Last year Chinese biotechs made 164 cross-border licensing deals, more than double the number five years ago, according to consultancy China Bio. Such deals accounted for most of the $13.8bn that Chinese pharmaceutical groups spent on licensing agreements, the consultancy said.
“Chinese companies are hungry for new tech so they can bring more advanced drugs to the country’s population, and the Chinese government is supporting that effort,” said Gregg Scott of China Bio. “There is a lot of pent-up demand” being released as Beijing speeds up new drug approvals.
Spending on pharmaceuticals in China totalled $137bn last year, according to data provider IQVIA.
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