The U.S. pharmaceutical industry needs to collaborate with China, given the country’s relatively faster drug development, Pfizer (NYSE:PFE) CEO Albert Bourla said at an event on Tuesday.
“In biopharma, China’s dramatic speed, cost and scale have triggered a shift in the global competitive landscape,” he said while addressing the National Committee on U.S.-China Relations Gala, as reported by Reuters.
Bourla noted that China currently has around 1,200 novel drug candidates, compared to about 60 a decade ago. He added that Chinese pharma companies can recruit patients for clinical trials 2–5 times as quickly as U.S. firms.
China accounts for nearly 30% of global drug development, compared to 48% for the U.S., according to data provider Citeline.
Licensing deals with Chinese pharma companies have also been ramping up. U.S. companies signed deals worth $21.3B in 2024 to license Chinese innovator drug candidates, up 280% from 2020, according to GlobalData.
“Chinese biotech firms accounted for nearly one-third of all large pharma drug licensing deals last year, a major shift in where innovation is sourced,” Pfizer’s (NYSE:PFE) Bourla said.
The CEO’s statements come as the U.S. and China are locked in an escalating tariff war, while U.S. lawmakers are seeking to restrict business with Chinese biotechnology firms.