红杉中国杨云霞：生物医药行业的核心驱动力始终只有两个

Core Insights - The pharmaceutical industry is fundamentally driven by two core factors: continuous breakthroughs in life sciences understanding and the evolution of tools to address life science challenges [1][5][8] - Despite market fluctuations, the investment logic and strategies in the healthcare sector remain unchanged, focusing on finding products that can significantly alter life trajectories [5][16] - The maturation of China's innovative drug infrastructure has been validated, indicating a more prosperous future for the pharmaceutical industry in China [1][16] Investment Strategies - The investment approach emphasizes a stable and consistent strategy, seeking to invest in innovative teams and technologies that can lead to significant breakthroughs [5][6] - The commercial viability of new products is assessed through a model that prioritizes being faster, cheaper, or better compared to existing solutions [9][11] - Recent trends show a surge in License-out transactions in China's innovative drug sector, reflecting the industry's growing maturity and international recognition [12][13] Market Dynamics - The rise of artificial intelligence is seen as a catalyst for accelerating research and development in the pharmaceutical industry, potentially transforming the entire healthcare landscape [8] - The industry is currently experiencing a rich pipeline of assets, allowing companies to strategically engage in licensing deals to secure funding and industry validation [12][15] - The long-term nature of drug development necessitates strong conviction from entrepreneurs and investors, as the process can take a decade or more to yield results [16]