The next breakthrough therapy may still be marketed in New York or Basel. But increasingly, it is being born in Shanghai.
China’s pharmaceutical industry has moved beyond imitation into something more consequential: early-stage innovation at scale. The clearest signal isn’t manufacturing output or even late-stage approvals. It’s what’s happening at the very front of the pipeline, Phase 1 and Phase 2 clinical trials, where scientific ideas first become viable medicines.
By that measure, China is no longer catching up. It is nearing parity with the U.S. and is gaining ground.