Commentary
President Joe Biden on Sept. 12 launched a new initiative designed to funnel an unspecified amount of cash into the U.S. biotechnology industry. The initiative’s aim is simple: to make the United States more efficient and reduce dependence on communist China in the biotech space. A noble goal, no doubt.
However, to beat China, a country that seeks to lead the biotech revolution, the United States must be smart. It must, for example, keep a close eye on a Chinese-backed biotech company operating in its own backyard.
Since 2010, the U.S. tech sector has enjoyed explosive growth. But in recent times, that explosive growth has been replaced by a worrying, backward slide. The United States is still the world leader in all things tech, but China is catching up. By the end of the decade, the United States will no longer have the biggest pharmaceutical industry in the world; China will….