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China’s biopharma sector has ascended to global prominence, building innovation capabilities and a pipeline second only to the U.S. However, its rapid success has created an “overcapacity” of innovation, outpacing the commercial capacity of the domestic market. Because of current cost-control constraints and regulatory tensions, Chinese patients have limited access to Chinese-developed therapeutics, and biopharma companies struggle to capitalize on their innovations domestically. China is becoming a victim of its own success.
Consequently, Chinese firms are aggressively working to out-license in the global market, and in some cases forming “NewCos” to commercialize globally. Recent high-profile deals include BMS licensing a SystImmune ADC for potentially $8.4 billion and Merck licensing a LaNova bispecific antibody for potentially $3.3 billion. These deals are part of a general trend: all of the top 10 global biopharma companies, except Novo Nordisk, have in-licensed rights for China-originated innovative drugs or technologies. This surge in global licensing exacerbates the existing imbalance of biotech oversupply versus a limited pool of buyers, intensifying competition in the global market.
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