老树发新芽 医药行业“仿转创”迎来收获季

Core Viewpoint - The transformation of Chinese pharmaceutical companies from generic drugs to innovative drugs is a challenging yet rewarding journey, with companies like Heng Rui Medicine, Shi Yao Group, and Han Sen Pharmaceutical leading the way in international markets after overcoming initial hurdles [1][2]. Industry Development - Historically, China's pharmaceutical industry was predominantly focused on generic drugs, with minimal innovative drug achievements. The 2015 drug approval reform significantly shortened the new drug review process from an average of 3 years to 60 days, creating a conducive environment for the rise of innovative drugs [2][3]. - The introduction of drug procurement policies in 2018 led to a substantial decrease in average procurement prices for generic drugs, marking the end of the high-profit era for generics and necessitating a shift towards high-level innovation [2][3]. Company Examples - Heng Rui Medicine's revenue from innovative drugs grew to 14 billion yuan in 2024, accounting for over 50% of total sales, a significant increase from just 10% in 2018 [2]. - Companies like Ao Sai Kang, which previously thrived on generic drugs, have successfully pivoted to innovative drug development, with plans to launch one new innovative drug annually over the next three years [4][6]. Strategic Approaches - The "using generics to support innovation" strategy is crucial, as it allows companies to leverage their existing resources and expertise in generics to fund and facilitate innovative drug development [5][6]. - The collaboration between generic and innovative drug development is seen as a strategic resource reorganization, where the experience gained in generics aids in the commercialization of innovative drugs [5]. Challenges in Transition - The transition from generics to innovative drugs is fraught with difficulties, including high costs and low success rates in drug development, with the industry facing an average investment of 1 billion USD and a success rate of less than 10% for innovative drugs [6][7]. - Companies like Jiahe Biopharmaceutical faced setbacks, such as the rejection of their PD-1 drug application, highlighting the risks associated with innovative drug development [6]. Cultural and Structural Shifts - A significant challenge lies in overcoming the ingrained mindset of traditional pharmaceutical companies, which are often structured for mass production rather than innovative exploration [7]. - The need for a cultural shift towards embracing trial and error in innovation is emphasized, as this is essential for fostering breakthroughs in drug development [7].