一财社论：中国创新药“DeepSeek”时刻来临了吗

Core Insights - The rise of China's innovative pharmaceutical industry indicates that true innovation comes from companies adapting to market demands, leading to unexpected successes [1][4] - By 2025, China's innovative drugs are expected to enter a period of significant development, with multiple strategic collaborations and transactions recently announced [1][2] Industry Performance - As of June 13, the CSI Innovative Drug Industry Index in A-shares has increased by 17.34% year-to-date, while the Hang Seng Biotechnology Index has surged by 61.96% [1] - In Q1 of this year, the total transaction amount for mergers and acquisitions involving Chinese pharmaceutical companies reached $36.9 billion, accounting for over half of the global total of $67.5 billion [2] Factors Driving Growth - The open access to overseas markets allows Chinese biopharmaceutical companies to effectively participate in the international innovative drug ecosystem, benefiting from better asset valuation and a robust intellectual property protection system [3] - A favorable domestic environment for innovation, including relaxed policies for clinical trials and a talent surplus, has reduced overall costs for Chinese innovative drug companies [3] - The formation of a specialized and collaborative innovation ecosystem in China's biopharmaceutical sector has enhanced focus and significantly lowered innovation costs [3] Challenges and Future Outlook - Despite recent successes, the domestic innovative drug industry still faces challenges, including pricing pressures, insufficient capital market support, and intense competition [4] - To maintain international competitiveness, the industry must enhance domestic market capabilities while ensuring that innovative assets circulate effectively between domestic and international markets [4] - Shanghai's recent initiatives to strengthen intellectual property protection and foster collaboration in the biopharmaceutical sector serve as a model for reducing innovation costs and improving medical outcome conversion rates [5] Sustainability of Innovation - For China to achieve a sustainable "DeepSeek" moment in the innovative drug sector, it is crucial to create and maintain an environment that fosters innovation without excessive intervention [6]