Total of $571m raised in China from 10 venture capital and private equity funding deals betting heavily on mRNA and targeted oncology, as well as gene and cell therapies.

An average overall price reduction of 48% for insulin products in China is expected to generate annual savings of $1.4bn through 2023, but multinational pharma firms will be hit hard by the bidding process.

In a new landmark, Chinese firm BeiGene has posted greater quarterly sales of its cancer drug Brukinsa in the US than in China for the first time. Meanwhile, a growing number of innovative products developed in China are on the cusp of expansion into overseas markets.

Two recent licensing deals involving Chinese firms underscore the record level of agreements being inked between innovative domestic biotechs and generic drug makers, at a time when corporate valuations and geopolitical tensions have made cross-border transactions harder to grab.

China opens the Beijing Stock Exchange to boost direct funding for innovation-driven small- and medium-size enterprises. But a closer look at the listings shows that biotech firms will largely miss the party.

The listings of two vaccine manufacturers and fundraisings by seven other biopharma ventures generate around $1.2bn in new financing for Chinese companies focusing on a broad variety of therapeutic areas and indicating continued investor interest.