半年豪掷176亿！中国药企研发加码，竞速全球“新赛场”

Core Insights - The Chinese biopharmaceutical market has become the second largest globally, with innovative drugs accounting for approximately 30% of global research and development [1] - During the "14th Five-Year Plan" period, China approved 210 innovative drugs and 269 innovative medical devices, showing a trend of accelerated growth [1] - The total amount of innovative drug licensing from China reached nearly $66 billion in the first half of 2025, indicating increasing global recognition of Chinese innovative drugs [1] R&D Investment - In the chemical preparation sector, the top ten pharmaceutical companies spent a total of 17.636 billion yuan on R&D in the first half of 2025, a year-on-year increase of 12.66% [2] - BeiGene led the sector with R&D expenses of 7.278 billion yuan, accounting for 41.54% of its total revenue, marking a 9.8% increase year-on-year [2] - Other companies like Hengrui Medicine and Fosun Pharma also invested over 1 billion yuan in R&D, reflecting a strong emphasis on innovation [1][2] Oncology Drug Development - Oncology remains a core focus for Chinese innovative pharmaceutical companies, with significant investments in R&D from firms like BeiGene and Hengrui Medicine [3] - BeiGene is developing several promising products in the hematological oncology space, including the BTK inhibitor Bruton and two late-stage products with global potential [3] - The global oncology drug market is expected to reach $328.6 billion by 2026, with China's market projected to grow to 376 billion yuan by 2026 and further to 755.1 billion yuan by 2031, reflecting a compound annual growth rate of 16.0% from 2024 to 2031 [4] Market Dynamics - The demand for oncology products is driving revenue for many pharmaceutical companies, with Hansoh Pharmaceutical reporting that its innovative oncology product Ameluz generated approximately 4.531 billion yuan in revenue, accounting for 60.9% of total revenue [5] - The industry is entering a phase of diverse development, with significant opportunities in ADC (antibody-drug conjugates) and other innovative therapies [5] - The five-year survival rate for cancer patients in China has improved from 40.5% in 2018 to 43.7% in 2022, indicating progress in cancer prevention and treatment [5] Technological Advancements - AI and digital technologies are reshaping the pharmaceutical R&D landscape, with new guidelines from the FDA aimed at integrating AI into preclinical research [7] - The competition in the oncology sector is intensifying, with a significant number of similar products in development, particularly in the dual-antibody and single-antibody markets [8] - The industry is focusing on creating a closed-loop research ecosystem that connects clinical needs with laboratory innovations to accelerate the translation of research into clinical applications [9]