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  "notes": "Data refers to enterprises above designated annual revenue size (>20M RMB). Exchange rate 6.25 used.",
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      "text": "Under encouraging policy, Chinese pharmas are sparing more efforts on drug development, supported by rising R&D expenditure with a 14% CAGR from 2016-2021, higher than that in U.S.",
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      "text": "Under encouraging policy, Chinese pharmas are sparing more efforts on drug development, supported by rising R&D expenditure with a 14% CAGR from 2016-2021, higher than that in U.S. PE/VC investment, reaching 20 billions of USD in 2021 with a 50% CAGR from 2016 to 2021, has largely supported drug R&D in China. Continuous R&D investment has resulted in the steady growth of patents held by Chinese pharmas, which reached 57 thousand in 2020 with a ~11% CAGR from 2016 to 2020",
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