China’s rise in biotech innovation offers the world a potentially cheaper alternative to costly healthcare products from Western suppliers, but geopolitical tensions remain a major challenge for the country’s globalisation efforts, according to a local investor in the sector.
“We can lower the cost of healthcare and benefit more people through technological innovation and efficiency improvement,” Da Liu, managing director of CR-CP Life Science Fund, said in an interview with the Post earlier this week. “China’s recent achievements in biotech show that it’s possible.”
The CR-CP Life Science Fund was launched in 2019 by the state-run China Resources Group and Thai conglomerate Charoen Pokphand Group, with US$170 million under management. Companies the fund has backed include Legend Biotech, which went public in New York in 2020, and Singapore-based Mirxes, which listed its shares in Hong Kong in May this year.
Innovative drugs coming out of China’s biotech firms have become increasingly popular licensing targets among multinational corporations (MNCs) in recent years, leading to what some are calling a “DeepSeek moment” for the local industry.
Da Liu, managing director of CR-CP Life Science Fund. Photo: HandoutMultinationals have turned their attention to Chinese biotech companies and assets because of their “cost efficiencies, accelerated timelines and promising quality”, US investment bank Jefferies said in a report last month.