The country’s huge population leaves high potential. In addition to this, stagnant profits in domestic markets have prompted Western firms to eye Chinese market. The total annual cost of a scientist in China is $30,000, in relation to $250,000 in the US, the Wall Street Journal estimates.
John Olyer, founder of biotech company Genta, describes Chinese scientists as having “a real thirst for knowledge, and an incredibly humble, yet can-do approach to challenges. There is nothing that they cannot learn.”
The Chinese government has approved many policies to promote the growth of biotech firms. According to Reuters, biotech will be one of the major industries in which the government plans to invest in – as quoted in seekingalpha.com.
