From Labs to Markets: China Grabs 30% Share in Global Biotech Race

China’s biotech ambitions are rapidly bearing fruit, with innovative R&D pipelines and newly approved drugs now making up over 30% of the global total, according to the National Development and Reform Commission. At the 17th China Bioindustry Convention in Wuhan, officials revealed that the bioeconomy contributes more than 7% of GDP, with 93 new drugs approved in 2024—the highest in five years—and patent filings for medical devices surpassing 91,500, or 70% of the global share. A new national “insights system” has also been launched to streamline the entire R&D-to-market chain, underscoring Beijing’s push to position biotech as a pillar of “high-quality development.” While the US still leads the field, analysts note that China is rapidly narrowing the gap, with Harvard’s Belfer Center warning the balance of biotech power could soon tilt in Beijing’s favor.