Gooey fluid turned into $1.68b liquid gold for Jinan

"In the early 1990s, HA was mainly for medical use, particularly in orthopedics and ophthalmology, and it was very expensive," said Liu Aihua, senior vice president of Bloomage Biotechnology Co based in Jinan.

"At that time, the cost of using HA viscoelastic agents for a cataract surgery was around 2,700 to 3,000 yuan. But now, the cost is around 100 yuan."

With the introduction of HA, cataract surgery, which used to take several hours, could be performed in about 10 minutes.

"The viscoelastic agents made from HA help millions of ophthalmic patients regain their sight each year," said Liu.

As part of its public welfare undertakings, the company has been donating HA viscoelastic agents and intraocular lenses for cataract patients for 10 years.

"In cataract surgery the role of hyaluronic acid in facilitating procedures and protecting the corneal endothelium is well established," said Wang Lihua, 70, an eye expert at Jinan Huashi Eye Hospital.

"Domestic HA viscoelastic agents are high quality. In addition, domestic ones are more affordable," he said.

Sales of eye treatment products using HA reached 2.32 billion yuan in China in 2021, according to industry data. Between 2017 and 2021, the compound annual growth rate of the market was 11.8 percent.