Pfizer CEO Albert Bourla highlighted the significant role of China in the global pharmaceutical industry during a speech at the National Committee on U.S.-China Relations Gala in New York. He emphasised that China’s rapid development in biopharma has transformed the global competitive landscape by achieving remarkable speed, lower costs, and large-scale operations. Over the past decade, China’s share in drug development has surged to about 30%, supported by the increase from roughly 60 novel drug candidates ten years ago to approximately 1,200 now.
Bourla stressed the importance of U.S. industry collaboration with China to remain competitive and innovative. Despite ongoing trade tensions, including tariffs and legislative attempts to restrict U.S. business with Chinese pharmaceutical firms, many companies are looking to China to bolster their drug pipelines. For instance, Pfizer recently made a significant deal with China’s 3SBio Inc., licensing an experimental cancer treatment with an upfront payment of $1.25 billion and potential additional payments of up to $4.8 billion upon reaching developmental milestones.
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He noted that Chinese biotech firms accounted for nearly one-third of all large pharmaceutical licensing deals last year, marking a major shift in the source of pharmaceutical innovation. Chinese biopharmaceutical companies are able to recruit patients for clinical trials two to five times faster than their U.S. counterparts. These developments underline China’s growing influence and are prompting U.S. and European drug companies to engage more deeply with Chinese firms, despite ongoing geopolitical tensions.
