“In this era of booming hardcore technology, while repeated resurgences of the pandemic have caused uncertainty in the global business world, with the rise of China's technological strength and enhanced presence in the international arena, overseas returnees have emerged as a force to be reckoned with.”
Recently, Forbes China and FOSMOS jointly released the results of the 2022 Forbes China - 100 Outstanding Overseas Returnees list, and Dr. Po-Lin Hsu, founder and CEO of magAssist, was selected for inclusion in the list. This another major award for magAssist from Forbes following its inclusion in the Forbes Asia 100 to Watch list in September this year.
The 2022 Forbes China - 100 Outstanding Overseas Returnees list consists of two categories: “Influence” and “Growth”. The enterprise valuation for “Influence” candidates must reach at least RMB 2 billion, while that for “Growth” candidates must reach at least RMB 100 million. Forbes China aims to draw the blueprint of this zeitgeist through the classic presentation of 100 overseas returnees aged under 45, and comb through the century-long history of overseas study with a global mindset, thereby composing a chapter in the community of common destiny alongside elite overseas returnees.
In terms of educational background, more than half of the candidates have educational experience at top universities in the world (Top 50 in the 2023 QS World University Rankings) such as Harvard University, MIT, Stanford University, Cambridge University, Oxford University, National University of Singapore, Nanyang Technological University, Johns Hopkins University, University of Pennsylvania and University of California Berkeley, to name a few. 90% of the candidates hold overseas master's degrees or higher, and 30% hold overseas PhD degrees.
From the perspective of industries, candidates with PhD degrees are mainly concentrated in the fields of artificial intelligence, autonomous driving, biotechnology, healthcare, brain-computer interface, semiconductors and aerospace. They all work in cutting-edge technological fields, which indicates that hardcore technology is becoming a highly competitive weapon for countries in the future.
Returning to the Homeland and Building the Chinese Dream
Artificial hearts are among the most sophisticated and precise devices in the medical field and hailed as the “Jewel in the Crown” of the cardiovascular industry. Similar to the chip industry and aerospace technology, artificial hearts are characterized by enormous technical complexity and extremely high R&D barriers. It is also a critical area in which China can make groundbreaking technological advances. As clearly stated in the 14th Five-year Plan, it is necessary to achieve core technological breakthroughs in high-end medical devices in order to accelerate import substitution.
Dr. Po-Lin Hsu completed the preliminary work on the design of the original components of ultra-small artificial hearts; carried out drive control and system simulation at Cambridge University and RWTH Aachen University in Germany; and performed subsequent work on the system validation and clinical evaluation of ultra-small artificial hearts. During her time studying abroad, she went through the entire process of artificial heart development. Since her return to China as a Distinguished Professor at Soochow University, she has been working on the design of artificial heart systems and the physiology of biomechatronic systems.
The domestic upscale medical device market is either monopolized by imported products or in a blank state with zero imports. In this context, Dr. Po-Lin Hsu founded magAssist in 2017. Starting with heart failure, she is committed to building a multi-organ failure life support platform with aspirations to transform state-of-the-art technologies into medical treatment tools that patients can benefit from. Four product lines have been launched so far: MoyoAssist® extracorporeal ventricular assist device, percutaneous ventricular assist device, next-generation extracorporeal membrane oxygenation system (ECMO) and organ care system. Currently, MoyoAssist® has entered clinical trials, and a number of patients have been successfully rescued. Bringing back revolutionary new technologies. Dr. Po-Lin Hsu led the magAssist team to develop China's first extracorporeal ventricular assist device within three years. Four rounds of financing were completed within five years. Such are the strengths that have earned her a place on the Forbes list among other outstanding overseas returnees, as well as magAssist's courage to challenge international titans head-on.
As commented by Forbes China, the selected candidates have returned from overseas to bring valuable assurance in this era of uncertainty. magAssist will deliver more and even exclusive solutions for physicians and patients in critical care life support scenarios. This is the valuable assurance that Dr. Po-Lin Hsu has brought to the table.