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A lab technician prepares to thawing blood bag before genetically modifying a patients immune cells. Photo: Gerard Julien/AFP/Getty Images

China's aggressive focus on prescription drugs includes developing its own version of CAR-T, one of the most ambitious therapies on the market, Bloomberg reports.

Why it matters: Chinese scientists are attempting to develop CAR-T therapies — which genetically engineer a patient's own immune cells to destroy cancer cells — much faster and with a much cheaper price tag than those in the U.S.

But there are concerns that the country is moving too fast and considering loosening oversight too much.

  • While American and European companies take two to three weeks to engineer each patient's CAR-T therapy, Chinese startup Gracell Biotechnology makes theirs overnight.
  • Gracell plans to price its treatment — which is still experimental — at around $71,000. The two CAR-Ts approved in the U.S. have price tags of $475,000 and $373,000.

What they're saying: "We all want these therapies to move fast and some are very good, but we need to be aware that some could be moving too fast for their expertise, even if they have very good intentions," Bruce Levine, a professor specializing in cancer gene therapy at the University of Pennsylvania, told Bloomberg.

The big picture: The Chinese market for drugs is enormous, particularly for cancer drugs.

  • China is home to the largest cancer population in the world, per Bloomberg.

Go deeper: China offers drug companies market access in exchange for lower prices

Go deeper

Updated 6 mins ago - World

Netanyahu is out as new Israeli government survives confidence vote

Photo: Gil Cohen-Magen/AFP via Getty Images

Israel has a new prime minister for the first time since 2009 after a power-sharing government led by Naftali Bennett survived a confidence vote on Sunday. Bennett was sworn in as prime minister.

Why it matters: Benjamin Netanyahu, Israel's longest-serving prime minister and the man around whom Israeli politics have revolved for a decade, will now become opposition leader. Bennett, a right-wing former Netanyahu protege, will lead the most ideologically diverse government in Israeli history.

Updated 25 mins ago - Politics & Policy

Afghanistan, cyber defense on the agenda for Biden in Brussels

Joe Biden arrives at Melsbroek Military Airport in Brussels on June 13. Photo: Yves Herman/POOL/AFP via Getty Images

President Biden touched down in Brussels on Sunday evening ahead of two days of talks with NATO and European Union leaders as part of his first foreign trip as president.

Driving the news: Biden was greeted on the tarmac by Belgian Prime Minister Alexander De Croo and a slate of other officials, including Douglas Jones and Mark Libby, the U.S. Permanent Representatives to NATO and the EU respectively.

Maersk CEO: Global businesses should be wary of politics

Photo: "Axios on HBO"

The CEO of the world's largest container-shipping company cautions that international firms have to be careful of taking political stances.

  • What they're saying: "We cannot run a global business if we start to have views on politics in every single country that we are in," Maersk CEO Søren Skou tells "Axios on HBO."

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