It used to be that the big global pharmaceutical companies didn’t license potential new drugs from China. In 2022, 23 percent of global deals over $50 million involved Chinese companies—up from almost nothing. “One, the way in which China has captured a remarkable share of global biopharma development at a pace without precedent. He found that in 2025, almost 70 percent of the dollars spent on global pharma deals—$137.7 billion—were with start-ups based in China. “I guess that was the first moment when we realized, ‘Oh, China could be a problem.’