China’s $522 bn biotech push fuels US competition and partnership opportunities

Chinese biotech is entering a rapid growth phase, with the government’s new five-year plan targeting about $522 billion in revenue by 2030 and aiming for at least 25% of first-in-class drugs worldwide.

The plan follows a surge in out-licensing activity; deals have risen from 35 in 2019 to 186 in 2025, with total value jumping from under $1 billion to more than $138 billion, according to PharmCube data.

Boston-based Solstice Oncology recently licensed a colon-cancer candidate, porustobart, from Chinese firm Harbour BioMed in a transaction that includes over $100 million upfront and potential upside beyond $1 billion, illustrating the growing cross-border collaborations.

Analysts say the more predictable funding and regulatory environment in China could provide U.S. companies with new sources of innovation and a competitive counterweight, while also creating a market for American partners.