创新药“跃迁”这一年：从出海爆发到价值兑现

Group 1 - The core viewpoint of the article highlights that the Chinese innovative pharmaceutical industry is transitioning from "transaction heat" to "value realization," with a total licensing transaction amount exceeding $92 billion in the first three quarters of 2025 [1][2] - The first edition of the "Commercial Health Insurance Innovative Drug Directory" was officially released in December, establishing a multi-layered payment system that opens new market pathways for high-value innovative drugs [1][6] - The industry is expected to see a surge in innovative drug business development (BD) activities, supported by favorable policies and the dual push of commercial insurance implementation and procurement optimization [1][2][3] Group 2 - In the first half of 2025, the total amount of license-out transactions for Chinese innovative drugs approached $66 billion, surpassing the total amount for 2024, which was $51.9 billion, marking a historical high [2] - Significant transactions include a $12.5 billion upfront payment from 3SBio to Pfizer for exclusive global rights to a self-developed PD-1/VEGF bispecific antibody, and a strategic cooperation agreement between Hengrui Medicine and GlaxoSmithKline potentially worth up to $12 billion [2][3] - The release of the commercial health insurance directory and the dynamic adjustment of the national medical insurance directory are seen as crucial steps in creating a multi-layered payment system that alleviates the payment challenges for high-value innovative drugs [6][7] Group 3 - The past year has seen a surge in innovative drug exports, driven by policy support, capital influx, talent, and innovative business models [3] - The "NewCo" model, where investment funds lead the establishment of new companies, allows local pharmaceutical companies to license overseas rights while gaining equity, facilitating large transactions [3] - The successful value realization cases are expected to enhance international buyers' trust in the delivery capabilities of Chinese biotech, creating a positive cycle of high-value transactions [4][5] Group 4 - The comprehensive reforms in the pharmaceutical sector over the past decade have laid the groundwork for the current wave of innovative drug exports, with significant policy breakthroughs expected to further enhance the industry's global competitiveness [6][8] - The establishment of a complete closed-loop system from research and development to international multi-center clinical trials indicates a more mature future for the innovative drug industry [8]