This Odd Lots podcast episode interviews Tim Opler, a managing director in healthcare investment banking, about the rise of China's biotech industry. The discussion begins with an explanation of the biotech ecosystem and the manufacturing processes for small molecules versus biologics (including the surprising use of Chinese hamster ovary cells). Opler highlights China's rapid growth, noting that 30% of major pharma licensing deals now involve Chinese companies, largely due to faster regulatory processes and lower costs, including significantly lower costs for clinical trials. A key takeaway is the revelation that a significant profit center for US hospitals and doctors is selling access to their patients for clinical trials, impacting the cost and speed of drug development in the US. The interview concludes with a discussion of AI's potential role in accelerating drug development in China.