The global biotech landscape is undergoing a seismic transformation, marked by Asia’s rapid ascent and a realignment of therapeutic priorities. According to ICON Biotech’s 2025 global and China-specific surveys, China now conducts a quarter of the world’s clinical trials and has nearly 1,500 new drugs in development—surpassing the United States in trial volume. These shifts are powered by robust government support, a surge in venture capital flowing into APAC, and a strategic focus on advanced modalities like cell therapy. Meanwhile, traditional strongholds in the US and Europe are navigating funding pressures, talent shortages, and increasing drug development complexity.
In an interview with the Drug and Device World, Deepali Suri, President of ICON Biotech, unpacks these trends and their implications. Drawing on the findings from the survey—which capture insights from over 260 biotech leaders worldwide—Suri explores why neurology and cardiology are overtaking oncology, how AI is reshaping R&D, and what geopolitical tensions mean for global drug development. She also offers a forward-looking perspective on collaboration, innovation, and the evolving role of global contract research organizations (CROs) in a fragmented yet interconnected industry.
This interview has been edited for clarity, consistency, and length.
Dr Phalguni Deswal [PD]: ICON surveys highlight two striking trends: China is now conducting more clinical trials, and VC funding in APAC is growing. Why are we seeing these shifts, and what do they mean for traditional hubs like the US and Europe?
Deepali Suri: It’s an exciting time globally. China already accounts for 24% of the global innovative drug pipeline. This growth should be viewed as an opportunity—not just competition—to accelerate drug development for patients everywhere. On funding, APAC biotechs reported that 60% of their current funding comes from venture capital, compared to 32% in the US and 30% in Europe.
Government support in China has been a significant driver, strongly funding startups and biotechs. But the positive takeaway is that innovative models are gaining traction worldwide. The rise of China doesn’t diminish other regions; it creates more avenues for partnership, especially as big pharma seeks external innovation.
PD: Let’s talk about therapeutic areas. Your data shows cell therapy as the leading modality, and surprisingly, neurology and cardiology are overtaking oncology in activity. What’s driving this change?
Deepali Suri: That’s one of the most notable findings. Cell therapy is now the number one modality globally, with 40% growth compared to 31% in 2023, and a remarkable 53% growth in China. As for therapeutic areas, neurology is now active in 44% of companies surveyed, up from 32% in 2023. Cardiovascular activity surged to 39% globally and 58% in China.
This doesn’t mean oncology is becoming less important. There’s still an enormous unmet need. But several factors are driving the shift: high unmet need in neurology and cardiology, new biomarkers, better imaging tools, and AI-enabled patient stratification.
High-profile M&A has also boosted confidence—like Bristol Myers Squibb’s acquisition of Karuna and AbbVie’s deal for Cerevel in neuroscience. Additionally, the GLP-1 wave has pulled investment into cardio-metabolic research. It’s a broadening of the innovation landscape.
PD: Funding remains a perennial challenge. Your survey shows 41% of global leaders plan to seek additional R&D funding—a big jump of 27% since 2023. What advice do you have for smaller biotechs navigating this climate?
Deepali Suri: It’s about leveraging both traditional and innovative approaches. Large pharma partnerships, venture capital, and government grants remain key. But we’re also seeing more alternative models like royalty financing, carve-outs, and even crowdfunding.
For smaller biotechs, my advice is to focus on the science, use technology to de-risk development, and seek partnerships early. Lilly’s AI platform with NVIDIA is a good example of how tech can strengthen a case to investors. Also, consider working with a global CRO that can provide strategic regulatory guidance and help you design studies that meet multiple regulators’ expectations—this builds investor confidence.
PD: Talent shortage was another interesting finding: APAC biotechs were three times more likely to report shortages than those in the US or EU. How can companies build sustainable pipelines amid this gap?
Deepali Suri: APAC faces a paradox: it’s experiencing rapid growth but often lacks in-house experience in global trial execution. That’s where technology and partnership come in. AI and digital tools can help resource-constrained teams, and in fact, over 90% of respondents in China expect AI to accelerate R&D.
For biotechs lacking global experience, partnering with a CRO that has on-the-ground presence in both APAC and Western markets can bridge the gap. At ICON, we often act as an extension of a biotech’s team—providing regulatory strategy, site networks, and operational support to navigate cross-border complexities. Investors also increasingly prefer that biotechs work with global CROs to ensure data quality and compliance.
PD: Geopolitical tensions add another layer of complexity. How should biotechs plan development strategies amid trade and regulatory uncertainty?
Deepali Suri: Geopolitical shifts are a reality, but drug development timelines are long—often 10 years or more. The key is to build globally resilient development plans from the outset. That means designing harmonized protocols, preparing strong data packages, and understanding regulatory pathways across the US, EU, and China early on.
We advise biotechs to plan for optionality across regions so progress in one geography isn’t derailed by changes in another. Using a CRO with neutral regional expertise can help navigate differing expectations. The goal is to keep scientific progress and patient access on track despite the geopolitical noise.
PD: Many biotechs want to integrate AI but lack in-house capabilities, as noted in ICON’s survey. How can they partner effectively without overextending?
Deepali Suri: This is where focused collaboration makes sense. Biotechs can use AI in discovery while partnering with CROs that have AI-enabled development tools—like digital endpoints or predictive site selection. The right partner brings not just technology, but fresh perspective and strategic insight.
For example, we have supported sponsors by integrating digital endpoints into neurodegenerative disease trials, which improved sensitivity and regulatory acceptance. The key is choosing a partner that offers end-to-end support—from early design to submission—and has real-world experience in your therapeutic area.
PD: Your survey notes that 92% of global executives and 95% in China are confident about hitting their next investment milestone. What’s fueling this optimism?
Deepali Suri: Despite the challenges, there is a strong belief in the science and the impact of innovation. The rebound in M&A, some high-profile licensing deals, and the ongoing patent cliff are creating opportunities. There is also a sense that AI and digital tools are starting to deliver on their promise—making R&D more efficient and predictive.
In China specifically, confidence is buoyed by continued government commitment, a strong pipeline, and increasing success in out-licensing to global partners. This optimism is a testament to the sector’s resilience.
PD: From the survey results, what trends stand out to you?
Deepali Suri: A few themes stand out. First, funding remains tight, but innovative models are emerging. Second, therapeutic focus is broadening—neurology and cardiology are rising alongside oncology. Third, cell therapy is now the leading modality, especially in China. Fourth, drug development complexity is the number one operational risk globally, which is where AI and strategic CRO partnerships can help.
Finally, despite geopolitical and economic headwinds, biotechs are remarkably optimistic. The future will be shaped by those who collaborate across borders, leverage technology thoughtfully, and keep patient impact at the center of their strategy.
