U.S. Biotechs Are Keeping More Secrets to Beat Copycats in China

Western biotechs get a new playbook with tighter controls to stay ahead of an ultra-efficient pharmaceutical pipeline overseas.

“We used to get by in an imperfect system because the venture world would capitalize a good idea,” said Karen Knudsen, chief executive of the Parker Institute for Cancer Immunotherapy. But now, instead of wanting to see a promising idea before studies begin, she said, investors want to see proof that a drug might work in patients, which is easier to get from China, where trials move faster.

The Wall Street Journal - July 9, 2026