A Pfizer executive highlights China’s dominance in oncology clinical trials and faster, cheaper drug development compared to Europe.
Pfizer’s Chief International Commercial Officer stated China now accounts for 40% of global oncology clinical studies, surpassing Europe in pharmaceutical innovation. The executive noted drug development in China is three times faster and half the cost of Europe’s.
In 2024, China produced 28 innovative medicines, compared to Europe’s 18. Pfizer emphasized the need to compete with both the U.S. and China in biopharma, calling China’s rise a tangible threat.
Pfizer’s late-stage studies include at least 20% of patients from the U.S., where the FDA has launched initiatives to accelerate early-stage research.