Junshi Pharmaceuticals was founded in 2012 in Shanghai by five technical professionals formerly employed at multinational pharmaceutical companies, with the goal of developing first-in-class and best-in-class drugs for China. Junshi benefited from new policy changes by securing clinical trial approval 1–2 years earlier than anticipated, ultimately launching China's first domestic PD-1 drug, Toripalimab, in 2018. Beginning in 2019, China implemented a Volume-Based Purchase (VBP) policy, requiring drug prices to be reduced by at least 60% before gaining entry to the NMIS Catalogue—necessary for access to public healthcare institutions. Junshi joined the Catalogue after a year of hesitation but did not turn a profit as a result. Meanwhile, the company continued to diversify its pipeline beyond oncology, placing high hopes on JS010 for migraine treatment. However, JS010, which also follows a fast-follower strategy, appeared likely to face a similar outcome as Toripalimab. Junshi's management believed entering the U.S. market might offer a solution to their current challenges, though the company would face a markedly different policy framework and competitive landscape. The deteriorating U.S.-China relationship added further uncertainty to the U.S. government's stance on Chinese pharmaceutical firms. Was Junshi truly ready to go global?