Core Insights - 2023 marks a pivotal year for domestic innovative drugs going global, with overseas licensing amounts reaching $25.7 billion, surpassing the amount for technology introduced from abroad for the first time, indicating that Chinese innovative drugs are truly entering the global market [1] - The trend is expected to strengthen by 2025, with overseas licensing amounts projected to exceed $100 billion, having already reached $80 billion by September 2023 [1][6] - The current investment landscape in the biopharmaceutical sector is characterized by a disparity between the primary and secondary markets, a situation not seen in the past five years [1][2] Investment Environment - The primary market is primarily funded by state-owned capital, while market-driven funds have yet to return due to previous years of unprofitability and the temporary profitability in the secondary market [3] - The Hong Kong stock market is becoming an important choice for biopharmaceutical companies to go public, although there is significant differentiation in market performance [2][3] - The secondary market has seen continuous index growth, attracting investors, while the primary market remains subdued, with little sign of recovery [2][3] Challenges and Opportunities - The biopharmaceutical industry faces challenges such as declining research and development efficiency, commercialization obstacles, and insufficient liquidity in the Hong Kong market [1][3] - The imbalance between research and commercialization is evident, with domestic companies having higher R&D success rates but facing issues like product homogeneity and limited insurance payment methods [6] - Key breakthrough areas for the industry include overseas licensing, AI healthcare, and the improvement of payment systems [6] Strategic Recommendations - Entrepreneurs are advised to fully commit to their ventures and develop comprehensive strategic plans to navigate the current market environment [5] - Investors should adopt a patient capital approach, recognizing that the biopharmaceutical investment cycle is long and requires enduring patience for returns [5] - Collaboration between entrepreneurs and investors is crucial, with a focus on long-term strategies rather than short-term performance [5] Future Outlook - The ability to go global is becoming a key focus for investment institutions, serving as an important indicator of a company's competitiveness [7] - Despite external policy risks, such as U.S. restrictions on biopharmaceutical imports, companies are encouraged to establish local teams and partnerships to mitigate these risks [7] - The groundwork laid by industry professionals over the past decade is expected to yield results in the future, with current developments in the Hong Kong market and overseas licensing being seen as foundational steps [8]
中国创新药，今年海外授权已卖出800亿美元，对话创东方投资合伙人卢刚：生物医药二级市场火热，一级市场为何募资遇冷？
3 6 Ke·2025-10-23 13:01