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China’s biopharma goes global
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China’s biopharmaceutical industry has moved from a generic copycat to a developer of drug therapies in a year marked by stronger clinical results, a surge in cross-border licensing deals, faster approvals and a clearer divide between companies that commercialize innovation and those still stuck in volume-driven competition.
The biggest shift came from globalization. Overseas partnerships exceeding US$50 billion in the first eight months, with Pfizer’s US$1.25 billion upfront agreement with 3SBio setting a record for a China-origin drug. Cross-border partnerships were concentrated in cancer treatment, immunology and metabolic diseases as the market pivoted to value from volume. Drug therapies to treat diabetes-2 and obesity created intense global competition.
The government has supported development of the domestic pharma industry by streamlining its process of regulatory approvals. As of December 1, China had cleared 66 Category-1 new drugs — nearly five times the 2018 level — and increasingly aligned with global standards. Newly approved antivirals and immunology drugs demonstrated that domestic research and development can deliver products meeting urgent clinical needs.
Market performance, however, remained uneven. While overall sector revenue softened this year, creative drug developers and entities with solid long-term development prospects posted solid growth, supported by global clients and expanding product pipelines. Upstream bio-manufacturing saw margin improvements. By contrast, medical devices and traditional biologics were weighed down by inventory cycles and intensified competition, though signs of stabilization emerged late in the year.
Looking ahead, China’s biopharma is entering a period where success will be defined less by pipeline size and more by global competitiveness, regulatory clarity and marketing outcomes.
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