In Depth: Where China Stands in the Nuclear Medicine Gold Rush
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Billions of dollars are pouring into China’s radiopharmaceutical industry as it races to catch up with global giants such as Novartis and its treatment Pluvicto.
Often tucked in out-of-the way corners of Chinese hospitals, nuclear medicine departments have for much of their history been mysterious places where few knew exactly what they do there.
What exactly they do there, though, is quickly becoming one of the more technologically promising fields of medicine and active areas of investment in the global pharmaceutical industry.
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- China’s nuclear medicine sector is rapidly growing, with nearly 100 companies in 2024 (up from 20 in 2019), and over 5 billion yuan (~$703 million) invested this year.
- Novartis's Pluvicto, the first targeted radiopharmaceutical for prostate cancer, was approved in China in November 2024; global pharma firms have spent billions entering the field.
- The industry faces challenges: limited innovation, talent shortages, and most Chinese firms focusing on existing international targets rather than developing novel drugs.
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Explore the story in 3 minutes
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Who’s Who
- Novartis AG
- Novartis AG, a Swiss pharmaceutical company, recently received approval in China for Pluvicto, its radioligand therapy drug for prostate cancer. This marks the first such therapy approved in China. Along with another nuclear drug, Lutathera, Pluvicto generated over $2.7 billion in sales last year for Novartis. The company is expected to benefit from China's domestic production of lutetium-177, a key isotope used in these drugs, as it may become the world's cheapest source for Novartis in China.
- Bristol-Myers Squibb Co.
- In December 2023, Bristol-Myers Squibb Co. announced a significant acquisition, purchasing RayzeBio Inc. for $4.1 billion. This move, which involved paying a 100% premium, allowed Bristol-Myers Squibb to gain RayzeBio's developmental products and strengthen its position in the nuclear medicine pipeline.
- RayzeBio Inc.
- RayzeBio Inc. was the target of a significant acquisition in December 2023, when Bristol-Myers Squibb Co. announced a $4.1 billion deal to acquire the company. This acquisition involved paying a 100% premium for RayzeBio and its developing products, highlighting the company's value in the radioligand therapy field.
- AstraZeneca PLC
- AstraZeneca PLC is a multinational pharmaceutical and biotechnology company. In March 2024, they announced the acquisition of Fusion Pharmaceuticals Inc. for up to $2.4 billion, demonstrating their investment in the rapidly growing field of nuclear medicine. This strategic move aims to build their own nuclear medicine pipeline, joining other major pharmaceutical companies in developing radiopharmaceutical therapies.
- Fusion Pharmaceuticals Inc.
- In March 2024, Fusion Pharmaceuticals Inc. was acquired by AstraZeneca PLC for up to $2.4 billion. This acquisition highlights the growing investment in the nuclear medicine field by major pharmaceutical companies.
- Eli Lilly & Co.
- Eli Lilly & Co. (礼来公司) proactively entered the field of radiopharmaceuticals. In May 2024, the company signed a deal worth up to $1.1 billion with Aktis Oncology Inc. This agreement aims to leverage Aktis Oncology's proprietary drug discovery platform to develop innovative radiopharmaceuticals, showcasing Eli Lilly's commitment to advancing nuclear medicine.
- Aktis Oncology Inc.
- Aktis Oncology Inc. is a biotech firm that has partnered with Eli Lilly & Co. in a deal potentially worth up to $1.1 billion. This collaboration aims to leverage Aktis Oncology's proprietary drug discovery platform for the development of novel radiopharmaceuticals.
- China National Nuclear Corp.
- China National Nuclear Corp. (CNNC) is a key player in China's nuclear medicine industry. It is the employer of Du Jin, chief scientist and head of the science and technology committee at China Isotope & Radiation Corp. CNNC recently delivered the first domestic shipment of lutetium-177, a crucial isotope for drugs like Pluvicto and Lutathera. This isotope is produced at CNNC's Qinshan Nuclear Power Plant.
- China Isotope & Radiation Corp.
- China Isotope & Radiation Corp. (CIRC) is a state-backed company involved in the nuclear medicine field in China. Du Jin, head of its science and technology committee, is also chief scientist at China National Nuclear Corp. (CNNC). CIRC primarily produces isotopes like technetium-99 and fluorine-18, used in medical imaging.
- Jiangsu Hengrui Pharmaceuticals Co. Ltd.
- Jiangsu Hengrui Pharmaceuticals Co. Ltd. (600276.SH) is a Chinese pharmaceutical giant that has entered the nuclear medicine field. They are hoping to capitalize on the growing market for radiopharmaceuticals in China.
- Yunnan Baiyao Group Co. Ltd.
- Yunnan Baiyao Group Co. Ltd. (000538.SZ) is a Chinese pharmaceutical giant that has entered the nuclear medicine field. They, along with other domestic pharmaceutical companies, are hoping to gain a share in this expanding market.
- Beijing Sinotau International Pharmaceutical Technology Co. Ltd.
- Beijing Sinotau International Pharmaceutical Technology Co. Ltd. is a Chinese startup in the nuclear medicine field. The company has filed for an IPO in Hong Kong this year, aiming to become one of China's first publicly traded nuclear medicine companies, alongside Yantai Lannacheng Biotechnology Co. Ltd. This move highlights the growing investment and activity in China's promising nuclear medicine industry.
- Yantai Lannacheng Biotechnology Co. Ltd.
- Yantai Lannacheng Biotechnology Co. Ltd. is a Chinese nuclear medicine startup that has filed for an IPO in Hong Kong this year, aiming to become China's first publicly traded nuclear medicine company. It is a spin-off from Dongcheng Pharmaceutical, and its co-founder, Chen Xiaoyuan, highlights the importance of a stable domestic isotope supply for shifting focus from isotope sourcing to drug development.
- Yantai Dongcheng Pharmaceutical Co. Ltd.
- Yantai Dongcheng Pharmaceutical Co. Ltd. is a publicly traded company that produces isotopes like technetium-99 and fluorine-18, primarily for medical imaging. While this market segment is relatively mature, it offers limited profit margins. The company is a spin-off from Lannacheng Biotechnology.
- Ionetix Corp.
- Ionetix Corp. is a U.S.-based company. Wu Xiaoyu, the vice president of R&D at Ionetix Corp., commented on the severe talent shortage in China's nuclear medicine industry, noting that most professionals come from niche disciplines that cannot meet the sudden demand for expertise.
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What Happened When
- 2007：
- A top Beijing hospital's entire nuclear medicine department consisted of just eight full-time employees and lacked advanced diagnostic equipment.
- 2021：
- Eight Chinese government departments issued a blueprint for a complete radiopharmaceutical supply chain in China.
- December 2023：
- Bristol-Myers Squibb Co. announced a $4.1 billion deal to acquire RayzeBio Inc.
- 2024：
- A survey by the Chinese Society of Nuclear Medicine found that only 862 of China’s top-tier hospitals have a nuclear medicine department.
- March 2024：
- AstraZeneca PLC announced it would acquire Fusion Pharmaceuticals Inc. for up to $2.4 billion.
- May 2024：
- Eli Lilly & Co. signed a deal worth up to $1.1 billion with Aktis Oncology Inc.
- Earlier in 2025：
- CNNC delivered its first shipment of lutetium-177, the key isotope used in Pluvicto and Lutathera, to market.
- This year (2025)：
- China's nuclear medicine industry received more than 5 billion yuan ($703.4 million) in funding.
- This year (2025)：
- Beijing Sinotau International Pharmaceutical Technology Co. Ltd. and Yantai Lannacheng Biotechnology Co. Ltd. filed for IPOs in Hong Kong.
- June 2025：
- CNNC’s Qinshan Nuclear Power Plant in Zhejiang province started shipping lutetium-177.
- Nov. 5, 2025：
- The National Medical Products Administration of China granted approval to Novartis AG’s radioligand therapy drug Pluvicto, the first therapy of its kind approved in China.
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- CX Weekly Magazine
Nov. 21, 2025, Issue 44
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