What Propels China’s Bio Innovation? A Surprise Answer from a distinguished scholar
(the article has been updated to make the text concise and cohesive)
China’s rapid rise as a biotech powerhouse is often attributed to its talent pool—particularly the thousands of returnees from the United States who have launched biotech ventures. But what if the answer to China’s innovation success lies not just in talent, but in a practice deeply rooted in the U.S.? A recent course revision offers surprising insights.
Professor Xiaodong Wang, a renowned biomedical scientist, co-founder of two biotech companies, and a former investigator at the Howard Hughes Medical Institute at the University of Texas Southwestern Center, has been at the forefront of China’s biotech evolution. He was a key player in the founding of BeiGene in 2010, alongside serial biotech entrepreneur John Oyler.
I had the opportunity to visit Prof. Wang at his office in the Zhongguancun Biotech Park in Beijing’s Changping district, one year ago. Having just returned from a trip to the U.S., he greeted me warmly at his office in a modest, dark grey building on the third floor.
During our conversation, I asked him about the driving forces behind China’s biotech innovations. His answer pointed to an unexpected source: the United States.
In the U.S., Prof. Wang explained, it’s difficult for Chinese scientists over the age of 50 to secure executive positions. This barrier, whether due to ageism or other factors, has pushed many seasoned scientists to return to China, where they can assume leadership roles or establish their own biotech ventures.
The challenge of climbing the corporate ladder in America for East Asian scientists is evident in a recent report by the non-profit organization Elevaate Biotech, which found that less than 2% of East Asian Americans hold senior leadership roles at major biopharma companies. Out of the Fortune 100 companies, only two have East Asian American CEOs. One of them, Jensen Huang of Nvidia, is also the company’s founder.
As China’s economy slows and domestic fundraising and reimbursement for new ventures cool, the question arises: will these returnees eventually move back to the U.S.?
The flow of talent, it seems, is not one-way. While China remains the leading force driving innovation—thanks to its cost-effectiveness, large patient pool, and willingness to embrace new treatments—if the very talents that powered China’s biotech revolution choose to return to the U.S., it could present a real challenge for the country’s future innovation prospects.
As the JP Morgan Conference kicks off in San Francisco tomorrow, all eyes will be on the next wave of innovation drivers. The anticipated surge in deals, M&As, and IPOs is expected to be a focal point of the event, with China’s growing role in biotech at the forefront of discussions.
Stay tuned.