毕马威：资本市场已成为创新药企研发资金的重要来源

Core Insights - Efficient operation of capital markets has become a crucial source of funding for innovative pharmaceutical companies [1] - Systematic policy optimization has improved financing efficiency and established a multi-layered, sustainable capital support system for the industry [1] - The policy issued in May 2025 emphasizes enhancing capital market support for technology innovation enterprises, particularly those with key core technologies, providing broader financing channels for biopharmaceutical companies [1] Industry Developments - Continuous optimization of the Sci-Tech Innovation Board system has been noted, with the China Securities Regulatory Commission releasing opinions to enhance institutional inclusiveness and adaptability [1] - As of now, 20 companies in the biopharmaceutical sector have successfully listed on the Sci-Tech Innovation Board under the fifth set of standards, with 19 of them achieving product launches, showcasing the system's inclusiveness for high-tech and high-growth enterprises [1]