Shanghai will host the inaugural International Biopharma Industry Week, as the city bets on the fast-growing industry as a core pillar to drive growth. 

Scheduled for Oct 11 to 14, the event will bring together global pharmaceutical giants, domestic startups, investment institutions and research entities to discuss latest industry trends and opportunities for investment and cooperation, the Shanghai municipal government said on Sunday.

The four-day event will draw the participation of Nobel Laureate Michael Levitt and business executives such as Pascal Soriot, CEO of AstraZeneca. It will also host over 20 high-level events, such as a summit on innovative drugs co-organized by German pharmaceutical company Boehringer Ingelheim. 

Zai Lab, a biopharma company focused on medicines for cancer, autoimmune and infectious diseases, is looking forward to the meeting next month. China's vast market, responsive speed and policies to streamline procedures such as in-licensing of drugs present a huge opportunity of growth, said James Yan, the company's chief operating officer for research and development. 

Shanghai has upheld biopharma as one of the three pillar industries for the city's quality growth, with the other two being integrated circuit and artificial intelligence. Zhangjiang Pharma Valley, a hub supporting startups or pioneering projects by established firms, has incubated some 380 biopharma companies and witnessed over 10 incubated enterprises going public. 

Local authorities are looking to make the biopharma sector worth 1.2 trillion yuan ($185.6 billion) by 2025, and achieve a number of breakthroughs in core technologies.