South Korean Media: China's Biotech Exports Experience "Explosive Growth," Surpassing $60 Billion in First Quarter!
On May 2, South Korea's financial media outlet Today's Finance published an article stating that last year, driven by the expansion of technology exports and enhanced clinical competitiveness, China's biotechnology sector achieved a record-high level in technology export volume.
Data released by the Korea Biotechnology Industry Association shows that in the first quarter of this year, the overseas technology export contract value for China's biopharmaceutical industry reached $60 billion.
This marks a staggering 73% increase compared to the same period last year, thanks to a series of major contracts signed with large pharmaceutical companies such as Sanofi, AstraZeneca, and Eli Lilly.
As large-scale transactions with global pharmaceutical giants become increasingly concentrated, China is rising as a key supplier in the field of biopharmaceutical innovation.
Last year’s performance was more than eight times that of 2021, when China’s biotech sector hit its historical peak at $8.2 billion. From 2011 to 2018, China’s technology export volume remained around $1 billion annually on average, but it has rapidly expanded in a short time—transforming perceptions of China’s role in the global pharmaceutical and biotech markets.
Meanwhile, significant changes have also occurred in the clinical trial sector. Over the past decade, China has surpassed the United States to become the world’s largest provider of clinical trials.
Even amid a contraction in the global biotech investment environment in 2022 and 2023, China’s number of clinical trials increased from 1,800 in 2020 to over 3,500 in 2023. In contrast, during the same period, the U.S. saw its clinical trial count decline from about 2,500 to around 2,000.
The trend of global pharmaceutical companies expanding collaboration with China to efficiently conduct clinical trials and access R&D resources is expected to continue in the near term.
Original source: toutiao.com/article/1864061749535748/
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