Marty Makary

We're here at a biotech conference, so I figured we could start here because everyone's talking about China and the race against China.

The US, according to this commission, has a three-year window to act to keep up with Chinese innovation and the speed in biotech.

The US, according to this commission, has a three-year window to act to keep up with Chinese innovation and the speed in biotech.

In 2022, Chinese companies were just 5% of licensing deals.

In 2022, Chinese companies were just 5% of licensing deals.

2025, 42%.

2025, 42%.

And recently, one of the biggest licensing deals ever was 3S Bio, $1.25 billion upfront with a $6 billion total with Pfizer.

And recently, one of the biggest licensing deals ever was 3S Bio, $1.25 billion upfront with a $6 billion total with Pfizer.

China had, 10 years ago, only 50% of published scientific papers to the US.

China had, 10 years ago, only 50% of published scientific papers to the US.

Today, they're 50% more than the US.

Today, they're 50% more than the US.

So I just want to walk through your view on US biopharma innovation as it relates to China.

So I just want to walk through your view on US biopharma innovation as it relates to China.

Is there a race?

Is there a race?

And if so, what are the priorities for the administration in helping American biotech industry remain competitive?

And if so, what are the priorities for the administration in helping American biotech industry remain competitive?

As you think about those work streams in improving the efficiency, turnaround time, how much can you do this on your own versus how much do you need Congress to act to pass legislation to support those changes?