中国制药新变革：从仿制药大国到创新药强国

Core Insights - The surge in demand for new drug R&D by Chinese companies has led to a near doubling of the market value of biotech stocks listed in Hong Kong this year [1] - Several biotech firms have raised billions of dollars in Hong Kong under special listing rules, indicating strong investor interest [1] - China's biopharmaceutical industry is transitioning from being a low-cost generic drug supplier to a manufacturer of cutting-edge products, aided by advancements in artificial intelligence [1] Industry Developments - China controls approximately 80% of the global supply chain for active pharmaceutical ingredients (APIs) but is now also home to 23% of next-generation therapeutic candidates [3] - The rise of China's biopharmaceutical sector is attributed to comprehensive reforms in drug approval regulations since 2015 and the inclusion of biotechnology in the "Made in China 2025" strategic plan [3] - As of June this year, China ranks second globally in bioscience research, with six of the top 20 global research institutions located in Chinese universities [3] Cost Competitiveness - From 2017 to 2023, the average patient cost for clinical research of innovative drugs in China is only 30% to 50% of that of multinational companies, enhancing the global competitiveness of Chinese innovative drugs [3] - For instance, the drug Orelabrutinib, developed by Ascentage Pharma for chronic myeloid leukemia, is expected to be priced at one-third to one-fourth of the U.S. developed Iclusig [3] Geopolitical Context - The U.S. has recognized the rise of Chinese pharmaceuticals and has attempted to impose a 100% tariff on imported brand-name drugs unless companies establish manufacturing in the U.S. [5] - This creates a paradox for the U.S., as it seeks to reduce reliance on China while also aiming to lower drug prices, which tariffs cannot achieve simultaneously [5] - Despite tariff barriers, the global demand for high-cost performance innovative drugs remains strong, prompting Chinese biotech firms to accelerate their internationalization efforts [5]