Chart of the Day: China’s Surge in New Drug Approvals Closes Gap With U.S.

Despite the global pharmaceutical industry experiencing big fluctuations in funding, China has made great strides in launching new drugs over the past five years, narrowing the gap with the U.S., a new industry report showed.

During the period between 2019 and 2023, China ranked second in the number of new medicines with 192 approvals, closing in on the U.S., which had 267, according to the Global Trends in R&D report by life sciences researcher IQVIA Institute for Human Data Science.