The biopharmaceutical industry, serving as the core driving force in the realm of modern medicine, assumes an irreplaceable role in safeguarding national health, propelling economic development, and fostering technological advancements. When juxtaposed with the global vanguard of pharmaceutical innovation, China’s pharmaceutical industry still exhibits a notable generational disparity in terms of innovation capabilities. This study analyzes the current development status of China’s biopharmaceutical industry, delving into the issues and challenges encountered during its development. It also examines the development trends and competitive landscape of the international biopharmaceutical industry. Subsequently, considering China’s national circumstances, this study proposes development strategies and policy recommendations for the biopharmaceutical industry in several aspects. These include intensifying policy support, bolstering innovation-driven impetus, strengthening talent cultivation, optimizing the industrial chain, and enhancing international cooperation. The overarching aim is to facilitate China’s transition from a large biopharmaceutical nation to a strong biopharmaceutical power, thereby offering the public more high-quality, efficient, and accessible medical services and contributing to the construction of the Healthy China initiative.