AsianFin -- In the first half of 2025, Chinese innovative drug outbound business development (BD) deals have already exceeded the total value recorded for the entirety of 2024.

Major pharmaceutical companies, including 3SBio, CSPC Pharmaceutical Group, and Hengrui Medicine, each secured BD agreements valued at over $5 billion. Notably, Hengrui Medicine’s $12.5 billion BD deal with GSK set a new record for the largest single outbound innovative drug transaction from China.

According to a March report by international consultancy Citeline, China now accounts for nearly 30% of global drug R&D, while the U.S. share has declined to approximately 48%. The model of “China-developed, overseas-licensed” innovative drugs is gaining broad recognition, reflecting the growing international influence of Chinese pharmaceutical research.