It was in 2024 that Patrick Malone had what he calls his \u201coh, shit\u201d moment. Malone is a physician turned investor who is a managing partner at KdT Ventures, which specializes in early stage biotechnology. He was in San Francisco for JPMorgan\u2019s annual healthcare conference, prepping for a panel, when he saw a new report. He was startled by what he read.<\/p>\n
It used to be that the big global pharmaceutical companies didn\u2019t license potential new drugs from China. Not only had that changed, but the chart was going vertical. In 2022, 23 percent of global deals over $50 million involved Chinese companies\u2014up from almost nothing. By 2024, the number had risen to a stunning 44 percent.<\/p>\n
\u201cTwo things became very clear to me,\u201d Malone said. \u201cOne, the way in which China has captured a remarkable share of global biopharma development at a pace without precedent. Two, the slope of that change is so steep, it\u2019s very easy to extrapolate where this goes.\u201d<\/p>\n
Tim Opler, who specializes in healthcare stocks at the investment bank Stifel Institutional, came to a similar realization earlier this year after an investor asked him what percentage of pharmaceutical deals were being done with Chinese companies. He found that in 2025, almost 70 percent of the dollars spent on global pharma deals\u2014$137.7 billion\u2014were with start-ups based in China. \u201cI guess that was the first moment when we realized, \u2018Oh, China could be a problem.\u2019\u2009\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"It was in 2024 that Patrick Malone had what he calls his \u201coh, shit\u201d moment. Malone is a…\n","protected":false},"author":2,"featured_media":735298,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[102,2960,56,54,55],"class_list":["post-735297","post","type-post","status-publish","format-standard","has-post-thumbnail","category-healthcare","tag-health","tag-healthcare","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/735297","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=735297"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/735297\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/735298"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=735297"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=735297"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=735297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}