Abstract
AbstractThe present paper examines China's biotechnology industry from a global perspective and explores how its development trajectory differs from that of countries that are leaders in biotechnology. We draw on diverse data to demonstrate the unique development trajectory of the industry in China. China has benefited through targeted spin‐offs of R&D‐oriented foreign direct investment from developed countries driven by the effects of globalization, government‐encouraged collaboration between the domestic academia and industry, and the input of overseas returnees. Together with an increasing focus of the government and domestic enterprises on independent innovation, such developments have enabled China to catch up with the global biotechnology industry. However, its small scale and low capacity for commercializing innovations under China's current regulations and other barriers pose challenges for the development of the industry. Suggestions for the sustainable development of China's biotechnology industry are presented in this study.
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