To develop the pharmaceutical industry in China，there needs to seek more cooperation between enterprises，not just with scientific research institution． However，the new challenge brought by the cooperation between enterprises should be taken good consideration in the framework of competition and cooperation． The success of the cooperation depends on three aspects: whether the cooperative partner possesses enough autonomy; the cooperation of technology should be balanced with that of market; the cooperation should be done under the pattern of treaty rather than joint capital． The cooperation between pharmaceutical enterprises in China indicates that the cooperation in the framework of competition and cooperation should comply with the principle that risk precedes profit．