On May 21, China (Weihai) Pharmaceutical & Medical Device Innovation and Development Conference kicked off. At the Conference, the Weihai Pharmaceutical and Medical Device Industry Fund Cluster was established with an industrial fund of 1 billion yuan. The first digital industrial park in China and eight high-quality projects were also signed.

In recent years, Weihai has become an integral support and strong engine for the innovative development of Shandong's pharmaceutical and medical device industry. It is also planned to build a demonstration area for the high-quality development of the industry in the future. Weihai is making efforts to build eight major industrial clusters with an emphasis on developing ten advantageous industrial chains, and the pharmaceutical and medical device industry is given priority in development.

In 2022, 61 enterprises above the designated size in the pharmaceutical and medical device industry in Weihai achieved operating revenue of 70.83 billion yuan; the market share of Weihai products ranked first in China in the fields of medical consumables, hemodialysis machines, orthopedic medical devices and others; in the 15 segments of the global medical device market, medical device products with a Weihai label accounted for 11 sectors.