The short-notice reopening of the country made 2022 a tough year for the health sector in China, where divestments, cash crunches and commercial challenges abounded. Throughout the year, despite clinical trial activity continuing to blossom, multiple Chinese innovative drug developers faced setbacks in the US from regulatory rejections of oncology products. Meanwhile, others quietly scaled back their operations in China, hit by the negative impact of deep price cuts.

China is knocking on the door of the world’s top 10 most innovative economies, helped by sustained investment.

Large or small, Chinese biotechs are receiving the cold shoulder from some investors amid souring investment sentiment. HanBio, Frontier and InnoCare have all seen their fundraising efforts hampered to various degrees.

From founding to the approval and commercial launch of its first innovative drug took Beijing-based biotech InnoCare just seven years. After a listing in Hong Kong, the firm is now heading to Shanghai after obtaining the green light for a second listing from the STAR board.