Biopharmaceutics is one of the main battlefields for China-US scientific-technological competition, which is particularly eye-catching. Based on the theory of Cockburn-Stern biopharmaceutical innovation system, this article makes a comparative analysis on China-US biopharmaceutical innovation on six key elements involving fundamental research, R&D workforce, market demand, priorities, intellectual property, and intense competition. The main problems of China’s biopharmaceutical innovation are conluded and policy recommendations are proposed.