Massachusetts prides itself on being a biotechnology hub, but China also wants to be an innovation mecca after investing $160 billion on biomedicine.
According to a new report from Boston-based Lux Research titled “Mapping the Chinese Biomedical R&D Landscape,” China is poised to surpass Japan and emerge as the second-largest spender on biomedicine R&D.
China’s investments are paying off with exponential increases in pharmaceutical-related patent filings, catapulting China past the US and Japan. Chinese drug innovation centers are proliferating, the report notes.
“Rising income levels and a shifting demographical landscape are creating a faster growing market space for innovative biomedical products in China,” Lux Research director Kevin Pang said in a statement. “While the Chinese domestic market provides ample room for all players now, Chinese pharmaceutical companies will naturally look outside to lucrative markets in North America and Japan over time.”