国产创新药迎来价值重估

Core Viewpoint - The innovative pharmaceutical sector in China is experiencing a significant upward trend, driven by policy support, industry advancements, and capital empowerment, leading to a revaluation of domestic innovative drugs [1][2][4] Policy Support - The Chinese government has been increasing its support for domestic innovative drugs since 2015, establishing a comprehensive policy framework that covers drug research, approval, payment, market access, and internationalization [1] - In January 2023, the State Council issued an opinion to enhance support for drug and medical device innovation, aiming to transform China from a major pharmaceutical country to a strong one [1] - A June 2023 State Council meeting emphasized the need for better coordination in the "three medical" sectors and improving public hospital compensation mechanisms to support pharmaceutical companies in enhancing innovation capabilities [1] Industry Development - The R&D investment in China's pharmaceutical and biotechnology sector is on the rise, with A-share pharmaceutical companies expected to invest over 120 billion yuan in R&D in 2024 [2] - Domestic innovative pharmaceutical companies are transitioning from low-level repetitive innovation to original innovation, producing globally competitive drugs, particularly in cutting-edge fields like ADCs, cell therapy, and gene therapy [2] - There is a surge in the development of GLP-1 class drugs for metabolic diseases, with domestic companies optimizing molecular structures and developing long-acting formulations to catch up with international leaders [2] International Recognition - Chinese innovative drugs and companies are gaining trust in international markets, with significant participation in top global academic conferences, showcasing research achievements [3] - In 2025, over 70 research outcomes led by Chinese scholars are expected to be presented at the ASCO conference, a significant increase from just one ten years ago [3] - In May 2023, a record-breaking overseas licensing deal worth $1.25 billion was made by a Chinese company, indicating strong international confidence in Chinese R&D capabilities and product quality [3] Capital Empowerment - Various local governments have established special funds to subsidize R&D expenses for innovative pharmaceutical companies, supporting their development and industrialization [4] - As of June 13, 2023, the number of pharmaceutical and biotechnology companies listed on the A-share STAR Market reached 109, raising over 170 billion yuan, providing ongoing momentum for innovative drug development [4] - A number of innovative pharmaceutical companies have made significant progress in transitioning from technological breakthroughs to industrial applications, fueled by capital market support [4]