The fastest way to lose the biotech race with China

China’s biotech industry is only barely trailing — and in some areas, is already surpassing — America’s. China now initiates roughly the same number of clinical trials for novel drugs as the United States. Chinese biotechs are far outpacing their American competitors in the stock market.

Hong Kong’s biotech index climbed about 80% last year, compared to the U.S. index’s 20% gain. And drugs originating in China are poised to account for over a third of FDA approvals by 2040.