The past decade has seen an unprecedented rise in Immuno-oncology therapies, driven by the success of immune checkpoint inhibitors (ICIs), such as PD-(L)1 antibody therapies. In 2021, the ICI market alone was valued at $34bn – 20% of the total oncology market – and is expected to increase to $64bn by 2027, according to Cowen Research. China is an important part of this story and has emerged as a rapidly growing but still maturing IO ecosystem.
From humble beginnings, China has grown to become a critical player in the IO space, see Exhibit 1. In the...
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