China's pharmaceutical landscape has radically transformed over the past decade, scaling from a few hundred drug developments to thousands. Despite facing initial challenges like low investment and a fragmented market, strategic funding and regulatory changes sparked rapid innovation. The influx of talent returning to China has significantly enhanced drug quality and volume. Moreover, big pharmaceutical companies are increasingly engaging in licensing deals with Chinese firms, highlighting a shift in global drug innovation dynamics. This trend raises questions about the U.S.'s position as a global leader in pharmaceutical advancements.
While China's pharma industry is close to becoming the world leader, the U.S. still holds key advantages in innovation, but the gap is shrinking.
In 2024, 31% of big pharma licensing deals involved a Chinese biotech and that number is projected to grow this year.
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