BRUSSELS, June 23 (Reuters) - China has pulled ahead of

Europe in pharmaceutical innovation and drug development, a

senior Pfizer ( PFE ) executive said on Tuesday.

China has become a major source of new medicines and clinical

research, reshaping the global pharmaceutical-industry

landscape, Pfizer ( PFE ) Chief International Commercial Officer

Alexandre de Germay said at an event hosted by industry lobby

group the European Federation of Pharmaceutical Industries and

Associations (EFPIA).

"Today, 40% of all clinical studies in oncology in the world

are in China," de Germay said. "The volume of innovation that is

coming out of biotech in China is just amazing."

De Germay said Pfizer ( PFE ) now believes that clinical development

could be conducted three times faster in China and at roughly

half the cost compared with Europe.

He also pointed to data showing that China was the source of

more innovative medicines than Europe.

"In 2024, of 81 innovative medicines launched, 28 came from

China and only 18 came from Europe," he said.

The comments come as drugmakers and European policymakers debate

how to maintain Europe's competitiveness in pharmaceutical

research and development and manufacturing amid growing

competition from both China and the U.S.

"We have to compete with the U.S., but we also have to compete

with China," de Germay said. "We need to realize that the threat

of China is reality."

The U.S. has also taken actions to speed up drug research to

counter the Chinese biotech industry. The U.S. Food and Drug

Administration launched an initiative on Monday called Operation

TrialBlazer and updated its guidance for ​early-stage studies,

which could save companies six to 12 months ‌of ⁠development

time.

Pfizer ( PFE ) Chief Oncology Officer Jeffrey Legos said in an

interview on Monday that, at a minimum, 20% of patients in the

company's late-stage studies are enrolled in the U.S.