Pharma MNCs eye biotech sector

Nation's biopharma innovations accelerating at 'unprecedented pace', says industry executive

BEIJING — Multinational pharmaceutical firms, particularly US giants, are increasingly recognizing China's burgeoning innovative drug sector as a strategic gold mine to bolster their global competitiveness.

Last month, Lilly's newly opened Lilly Gateway Labs in Beijing welcomed its first tenant, namely a Chinese biotechnology company focusing on innovative medicines for neurodegenerative and neurological disorders.

This marked the launch of Lilly's first shared lab platform outside the United States, said David A.Ricks, chairman and CEO of Eli Lilly and Company. "China's biopharmaceutical innovation is accelerating at an unprecedented pace," he noted.