China is working hard to unseat America as the world's biotech leader. It has spent years bolstering incentives and capacity for domestic innovation.

The veteran investor says that the trove of ready-made prospects is making the global biotech ecosystem “more competitive” and steering dollars away from “half-baked ideas.”

China is working hard to unseat America as the world's biotech leader. It has spent years bolstering incentives and capacity for domestic innovation.