Chinas Bio Industry Exceeds $100 Billion in Tech Exports for the First Time
In a remarkable development, Chinese biotech companies have surpassed $100 billion in technology exports for the first time in history, marking a scale ten times larger than that of South Korean biotech firms. This achievement is attributed to advancements in Chinas clinical trial system and the reshoring of highly-skilled bio talent who studied abroad.
According to a report by the Chinese market research firm PharmaDJ on the 22nd, the total technology export value (including upfront payments and milestone fees) for Chinese pharmaceutical and biotech companies reached approximately $146.784 billion (around 214.31 trillion KRW) last year. This figure reflects a nearly threefold increase from the previous year’s $46.1555 billion.
The gap in technology export values between Chinese and South Korean companies has widened significantly. According to the Korea Pharmaceutical and Bio-Pharma Manufacturers Association, South Korean biotech firms had a technology export value of $10.9896 billion in 2021, which was 37.3% of Chinas $29.465 billion during the same period. However, last year, South Koreas figure increased to just $15.03362 billion, representing only 10.2% of Chinas exports.
One of the highlights of Chinas biotech success includes a substantial technology export contract signed by Hangzhou Tigermed with the UK’s GlaxoSmithKline (GSK) for up to $12.5 billion concerning twelve new drug candidates. Additionally, 3S Bio transferred oncology technology to the American company Pfizer for $6.05 billion.
The momentum continues into this year with major contracts being signed. CSPC Pharmaceutical recently exported up to $18.5 billion worth of technology for obesity and diabetes treatments to AstraZeneca in the UK. According to Koo Young-gwon, CEO of Smilegate Investment, the Chinese government has been implementing various bio-support measures for several years, including easing new drug approval standards and modernizing clinical systems.
As a result, Chinas bio industry, which now accounts for 30% of global new drug candidates, has not only surpassed South Korea but is also now outpacing the United States in certain aspects. This rapid growth underscores Chinas commitment to becoming a global leader in biotechnology and pharmaceuticals.
According to a report by the Chinese market research firm PharmaDJ on the 22nd, the total technology export value (including upfront payments and milestone fees) for Chinese pharmaceutical and biotech companies reached approximately $146.784 billion (around 214.31 trillion KRW) last year. This figure reflects a nearly threefold increase from the previous year’s $46.1555 billion.
The gap in technology export values between Chinese and South Korean companies has widened significantly. According to the Korea Pharmaceutical and Bio-Pharma Manufacturers Association, South Korean biotech firms had a technology export value of $10.9896 billion in 2021, which was 37.3% of Chinas $29.465 billion during the same period. However, last year, South Koreas figure increased to just $15.03362 billion, representing only 10.2% of Chinas exports.
One of the highlights of Chinas biotech success includes a substantial technology export contract signed by Hangzhou Tigermed with the UK’s GlaxoSmithKline (GSK) for up to $12.5 billion concerning twelve new drug candidates. Additionally, 3S Bio transferred oncology technology to the American company Pfizer for $6.05 billion.
The momentum continues into this year with major contracts being signed. CSPC Pharmaceutical recently exported up to $18.5 billion worth of technology for obesity and diabetes treatments to AstraZeneca in the UK. According to Koo Young-gwon, CEO of Smilegate Investment, the Chinese government has been implementing various bio-support measures for several years, including easing new drug approval standards and modernizing clinical systems.
As a result, Chinas bio industry, which now accounts for 30% of global new drug candidates, has not only surpassed South Korea but is also now outpacing the United States in certain aspects. This rapid growth underscores Chinas commitment to becoming a global leader in biotechnology and pharmaceuticals.
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