The spatiotemporal context affects corporate behavior because any corporate activity is carried out in a specific time and space. Based on an examination on the research and development (R&D) expenditures of 284 listed biopharmaceutical companies in China, this study finds that the innovation space of the biopharmaceutical industry presents a spatial “North–South” pattern. The spatial gravity center of the biopharmaceutical industry’s R&D investment has been shifting to the eastern coastal region. This spatiotemporal context will impact the R&D investment of biopharmaceutical companies. Research shows that the distance between biopharmaceutical companies and the gravity center has a direct impact on the R&D expenditures of biopharmaceutical companies. This study supports the context-sensitive thesis and shows how the spatiotemporal context affects the R&D investment of biopharmaceutical companies while controlling firm-level factors.