According to Reuters on October 14, at a dinner hosted by the U.S.-China Council for Business and Trade in New York, Pfizer's CEO Albert Bourla said: "The U.S. pharmaceutical industry needs to cooperate with China. In the past decade, China has gained 30% of the global drug development share with its efficient R&D process."
Bourla said, "In the biopharmaceutical field, China's astonishing speed, cost, and scale have triggered a transformation in the global competitive landscape." Bourla also revealed a set of data, stating that currently there are 1,200 drugs in the pipeline for research and development in China, while this number was only 60 ten years ago.
Pfizer CEO Albert Bourla Reuters
The report stated that due to President Trump's demand for high tariffs on Chinese goods, the U.S. Congress is also planning to discuss legislation aimed at restricting business interactions between U.S. and Chinese pharmaceutical companies. However, U.S. and European pharmaceutical companies still hope to cooperate with China to supplement their range of medicines.
For example, earlier this year, Pfizer reached an agreement with China's Sanbio Pharmaceutical, acquiring the rights to one of the latter's cancer treatment drugs currently under development. Pfizer paid $1.25 billion upfront, and if the drug continues to meet development milestones, Pfizer will pay an additional $4.8 billion.
Bourla said, "Nearly one-third of large-scale drug licensing deals last year were related to Chinese biotechnology companies, marking a major shift in the source of innovation." He also added that the speed at which Chinese pharmaceutical companies recruit clinical trial patients is currently two to five times faster than that of U.S. companies.
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