Earlier this year, a report from Pharmaceutical Executive detailed the ways in which China is becoming an essential R&D partner for pharma and biotech companies. Pharmaceutical Executive: Why have Chinese biotech licensing deals become so attractive to US investors? John Stanford: The surge of interest in Chinese licensing is the product of two decades of deliberate investment. Stanford: Last year's National Defense Authorization Act, or NDAA, marked an important moment: biotech is now formally part of the national security conversation. It's less satisfying as a soundbite, but it is exactly what the biotech industry needs, and it is what biotech investors absolutely want to see.