A spate¹ of fundraisings by Chinese biotech companies has highlighted a scramble² for leadership of the country’s nascent³ life sciences sector⁴ and raised questions over how quickly China can rival the US and Europe as a source of blockbuster medicines.

中国生物科技公司掀起了一波融资潮，凸显在中国新兴的生命科学行业，各家公司正在争夺行业领导地位。人们也随之发出疑问：中国多久以后能追赶上美国和欧洲，推出重磅药物？

Several promising⁵ Chinese drug developers have raised money in recent weeks or are preparing to do so in defiance⁶ of stock market volatility⁷ as investors⁸ show increasing interest in the commercial potential of China’s expanding medical research base.

近几周来，多家看起来前景光明的中国医药研发公司不顾股市动荡，完成了融资或者准备融资。这是因为投资者对中国日益增强的医疗科研基础表现出越来越大的兴趣。

China has not produced a new drug for the global market since artemisinin for malaria⁹ in the 1970s — a breakthrough for which chemist Tu Youyou was awarded a Nobel Prize last year. Even that was not adopted widely until its commercialisation by Novartis of Switzerland in the 1990s.

自从上世纪70年代治疗疟疾的青蒿素问世以来，中国还没有为全球市场研制出过一款新药。青蒿素是一次突破，化学家屠呦呦因此在去年荣获诺贝尔医学奖。即便是青蒿素，也是直到上世纪90年代被瑞士的诺华(Novartis)商业化以后，才得到了广泛应用。

However, a new generation of biotech groups is racing¹⁰ to develop the next “made in China” medicine.

然而，新一代的生物科技集团正在争相研发下一款“中国制造”药物。

BeiGene, a Beijing-based cancer drug developer, raised $158.4m in an initial public offering on Nasdaq this month and Hutchison China MediTech, backed by Li Ka-shing, the Hong Kong tycoon¹¹, said last week it was pressing ahead with plans for a New York listing.

本月，总部位于北京、从事抗癌药研发的百济神州(BeiGene)在纳斯达克(Nasdaq)完成首次公开发行(IPO)，融资1.584亿美元。香港李嘉诚(Li Ka-shing)支持的和黄中国医药科技(Hutchison China MediTech)日前也表示，正在推进赴纽约上市计划。

Meanwhile, two more established drugmakers, Jiangsu Hansoh and Simcere, are reportedly plotting Hong Kong IPOs later this year. Neither company responded to requests for comment.

两家较老牌药企，江苏豪森医药(Hansoh)和先声药业(Simcere)，据报道也计划今年晚些时候赴香港IPO。这两家公司都没有回应记者的置评请求。

The burst of financing is part of a wider push by China’s pharmaceuticals¹² industry to move beyond cheap copycat drugs into higher-value products, in keeping with Beijing’s ambitions to foster a more innovative¹³ economy.

这波融资潮是中国制药行业力求跨越廉价的仿制药阶段、转向研制更高价值药品的整体努力的一部分，这种努力符合中国政府发展创新型经济的宏大抱负。

“China’s goal is to embrace biotech just like they embraced high-speed rail and semiconductors,” says Racho Jordanov, chief executive of JHL Biotech, a Taiwan-based drugmaker which is building a manufacturing plant on the mainland. “China is already the biggest exporter of antibiotics¹⁴. There is no reason they cannot be a big exporter of biotech drugs in future.”

“中国的目标是，就像拥抱高铁和半导体那样拥抱生物科技，”总部位于台湾的喜康生技(JHL Biotech)首席执行官乔石瑞(Racho Jordanov)说。“中国已是全球第一大抗生素出口国，未来没有理由不会成为生物科技药物的重要出口国。”喜康正在中国大陆兴建一家制药厂。

Companies have a growing talent pool to draw from as Beijing invests heavily in academic science, while many western-trained scientists — so-called sea turtles — return home from overseas.

由于北京方面在医药科研上投入巨大，药企可以利用的人才库越来越大，而在西方受过教育的科研人员也纷纷回国，就是所谓的“海龟”。

Between 2012 and 2014, China’s life science research output rose 30 per cent, measured by number of published academic papers and other factors, according to the journal Nature. In chemistry, the country has overtaken Germany, Japan, the UK and France, to become the number two research nation behind the US.

自然》(Nature)杂志数据显示，以学术论文发表数量和其他因素来衡量，2012年至2014年，中国的生命科学研究成果增加了30%。在化学方面，中国已超过德国、日本、英国和法国，成为仅次于美国的世界第二科研强国。

“There is a clear direction of travel: China has decided¹⁵ to be an innovator,” says Min Li, who heads global neuroscience research for GlaxoSmithKline from the UK group’s research and development base in Shanghai.

“中国有明确的前进方向：它决心成为创新者，”英国制药集团葛兰素史克(GSK)上海研发中心的全球神经科学研究负责人Min Li说。

GSK is one of several multinational¹⁶ groups to have built R&D centres in China, aiming to tap the strengthening science base and tailor drugs for the growing local market — already the world’s second-largest after the US.

GSK是在中国设立研发中心的数家跨国制药企业之一，旨在利用中国日益增强的科研基础，并针对中国市场研发药物——不断增长的中国市场，已经是仅次于美国的全球第二大医药市场。

Foreign companies are also forging R&D partnerships¹⁷ with Chinese groups in deals which promise to deepen their ties to the country while helping¹⁹ the local industry develop. China-MediTech, for example, is working with AstraZeneca and Eli Lilly, while BeiGene is paired with Merck of Germany.

外国药企也纷纷在研发领域与中国企业建立合作，这些合作协议既有助于它们深入中国市场，也能帮助中国制药行业发展。比如，和黄中国医药科技正在跟阿斯利康(AstraZeneca)与礼来(Eli Lilly)合作，而百济神州与德国的默克(Merck)进行合作。

Zai Lab, a Shanghai biotech company, recently agreed a deal with Hanmi of South Korea to develop and commercialise a lung cancer drug for the Chinese market. This was followed last month by a $100m private fundraising from backers including Sequoia²⁰ Capital and OrbiMed, two big US investment companies.

不久前，总部位于上海的生物科技公司再鼎医药(Zai Lab)宣布与韩国的韩美集团(Hanmi)达成一项协议，将针对中国市场研发一种治疗肺癌药物，并将其商业化。上月，再鼎医药从多家私人投资机构筹资1亿美元，出资人包括两家美国大型投资公司——红杉资本(Sequoia Capital)和奥博资本(OrbiMed)。

While Zai is collaborating²¹ with foreign companies for now, its chief executive, Samantha Du, says the long-term ambition is clear. “We want to build a China champion,” she says. Other contenders include Shenyang-based 3SBio, which raised $711m in a Hong Kong IPO last year, and Nasdaq-listed Cellular²² Biomedicine Group, which this month received $43m of investment from Wuhan Dangdai Science & Technology Industries, a Chinese conglomerate²³.

虽然再鼎医药目前与外国药企合作，但该公司首席执行官杜莹(Samantha Du)表示，再鼎医药有清晰的长远目标。“我们要打造一家中国领军企业，”她说。其他竞争对手包括总部位于沈阳的三生制药(3SBio)，以及在纳斯达克上市的西比曼生物科技集团(Cellular Biomedicine Group)。去年，三生制药在香港IPO，融资7.11亿美元。而在本月，西比曼从武汉当代科技产业集团(Wuhan Dangdai Science & Technology Industries)获得了4300万美元投资。

One of the most prominent young companies is not developing its own drugs but providing outsourced research and manufacturing to foreign and local pharma groups. WuXi AppTec was delisted from the New York Stock Exchange last year and taken private in a $3.3bn management buyout. It plans to invest $120m in new research and manufacturing facilities in Shanghai to house 800 scientists.

最有名的中国年轻药企之一并没有自己研制药物，而是为国内外药企提供研发和制造方面的外包服务。无锡药明康德(WuXi AppTec)去年从纽约证交所(NYSE)退市，被管理层以33亿美元收购，由此完成了私有化。该公司计划投资1.2亿美元，在上海兴建可容纳800名科学家的新研发和制造设施。

There are plenty of sceptics who point out how far China still has to go to catch up with the US and Europe. Most of its drugmakers are still focused on the 90 per cent of the domestic market made up of generic²⁴ medicines. Biotech R&D is generally still at a relatively²⁵ early stage and far thinner than the US in terms of financing and volume of assets. Slow-paced regulation of clinical trials by the China Food and Drug Administration is often cited as another obstacle.

有很多怀疑人士指出，中国要追赶美欧还有很长的路要走。中国大多数药企仍然把目光放在占国内市场90%份额的仿制药这一块。生物科技研发总体上仍然处于相对初级的阶段，在融资和资产规模方面比美国薄弱得多。中国国家食品药品监督管理总局(China Food and Drug Administration)在临床试验监管方面行动缓慢，往往被认为是另一个障碍。

“The government is working hard to encourage R&D capability²⁶ but the starting point is very low,” says Xudong Yin, chairman of the China arm of Novartis. “We will see some ‘me-too’ drugs developed as China-only products. But when will we see breakthrough products? That requires scientific capability, finance and a strategic mindset. Those things take time to build.”

“政府正在尽力鼓励提高研发能力，但是起点太低了，”诺华大中国区主席尹旭东称，“我们将看到一些‘me-too药物’作为中国特有药品被研发出来。但是我们何时才能看到突破性药品问世？这要求科研能力、财力以及战略性思维。具备这些需要时间。”

Luke Miels, head of global product and portfolio²⁷ strategy for AstraZeneca, says the regulatory environment is improving as authorities streamline²⁸ the system. AstraZeneca announced plans in December to invest hundreds of millions of dollars expanding its capacity to develop and make drugs in China in partnership¹⁸ with WuXi AppTec.

阿斯利康全球产品组合及产品战略执行副总裁卢克猠尔斯(Luke Miels)称，随着中国当局不断简化制度，监管环境正在改善。去年12月，阿斯利康宣布将投资数亿美元，扩大自身与药明康德合作在中国研发与生产药品的能力。

Mr Miels says that, with local companies stepping up investment, it is only a matter of time before they turn into global challengers. “I would not be surprised if, in 10 years’ time, China was a major source of innovation in pharma.”

米尔斯称，在中国本土药企加大投资的情况下，它们成为全球挑战者将只是时间问题。“假如10年后中国成为医药方面重要的创新源头，我不会感到惊讶。”