Dear dupa,

US biotech has always dominated the global market. Are we witnessing the end of that era?

China's life sciences sector isn't just growing — it's fundamentally changing the competitive dynamics of biotech. High-quality assets are coming out of Chinese labs at a pace that would have seemed impossible a decade ago. Investors are funding them. Western companies are licensing them. And US regulators are being forced to figure out what that means for their role.

The FDA must figure out how to confront a threat to biotech dominance that America has long taken for granted. It's a story that hits on geopolitics, science and competition — and asks some major questions about the future of biotech.

We're tackling this head-on at the Financial Times x Endpoints US Pharma and Biotech Summit in New York this May. I'll be moderating a conversation on how the FDA adapts to China's rise, with Susan Winckler from the Reagan-Udall Foundation and Caitlin Frazer from the National Security Commission on Emerging Biotechnology. We'll also dig into what's next in immunology with Kymera Therapeutics' Nello Mainolfi. You can explore the full program in the event agenda.

If you can be in New York, you should be. There's a virtual option, but being in the room changes the experience entirely.

Hope to see you there.