Albert Bourla, the CEO of Pfizer, confirmed that the American pharmaceutical industry needs to enhance cooperation with China, as the latter contributed about 30% to global drug development over the past decade. This was stated during his speech at the National Committee on U.S.-China Relations in New York.
Bourla explained that China has made a significant transformation in the global competitive landscape of biopharmaceuticals in terms of speed, cost, and scale, noting that it currently has around 1200 new drug candidates, compared to only 60 a decade ago. He emphasized that Chinese biopharmaceutical companies can recruit patients for clinical trials at a rate two to five times faster than American companies, which explains the acceleration of innovation in the country.
In light of the trade tensions between the U.S. and China, Bourla pointed out that American and European pharmaceutical companies, including Pfizer, have turned to China to rejuvenate their drug production lines and enhance partnerships, despite U.S. orders imposing tariffs and restricting business with Chinese pharmaceutical companies.
Earlier this year, Pfizer entered into a licensing deal for an experimental cancer treatment with the Chinese company 3SBio Inc., worth $1.25 billion upfront, with the potential to pay up to an additional $4.8 billion upon achieving development milestones. Bourla considered these licensing deals as evidence of Chinese pharmaceutical companies' ability to lead global innovation, as they captured about one-third of major drug licensing deals last year.
The CEO of Pfizer pointed out that shifts in the biopharmaceutical market require international collaboration, affirming that cooperation with China is essential to continue developing innovative drugs and achieving faster outcomes for patients worldwide. He added that American companies, including Pfizer, continue to seek strategic opportunities in global markets to enhance innovation and maintain competitiveness.
