The article analyzes the competition between the USA and China in biotechnology for the year 2024 based on data on 2000 companies covering significant R&D investments. The US leads in the pharmaceuticals and biotechnology sector with 181 firms, while China dominates in electronics and electrical equipment with 82 firms and software with 56 firms. China is rapidly catching up with the US in biotech thanks to government policies such as the 14th Five-Year Plan from 2021 focused on precision medicine and biopharma. Clinical trials in China are 30% cheaper and 20-40% shorter than before. The number of new drugs in development in China has increased 8-fold, and one-third of new drugs licensed by major US pharmaceutical companies come from China. China has reached parity with the US in drug development. As of 2022, Chinese firms have added more than 4,100 innovations to their pipelines, accounting for 31% of the global total.