China is gunning for the United States' position as the world leader in biotech, according to a new report by the Information Technology and Innovation Foundation.
Details: The Chinese government has set up more than 110 bioscience research parks, including one in Shanghai referred to as "Pharma Valley." The Ministry of Science and Technology plans to build up to 20 more parks by 2020.
- Drug companies are eligible for incentives including free or subsidized lab and manufacturing space and a 15-point reduction in corporate income taxes.
- More than 1,000 government-funded venture capital firms will provide as much as $800 billion in capital.
The Chinese are investing in specific therapeutic areas, including genomics. Chinese researchers are writing an increasing share of the world's academic papers on genomics.
Go deeper: China wants its own pharma industry