Core Insights - The development of innovative drugs in China has been significantly promoted by continuous improvement in national policies and increasingly stringent regulations, leading to a notable increase in both the quantity and quality of drugs [1][2] - The innovative drug research and development (R&D) process is lengthy and costly, typically requiring around ten years and over one billion dollars in investment, with a shift from quantity to quality in China's drug R&D capabilities [2][3] - The CRDMO (Contract Research, Development, and Manufacturing Organization) sector is evolving from a service provider to a value co-creation partner, enhancing revenue through early-stage R&D services and milestone payments [5][9] Industry Trends - The CXO industry in China has formed a multi-layered and differentiated competitive landscape, with WuXi Biologics leading the market with projected revenues of 18.68 billion yuan in 2024 [3] - New technology platforms are emerging, such as the peptide chip and AI screening platform by Carbon Cloud, which is globally leading in its field [4] - The CRDMO sector is experiencing a transformation, with companies like WuXi Biologics redefining their roles to provide comprehensive support throughout the drug development process [4][5] Market Dynamics - The number of clinical trials globally is steadily increasing, with China showing particularly strong growth, driven by unmet patient needs and a favorable market environment [1][2] - The innovative drug licensing transaction process is complex, but there is a growing trend of early-stage projects attracting attention from licensing transactions, indicating increasing market recognition and demand for innovative drugs [7][8] - In the past three to five years, over 60% of the assets that achieved licensing transactions through WuXi Biologics were ultimately acquired by multinational companies, highlighting the synergy between small biotech firms and larger corporations [8]
创新药授权交易2.0时代：如何从单向引进走向联合开发？