Pfizer CEO urges closer US-China collaboration in biopharma
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Pfizer CEO Albert Bourla highlights China’s growing dominance in global drug development, calling for stronger US-China cooperation even as trade frictions intensify.
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Pfizer Chairman and Chief Executive Officer Albert Bourla participates in a panel at the Clinton Global Initiative, Tuesday, Sept. 19, 2023, in New York. (AP)
Pfizer’s Chairman and Chief Executive Officer, Albert Bourla, has called for greater collaboration between the US and Chinese pharmaceutical industries, arguing that China’s rapid rise in drug research and development has reshaped the global landscape.
Speaking at the National Committee on US-China Relations Gala in New York on Tuesday, Bourla said the United States’ pharma sector could benefit from closer cooperation with its Chinese counterpart.
“In biopharma, China’s dramatic speed, cost, and scale have triggered a shift in the global competitive landscape,” Bourla said, noting that China now accounts for roughly 30% of global drug development, a sharp increase from a decade ago.
China's expanding innovation capacity
According to Bourla, the country currently has about 1,200 novel drug candidates under development, up from just 60 ten years ago, underscoring how swiftly China has expanded its innovation capacity.
Bourla’s remarks come amid renewed trade tensions between Washington and Beijing. US President Donald Trump has imposed a series of tariffs on Chinese imports, vowing to narrow America’s trade deficit, boost domestic manufacturing, and curb the flow of fentanyl into the United States.
Last year, the US House of Representatives passed a bill seeking to limit US business with Chinese pharmaceutical firms. Although the legislation stalled in the Senate, lawmakers have reintroduced a revised version this year.
Industry partnerships despite trade war
Despite political frictions, major US and European drugmakers continue to seek partnerships in China to strengthen their research pipelines. Earlier this year, Pfizer signed a licensing agreement with Chinese biotech firm 3SBio Inc., paying $1.25 billion upfront for an experimental cancer treatment, with potential milestone payments of up to $4.8 billion.
“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,” Bourla said, highlighting the country’s growing influence in global drug discovery.
He added that Chinese companies can recruit patients for clinical trials two to five times faster than their US counterparts, giving them a significant competitive edge in accelerating medical breakthroughs.
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