Key Points U.S. pharmaceutical companies are licensing drugs from China more frequently. In 2024, nearly 30% of major pharmaceutical deals involved Chinese companies. Chinese firms offer innovative drugs at lower costs and faster development timelines. Some fear this shift threatens U.S. biotech startups, while others see it as beneficial competition. Regulatory concerns exist, with potential government intervention looming. A little-known biotech company, Summit Therapeutics, shocked the biopharmaceutical industry last year when it announced its experimental cancer drug outperformed Merck’s blockbuster...