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.”Chris Reidy can be reached at email@example.com.