The Immigrant Technologist

William Kerr and Michael Roberts look at Studying Technology Transfer with China:

Assistant Professor William R. Kerr teaches the required first-year MBA course, The Entrepreneurial Manager, in addition to Executive Education courses at Harvard Business School. One of his core research areas is the role of immigrant entrepreneurs and scientists for U.S. technology development, as well as the subsequent diffusion of new innovations to the immigrants' home countries.

Some interesting points:

My research focuses on technology transfer through ethnic scientific and entrepreneurial networks. Traditional models of technology diffusion suggest that if you have a great idea, people who are ten feet away from you will learn about that idea first, followed by people who are 100 miles away, and so forth in concentric circles. My research on ethnic networks suggests this channel facilitates faster knowledge transfer and faster adoption of foreign technologies. For example, if the Chinese have a strong presence in the U.S. computer industry, relative to other ethnic groups, then computer technologies diffuse faster to China than elsewhere. This is true even for computer advances made by Americans, as the U.S.-based Chinese increase awareness and tacit knowledge development regarding these advances in their home country.

In my experience the Chinese have a strong presence in the biotech and research sectors.  This would seem to apply to biotech if it applies to computers.

One implication concerns immigration levels. It is interesting to note that while immigrants account for about 15 percent of the U.S. working population, they account for almost half of our Ph.D.-level scientists and engineers. Even within the Ph.D. ranks, foreign-born individuals have a disproportionate number of Nobel Prizes, elections to the National Academy of Sciences, patent citations, and so forth. They are a very strong contributor to U.S. technology development, so it is in the United States' interest to attract and retain this highly skilled group. It is one of the easiest policy levers we have to influence our nation's rate of innovation.

Historically, the United States has been very successful at the retention of foreign-born, Ph.D.-level scientists, inventors, and entrepreneurs. As China and India continue to develop, they will become more attractive places to live and to start companies. The returnee pattern may accelerate as foreign infrastructures become more developed for entrepreneurship. This is not going to happen over the next three years, but it is quite likely over the next thirty to fifty years. My current research is exploring how this reverse migration would impact the United States' rate of progress.

Also,

...One of the strongest trends of globalization is that U.S. multinationals are placing larger shares of their R&D into foreign countries. About 5 percent of U.S.-sponsored R&D was done in foreign countries in the 1980s, and that number is around 15 percent today.

See this related report on  "time and cost benefits of clinical drug development in India."