China is becoming one of the world's biggest sources of new medicines. In the first half of 2026, Chinese companies signed eight of the world's ten biggest out-licensing deals, worth a record 110 billion dollars. And they're doing it despite growing US scrutiny over Chinese clinical data. So why is global pharma betting big on China? Huang Fei explains.
HUANG FEI Guangzhou "Just a decade ago, China was largely importing innovative medicines.
Today, it's exporting them.
By June, Chinese companies had signed 81 out-licensing deals with overseas partners.
The medicines target diseases ranging from cancer and obesity to autoimmune and neurological disorders.
The largest deal so far is an 18.5 billion-dollar licensing agreement between CSPC Pharmaceutical and AstraZeneca.
So, what's driving this surge?"
YE WENCAI Director, State Key Laboratory of Bioactive Molecules and Druggability Assessment"China's drug regulatory reform in 2015 was a turning point. It dramatically lowered the time and cost needed to bring innovative medicines to market. At the same time, China's research capabilities have advanced rapidly. We've built one of the world's most complete pharmaceutical R&D ecosystems. New financing channels have also allowed pre-revenue biotech startups to thrive. Reform opened the floodgates. Talent, capital and innovation turned it into a wave."
Developing the same medicine in China typically costs 30 to 50 percent less than in Europe or the United States.
According to Pfizer, clinical development can move three times faster, at roughly half the cost.
Speed matters.
US drugmakers are looking to rebuild pipelines of future products, as patents for 200 billion dollars worth of drugs will expire by the end of the decade.
China is producing high-quality drug candidates, at a lower cost.
YE WENCAI Director, State Key Laboratory of Bioactive Molecules and Druggability Assessment "What China does well is find mistakes faster. We test multiple drug candidates in parallel, validate results quickly, and stop unsuccessful projects early. We also have a large patient pool, so clinical recruitment often takes about a year—compared with two or three years in Europe or the United States."
Now, artificial intelligence could accelerate that advantage even further.
But can AI discover new medicines, or is it simply helping scientists to work faster?
GU ZHENGLONG Professor, Thrust of Bioscience & Biomedical Engineering, HKUST(GZ) "AI is a great 'student'. It can find new compounds for known targets. But discovering new targets still requires more effort. Some of our methods don't fit neatly into Western medicine. We should be open to a 'new language' or new ways of approving drugs. It's not about competing with the existing system. We share one goal: treating diseases."
Cost and speed may open the door.
But in the end, it's scientific excellence that seals the deal.
Guangdong-based Akeso became the first Chinese pharmaceutical company to outperform the world's best-selling cancer medicine in a head-to-head clinical trial.
For many across the industry, this was a defining moment, proof that Chinese innovation could compete at the highest level.
The next challenge is developing truly first-in-class medicines that redefine the standard of care.
YE WENCAI Director, State Key Laboratory of Bioactive Molecules and Druggability Assessment "There's still a gap in original target discovery and breakthrough science. The next step is to better connect universities, hospitals and biotech companies, so discoveries move faster from the lab to patients. Traditional Chinese medicine and natural products will also remain an important source of future drug discovery."
Geopolitics are getting tougher.
The US is pushing to reduce dependence on Chinese pharmaceutical technologies, including proposing tighter rules on the use of clinical data from China.
Yet the market is moving in the opposite direction. Cross-border licensing deals continue to accelerate.
That suggests growing confidence in China's scientific research capabilities, not just the finished product.
And as partnerships deepen, the next breakthrough medicine may not just be manufactured in China.
It could be discovered here, too.（2026-08-12）
原文链接：
前十榜单占八席，中国创新药为何逆袭？
https://news.cgtn.com/news/2026-08-11/VHJhbnNjcmlwdDkxODU5/index.html
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责编：李伟苗
