创新药BD热潮还能持续多久？

Core Insights - The recent surge in business development (BD) collaborations in the innovative drug sector highlights the growing partnership between Chinese biotech firms and international pharmaceutical companies [2] - The unique characteristics of the innovative drug industry create a fertile ground for BD collaborations, as large pharmaceutical companies dominate late-stage clinical trials and commercialization, which require substantial capital and resources [2] - The potential for BD collaborations with Chinese biotech firms hinges on their core capabilities, particularly the ability to consistently produce high-quality pipelines that are advanced in research and development [2] Industry Dynamics - Large pharmaceutical companies face inherent weaknesses in internal innovation and must continuously introduce significant products to sustain their operations, leading to a prevalent model of "self-research + pipeline procurement" [2] - The rational market choice for international pharmaceutical companies is to select the best pipelines, and when Chinese innovative drugs can offer the "fastest and best" options, collaborations are likely to follow naturally [2]