<div id="readability-page-1">A handful of Chinese biotechnology companies are expected to bring medications to consumers in Europe and the US under their own brand names within the next 10 to 15 years, according to policy and industry analysts. Amid China’s early-stage drug outlicensing boom, discussions have arisen among investor and analyst circles as to when – and which – Chinese biotechnology companies will start selling their own drugs internationally. Outlicensing agreements typically refer to a company granting another firm exclusive rights to further develop, manufacture and commercialise an early-stage drug, in return for upfront payments, milestone fees and royalties on future sales. Overseas markets are the most lucrative segment of the international pharmaceutical value chain, with the US the most profitable drug market globally. Drug makers charge American patients and insurers higher prices than those in other nations for the same medicines, and the country “has less than 5 per cent of the world’s population and yet funds around three quarters of global pharmaceutical profits”, according to an executive order published by the White House in May 2025. While China has many established companies and start-ups in the drug development field, Jiangsu Hengrui Pharmaceuticals, CSPC Pharmaceutical Group, and Hansoh Pharmaceutical are analysts’ top picks to first break into international markets. Hengrui, CSPC and Hansoh are expected to compete with global giants like the US’ Pfizer, Swiss multinational Roche and British-Swedish drug maker AstraZeneca. Stephen Farrelly, managing director and global lead for pharmaceuticals and healthcare at ING, said Chinese companies could use revenue from outlicensing to invest in new drug pipelines in European and US markets. “The easy answer is to look at those companies that have done the biggest [outlicensing] deals, [such as] CSPC, Hengrui,” he said. Hengrui, China’s largest pharmaceutical company by market capitalisation, was founded in 1970 and is headquartered in the eastern province of Jiangsu. Initially a manufacturer of generic pharmaceuticals, Hengrui has transformed into one of China’s leading innovative drug companies. Its development pipeline spans oncology, immunology and both metabolic and cardiovascular diseases. CSPC, founded in 1997 and headquartered in northern Hebei province, has built a pharmaceutical portfolio across nervous system conditions, oncology, anti-infective drugs and cardiovascular diseases. One of its most significant deals came in January, when it signed a collaboration agreement worth up to US$18.5 billion granting AstraZeneca exclusive global rights outside China to CSPC’s injectable weight‑management portfolio. The most recent landmark deal came last month, when Hengrui sealed a US$15.2 billion collaboration and licensing agreement with Bristol Myers Squibb covering 13 early-stage programmes in oncology and immunology. Diederik Stadig, senior healthcare economist at ING Research, agreed that revenue from these large outlicensing deals could be used by Chinese firms to expand globally. “ “[They can] use the cash from that ... to internationalise,” he said.  ING forecast the total value of outlicensing agreements between Chinese biotechnology companies and Western drug makers would reach about US$240 billion this year, up from US$136 billion in 2025. Helen Chen, partner and co-head of Asia healthcare at L.E.K. Consulting, said companies would require large capital or financing to expand abroad. A 2025 poll by L.E.K. found that only one in four Chinese biopharma companies was actively considering independent commercialisation in overseas markets. “Going overseas, particularly for larger indications, requires capital and capability for the international phase-three clinical trials, and then for commercialisation,” Chen said. An indication refers to the specific disease or medical condition that a drug is approved or being developed to treat. Chen said the amount of capital required meant that bigger companies were more likely to move into the spaces. She also named Hengrui as a top contender. “This is primarily being considered by the larger companies [such as] Hengrui, or companies that were set up to be global,” Chen said.  Tony Ren, head of Asia healthcare research at Macquarie Capital, echoed the sentiment on the amount of capital required to enter new markets. He named Hengrui and Hansoh as among his top picks with the ability to expand. “Global commercialisation requires huge investment in clinical development and sales infrastructure. For example, bringing a cancer drug to a large disease area such as frontline [treatment for] lung cancer can easily cost around US$2 billion in clinical trials alone,” Ren said. A large disease area refers to a condition affecting millions of patients worldwide. Ren said that expanding into new markets would require companies to grow their workforce, and that overseas expansion would boost skills and knowledge within the firms. “You need a sales force and medical science liaisons who can translate complex clinical data into evidence that doctors and patients actually understand,” Red said. “Chinese companies are likely to need overseas acquisitions to accelerate their commercial learning curve. Hengrui was listed among the world’s top 30 pharmaceutical companies, alongside global giants such as Pfizer, Roche and AstraZeneca, in an annual ranking from London-based consultancy IDEA Pharma’s this year, which assesses companies’ ability to develop and commercialise new medicines.  According to ING, Chinese pharmaceutical companies may first focus on the European market. “We have seen a 20 per cent reduction [in the] year to date in the number of new drug applications reaching the European Medicines Agency,” ING’s Farrelly said. The price reduction is due to European governments actively seeking to lower their spending on medicines, according to Stadig. “Costly medicines are a growing challenge for national budgets,” the European Commission said. “Established big pharmaceutical companies are now reconsidering whether to launch a drug in Europe, because by launching a drug for the lower European price, they would actually have to reset the price in the US, their biggest market,” he said. ING Research’s Stadig added that US President Donald Trump’s tariffs on imported drugs had created medium and long-term openings for Chinese drug makers in Europe, where fiscal pressure was acting as a tailwind for Chinese companies to offer quality drugs at more competitive prices than their Western rivals. In April, Trump signed an executive order imposing tariffs of up to 100 per cent on imported patented drugs, in an attempt to boost US domestic pharmaceutical manufacturing. “European governments are looking for cost reductions rather than price increases,” Stadig said. “This is where we believe that Chinese big pharmaceutical could offer a way out from under this fiscal pressure, because they offer quality drugs, but at a price point that is maybe more attractive than American counterparts or UK counterparts.” Analysts agreed it would take between 10 and 15 years for Chinese drug developers to start selling their own branded pharmaceuticals in international markets. ”</div>

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<p>Analysts identify Jiangsu Hengrui, CSPC, and Hansoh as top Chinese biotech firms poised to launch drugs in Europe and the US under their own brands within 10-15 years. Driven by a boom in outlicensing deals, these companies aim to compete with global giants like Pfizer. While large licensing revenues provide capital for expansion, significant investment in clinical trials and commercial infrastructure remains a barrier, favoring established players with substantial resources.</p>

Which company could become the Chinese Pfizer? Here are analysts’ top picks