Pfizer CEO Highlights China's Rising Influence in Global Pharma

Pfizer CEO Albert Bourla emphasized the increasing need for collaboration with China's fast-growing pharmaceutical industry, which now constitutes 30% of global drug development. Despite trade tensions, Western companies are turning to China for innovation and rapid clinical trials, reflecting a major shift in drug sourcing.

During a recent event in New York, Pfizer Chief Executive Albert Bourla underscored the necessity of collaboration between the U.S. and Chinese pharmaceutical industries. He noted that China's swift processes have elevated its role in global drug development, accounting for 30% of the sector over the last decade.

Bourla was speaking at the National Committee on U.S.-China Relations Gala, pointing out that China now boasts approximately 1,200 novel drug candidates, compared to just 60 a decade ago. Despite the U.S.-China trade war, pharmaceutical collaborations continue to flourish.

For instance, Pfizer recently entered into an agreement with China's 3SBio Inc, investing $1.25 billion in an experimental cancer treatment. Bourla highlighted that Chinese biotech companies were responsible for nearly a third of global large pharma licensing deals last year, showcasing their competitive edge in clinical trials.

(With inputs from agencies.)