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Prognosis

Road to China Drug Riches Runs Through the Bronx, New Jersey

  • China’s pharma industry has produced at least 15 billionaires
  • Revenue at 253 biotech firms rose an average of 26% last year
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Tan on health-care sector(Source: Bloomberg)
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Lou Jing earned a Ph.D at Fordham University in the Bronx before completing post-doctoral studies at the National Institutes of Health. Frank Zhang got his from Duke University before heading to New Jersey for a job with Schering-Plough Corp.

The two Chinese have much more in common than just a U.S. education. They’re among at least 15 billionaires to emerge from their country’s booming pharmaceutical industry, the world’s second-biggest, as China recently adopted rules to speed up drug approvals.