China commands 30% of global biopharma pipeline; drives Asia’s share to 43%

The country transitions from fast follower to global innovation frontrunner.

China is one of the primary drivers behind the regional shift in Asia’s share of the global innovative biopharma portfolio, reaching 43% of the total worldwide market by 2025, according to a McKinsey report.

China also led the 85% surge in total global growth of innovative drug pipelines in 2024, whilst accounting for 30% of the global innovative pipeline.

Upfront payments from China-originated out-licensing deals have grown from below $100m in 2020 to more than $800m in 2024.

This transitions the country from a “fast follower” to a global “frontrunner” in innovation, according to the report.

The cycle from drug discovery to clinical trial authorisation is 50% to 70% faster in China than the global average, whilst clinical trials are two to five times faster than in the United States (US) and European Union.

China’s Centre for Drug Evaluation also expanded its staff, slashing average drug approval timelines from 4.5 years in 2018 to approximately one year in 2023.

The country’s biopharma companies secured $26b in private equity and venture capital, with more than 80 companies launching initial public offerings with the aid of the Hong Kong Stock Exchange.

The Chinese government also established 12 biotech innovation hubs backed by targeted public funding, the report said.

It highlighted China as a global leader in antibody-drug conjugates and multispecific antibodies.

The country is also building positions in protein degraders, RNA therapies, and radioligands, placing second only to the US.

Chinese investigators are increasingly leading clinical trials, including first-in-China tests of new modality combinations, such as Akeso’s PD-1/VEGF bispecific antibody, the report said.