Core Insights - Chinese innovative pharmaceuticals are emerging as a significant force in the global pharmaceutical innovation landscape, with a total transaction amount of $45.5 billion for external licensing deals from January to May this year, surpassing the total for the first half of 2024 [1] - Major Chinese companies like 3SBio and CSPC Pharmaceutical Group have achieved substantial transactions, highlighting the "going global" trend of Chinese innovative drugs [1] - The shift from "imitative innovation" to "original innovation" among Chinese pharmaceutical companies is driven by the need to address financing challenges, with companies opting for business development (BD) transactions to monetize part of their pipelines [1] Industry Trends - The high entry barriers and significant R&D risks in the innovative drug industry have led international pharmaceutical giants to seek promising pipelines from Chinese companies to reduce R&D costs and enhance investment returns [1] - The Chinese innovative drug sector is experiencing a gradual recovery in financing within the primary and secondary markets, aided by the reintroduction of the fifth set of standards for the Sci-Tech Innovation Board and improved liquidity in the Hong Kong stock market [2] - Concerns have been raised by the China Pharmaceutical Innovation and Research Development Association regarding the potential long-term loss of quality domestic innovative results if too many high-quality R&D pipelines are licensed out [2]
时报观察 | 保护“原始创新” 创新药企投融资通道须畅通
Zheng Quan Shi Bao·2025-07-13 17:33