Institutional Research Group Ben Zercher Senior Research Analyst, Biotech & Pharma ben.zercher@pitchbook.com pbinstitutionalresearch@pitchbook.com Published on January 23, 2026 Contents | Key takeaways | 1 | | --- | --- | | Internal dynamics of China's | | | biopharma landscape | 2 | | Global engagement with China: | | | Cross-border trends | 9 | | Looking ahead to 2026: Risks, opportunities, | | | and geopolitical trajectories | 12 | | Conclusion: China's early-stage | | | advantage persists | 14 | EMERGIN ...