政策赋能产业发力 中国创新药掀起出海热潮

Core Viewpoint - The Chinese innovative drug sector is experiencing significant growth, driven by increased policy support, breakthroughs in research and development, and a surge in business development (BD) transactions, indicating a clear trend towards internationalization and positioning China as a "pharmaceutical powerhouse" [1][2][4]. Group 1: Market Performance - The innovative drug sector has seen a remarkable recovery since 2025, with the Wind Innovative Drug Index rising by 27.46% year-to-date, outperforming the broader market [2]. - In the Hong Kong market, the Hang Seng Innovative Drug Index has surged by 73.12%, with notable individual stocks like Sanofi and Kexing Biotech seeing increases of over 100% [2]. - A total of 78 stocks in the A-share market have collectively gained over 400 billion yuan in market value this year [2]. Group 2: Reasons for Growth - The recovery is attributed to three main factors: the innovative drug index's previous decline creating upward potential, the transition of biotech companies to profitability, and a significant increase in China's share of global BD transactions [3][4]. - The share of China's BD transactions in global deals has risen from 5% in 2021 to 42% in 2025, with the total value of BD transactions reaching $41 billion [3]. Group 3: Policy Support - The Chinese government has intensified support for innovative drugs, with initiatives outlined in the 2024 and 2025 government work reports to accelerate the development of innovative drugs and medical devices [5][6]. - The State Council has approved a comprehensive plan to support the entire chain of innovative drug development, focusing on price management, insurance payments, and optimizing approval processes [6]. Group 4: R&D Breakthroughs - Chinese pharmaceutical companies are increasingly focusing on original research, with a significant rise in the number of innovative drugs entering clinical trials [7][8]. - In 2024, China had 704 innovative drugs, leading globally, and accounted for 31.33% of the world's first-in-class (FIC) drugs [8]. Group 5: Business Development Transactions - The total value of BD transactions for Chinese innovative drugs reached a record $523 billion in 2024, with significant deals announced in recent months [11][12]. - Major companies like Sanofi and CSPC have engaged in high-value BD transactions, indicating strong international interest in Chinese biotech assets [11][12].