Core Insights - The global pharmaceutical industry is undergoing significant changes, with Chinese innovative drugs becoming a key topic for industry development. The trend of Chinese innovative drugs going global is seen as a "must-have option" for industry upgrades, driven by profound industrial logic and strategic significance [1] Group 1: Market Dynamics - In 2025, the global pharmaceutical transaction volume reached 456 deals, a year-on-year increase of 32%, with a total transaction value of $130.4 billion, up 58% year-on-year. Transactions involving China contributed over 30% of the total number and nearly 50% of the total value [1] - In the first half of the year, there were 40 major transactions with amounts exceeding $1 billion, with Chinese pharmaceutical companies accounting for 40% of the license-out transactions [1] Group 2: Competitive Advantages - China has formed strong competitive advantages in cutting-edge fields such as ADC and bispecific antibodies, with R&D costs controlled at about 40% of those in Europe and the U.S., and clinical trial efficiency improved by over 30% [2] - The shift from developing follow-on drugs like PD-1 to products with global competitiveness has created significant technological generational advantages, which is a crucial foundation for the wave of going global [2] Group 3: Strategic Implications - The core value of going global has dual significance: for biotech companies, BD transactions not only provide financing support but also alleviate cash flow pressure; for the industry as a whole, Chinese innovative drugs account for only 3%-4% of global sales, indicating a gap with the global population and GDP share [2] - To transition from global participants to rule-makers, Chinese pharmaceutical companies need to continuously enhance their global competitiveness and strengthen original breakthroughs in basic research [2] Group 4: Market Entry Strategies - Companies should adopt differentiated strategies for going global based on their characteristics and product strengths. Self-initiated global expansion is high-risk and long-term but can yield high returns for companies with top global products [3] - BD licensing transactions can be categorized into two types: one involves reducing R&D investment after authorization for revenue sharing, while the other is a collaborative development model that provides partners, funding, and experience [3] - Emerging markets, while having a large population base, currently have limited payment capabilities for innovative drugs, but this may change with the ongoing development of the Belt and Road Initiative [3]
工银瑞信谭冬寒：创新药出海成产业升级关键 技术代际突破铸就底气
Cai Jing Wang·2025-09-19 08:56