How could pikachu be only level 35-37 he has battled through kanto, johto, orange islands, hoenn, battle frontier and currently sinnoh??
I bet that if you went and approximated the experience points gain of all the pokemon that pikachu has beaten it would not be above lvl 40 at all. And no, Regiice and dragonite are probably no more that lvl 50 themselves, and many of pikachu's wins have been shared with other pokes.