Opinion: STAT+: Pharma and biotech leaders are destroying their own industry

STAT PlusOpinionOpinions+ Pharma and biotech leaders are destroying their own industry In pursuit of short-term profits, companies are growing too dependent on China Manage alerts for this article Email this article Share this article By Olivia KosloffMay 12, 2026 Kosloff is a co-chair of a working group with the China Strategy Initiative at the Council on Foreign Relations and a senior fellow at American Economic Liberties Project. In early 2025, biotech experienced a “DeepSeek moment” when biotech and pharma leaders alike realized how quickly China was gaining ground with innovation, speed of drug development, and share of licensing deals. In 2020, global pharmaceutical companies spent about $9 billion on licensed drug assets from China. In 2025, that number shot to more than $137 billion. The first two months of 2026 alone accounted for nearly $50 billion in deals. As a December 2025 report from the National Security Commission on Emerging Biotechnology put it, “in just three years, China’s biopharmaceutical industry rose from near irrelevance to dominance.” China’s rise is happening with the blessing of U.S. pharmaceutical executives, who are allowing their own industry to be destroyed.Advertisement I am a co-chair of a working group at the Council on Foreign Relations investigating the U.S.’s generic pharmaceutical dependence on China. An estimated 60% of our generic medications have an active ingredient that originates in China; some estimates have this figure as high as 80-90%. (The exact percentage is unknown because the Food and Drug Administration doesn’t formally track this information, and because a significant percentage of our drugs are imported from India, which in turn imports chemical precursors from China.) STAT+ Exclusive Story Already have an account? Log in This article is exclusive to STAT+ subscribers Unlock this article — plus in-depth analysis, newsletters, premium events, and news alerts. Already have an account? Log in Monthly $39 Totals $468 per year $39/month Get Started Totals $468 per year Starter $30 for 3 months, then $399/year $30 for 3 months Get Started Then $399/year Annual $399 Save 15% $399/year Get Started Save 15% 11+ Users Custom Savings start at 25%! Request A Quote Request A Quote Savings start at 25%! 2-10 Users $300 Annually per user $300/year Get Started $300 Annually per user View All Plans To read the rest of this story subscribe to STAT+. Subscribe Log In biotechnology, China, drug development, Pharmaceuticals, Policy, STAT+ Submit a correction requestReprints Olivia Kosloff Newsletter The smartest thinkers in life sciences on what's happening — and what's to come Recommended First Opinion May 11, 2026 What addiction medicine can teach us about depending on AI First Opinion May 11, 2026 AI doctors should be licensed. Here’s a framework to do that Advertisement First Opinion Podcast May 9, 2026 Dr. Glaucomflecken wants the corporatization of medicine to be national news First Opinion May 9, 2026 RFK Jr. allegedly ‘collected’ a dead raccoon’s penis. Was it bioethically justifiable? First Opinion May 8, 2026 I’m fighting misinformation online. False hantavirus claims follow a now-familiar playbook Subscriber Picks