中国创新药出海低至“一折”“青苗贱卖”何以愈演愈盛？

Core Insights - The Chinese innovative pharmaceutical industry has achieved significant milestones in 2023, with over $1 billion in outbound licensing deals, nearing last year's total in just the first half of the year [1] - However, concerns arise regarding whether the true value of these innovations is being realized and who holds the pricing power [1][3] - Many Chinese companies are reportedly undervaluing their innovations, leading to a situation where they sell their drug pipelines at low prices before they reach the market [2][3] Group 1: Licensing Deals and Financial Returns - BioNTech's acquisition of BNT327 from Chinese company Pumice highlights the disparity in returns, with BioNTech set to receive over $96 billion in future payments after a $15 billion upfront payment, while Pumice only received $0.55 billion initially [2] - Similar situations are observed with other companies, such as Hengrui Medicine, which licensed SHR-1905 to Aiolos Bio, only for Aiolos to be acquired by GSK shortly after, indicating a trend of undervaluation in the Chinese market [2][3] Group 2: Pricing Disparities - There is a significant price gap between innovative drugs in China and those in the U.S., with examples showing that Chinese prices can be 14 to 33 times lower than U.S. prices for similar drugs [5][6] - The Chinese market is described as a "price sink," with innovative drugs priced approximately 39% lower than the median international reference prices, resulting in a mere 3% share of the global pharmaceutical market [5][6] Group 3: Market Access Challenges - The process for new drugs to enter hospitals in China is lengthy and complex, often taking up to 10 years to achieve significant sales, which contrasts sharply with the U.S. market where new drugs can generate substantial revenue within months [7][8] - High entry barriers and low coverage rates for innovative drugs in hospitals hinder their market penetration and profitability, further discouraging innovation [8] Group 4: Policy Responses and Future Outlook - Recent policy measures, including the establishment of a "commercial health insurance innovative drug directory," aim to enhance the market for innovative drugs and provide new payment channels [10][11] - The government is also focusing on improving the global competitiveness of Chinese innovative drugs by facilitating access to international markets and supporting commercial insurance investments [11]