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China narrows biotechnology disparity with America as a fresh slate of pharmaceuticals and research and development pipelines eclipse approximately 30% of the worldwide aggregate

China intensifies backing for the bioeconomy through a five-year strategy, eyes global dominance by the year 2035.

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China surpasses the biotech sector of the United States, with a third of the world's new...
China surpasses the biotech sector of the United States, with a third of the world's new pharmaceuticals and research and development pipelines

China narrows biotechnology disparity with America as a fresh slate of pharmaceuticals and research and development pipelines eclipse approximately 30% of the worldwide aggregate

In a significant move towards boosting drug innovation, the National Development and Reform Commission (NDRC) unveiled an "insights system" at the 17th China Bioindustry Convention held in Wuhan, Hubei province on a Thursday.

The deputy chairman of the NDRC, Xiang Libin, made the announcement at the convention. The "insights system" is designed to aggregate data across the full research and development (R&D), approval, and market chain of drugs and medical devices in China.

The aim of this system is to help the government and industry identify opportunities and break through bottlenecks in the push for drug innovation. By providing valuable insights and identifying potential bottlenecks, the "insights system" is expected to enhance the efficiency and effectiveness of drug innovation in China.

China's bioeconomy, which encompasses the research, development, and application of life sciences and biotechnology, now contributes over 7% of the country's gross domestic product. In 2024, the national drug and medical device regulator approved 93 new drugs, marking the highest number in five years.

Patent applications for medical devices in China exceeded 91,500 in 2024, accounting for 70% of the global total. This significant growth indicates China's increasing dominance in the global biotechnology market.

While the institution that approved the most new drugs in 2024 is not explicitly stated, the Zentrum fΓΌr Innovation (ZI) received approval for psilocybin use in Germany under a Compassionate-Use program in 2024. However, there is no specific mention of the "Insights-System" platform or its ownership in the search results.

The convention in Wuhan showcased the strong momentum of the sector in China. The "insights system" will serve as a tool to monitor and analyze data related to the R&D, approval, and market of drugs and medical devices in China, contributing to the continued growth and success of China's bioeconomy.

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