stronger steps in localization. Last year alone saw the company setting up an external innovation hub, establishing its first overseas digital lab BI X in Shanghai, and acquiring an equity stake in New Ruipeng Group to better tap into China's booming pet market.

The Chinese government has been advocating local enterprises to step up indigenous innovation in order to achieve technological independence in core areas.

"I think the government directive can actually bring about more opportunities for cooperation," said Zhang Weiyi, head of Boehringer Ingelheim China External Innovation Hub. "The more the government encourages local innovation, the more chances we will have to tap into more downstream enterprises in driving technological and scientific breakthroughs."

In a similar vein, Boston Scientific has carried out a number of pilot programs such as a therapy for benign prostatic hyperplasia and using 5G technologies, in Hainan Boao Lecheng International Medical Tourism Pilot Zone, a dedicated area where preferential policies are allowed to import medical devices, technologies and drugs.

"If you think about that mission of expanding access and quality, and (China's) dual circulation (development pattern), which is localization and partnering and helping to develop local industry while also delivering global innovation, I think we're really trying to grow in the partnership with shared vision of the Chinese government," Butcher said.