Data from The Free Press shows Chinese companies increasing involvement in global biopharma deals exceeding $50 million, reaching 44 percent in 2024 and nearly 70 percent of 2025 deal dollars totaling $137.7 billion. Investors Patrick Malone and Tim Opler described the shift at a 2024 JPMorgan conference. A proposed U.S. bill would apply national security reviews to China-to-U.S. licensing agreements.