财经观察：中国创新药“出海”有哪些看点？

Core Insights - Chinese biotechnology is experiencing a "DeepSeek moment," with significant outbound business development (BD) transactions in the innovative drug sector, marking a shift from a focus on domestic markets to global engagement [1][3] - The approval of innovative drugs like the dual-target drug Masitide by Innovent Biologics signifies a break in the monopoly of foreign products in the domestic market, showcasing the growing capabilities of Chinese companies in the metabolic disease field [2][3] - The total amount of outbound licensing transactions by Chinese innovative drug companies reached $45.5 billion in the first five months of 2025, surpassing the total for the first half of 2024, indicating a surge in international collaboration [3] Industry Development Stages - The development of Chinese original innovative drugs is categorized into three stages: "me-too" (generic drugs), "fast-follow" (rapidly following drugs), and "first-in-class" (original innovative drugs), with the industry now entering the third stage [5] - The transition from manufacturing generics to original research and development reflects a significant evolution in the capabilities of Chinese pharmaceutical companies [5][12] Market Dynamics - The increasing efficiency of clinical trial approvals in China is attracting foreign companies to explore opportunities in the Chinese market, enhancing the global competitiveness of Chinese drug firms [7][11] - The collaboration between Chinese and multinational pharmaceutical companies is becoming more common, with many foreign firms actively seeking partnerships with Chinese innovators [10][11] Future Prospects - Chinese innovative drug companies are encouraged to discover new drug targets with clinical development value to create impactful new drugs, moving from the current stage of development to a more pioneering role in global pharmaceuticals [12] - The ongoing support from the Chinese government for the biopharmaceutical sector is crucial for fostering innovation and attracting international attention [11][12]