The groundbreaking ceremony for Taicang Medicine Harbor takes place in Taicang, Jiangsu province on Aug 12. [Photo provided to chinadaily.com.cn]

Construction on Taicang Medicine Harbor, one of the annual key projects of Jiangsu province, started in Taicang Biomedicine Industrial Park on Aug 12.

With a total investment of 3 billion yuan ($427.7 million) and a construction area of 250,000 square meters, the harbor will house over 50 R&D enterprises upon completion. It is expected to reach an annual revenue stream of roughly 2 billion yuan within five years.

The first-phase construction is scheduled to be completed before September 2020.

Biomedicine is a much anticipated emerging industry of Taicang. The city has developed three clusters for industrial enzymes, R&D experiments, and medicine production.