(Yicai) June 11 -- Shanghai has established a new industrial park dedicated to elderly care technology, aiming to accelerate innovation in response to the country’s rapidly aging population.

Following nearly a year of preparation, the Shanghai Elderly Care Science and Technology Industrial Park was unveiled yesterday in the city’s Minhang District, Yicai learned.

More than 40 tech companies have already established a presence in the facility, which includes a public service platform, a research and development hub for testing elderly care products, and a dedicated incubator to support early-stage ventures.

The park is a key part of Shanghai’s action plan released last year, which aims to build a hub for the silver economy by 2027. The plan calls for the creation of one or two high-quality incubators and the cultivation of five to 10 leading enterprises. Meanwhile, the city is developing a platform to provide basic elderly care services to over five million people annually.

Bai Le, general manager of the industrial hub’s operator, told Yicai that the around 1.3-square-kilometer park will feature a core industrial zone alongside a dedicated R&D area, which will occupy more than one-fifth of the total space.

Ding Qingfei, general manager of Zhongjin Hongkang Medical Technology, said the rehabilitation equipment provider joined the park due to its innovative environment and the strong research capabilities of nearby universities. Zhongjin is known for its bed-based nanothermal therapy systems which allow people with limited mobility to bathe without leaving their beds.

Chen Jin, head of the park’s R&D testing platform, emphasized the importance of translating research into market-ready products. Transforming technology into a specific product takes significant effort so market-oriented guidance is critical, especially during the proof-of-concept stage, Chen added.

Companies based at the park can test prototypes at the center’s dedicated facilities, evaluate market demand and cost viability, and take further steps toward business incubation, technology investment, and financing, the platform chief concluded.

Editor: Emmi Laine