Previous articles have discussed the evolution of life science innovation ecosystems across China and India (N. Engl. J. Med. 370, 3–6; 2014 and Nat. Rev. Drug Discov. 13, 646–647; 2014). This article analyses the investments and returns profile of Chinese and Indian biopharma companies over the 2014−2023 period to evaluate the intensity of innovation, focus areas for investments, and the comparative returns between the two markets. The analyses could help guide portfolio decisions for investors and companies seeking to allocate resources to China and India.

The author declares no competing interests.