医药创新看中国：“一哥”恒瑞研发瞄定三大策略 构建全球竞争力

Core Insights - In 2025, China's innovative drug sector is experiencing a significant surge, with 43 innovative drugs approved in the first half of the year, nearing the total approvals for 2024 [1] - China now accounts for approximately one-quarter of the global innovative drug development pipeline, conducting around 3,000 clinical trials annually, placing it at the forefront globally [1] - The total amount for licensing agreements of Chinese innovative drugs has surpassed $100 billion in the first three quarters of 2025, indicating a strong market enthusiasm for domestic innovations [1] - Leading company Heng Rui has established itself as a key player in the innovative drug landscape, focusing on unmet clinical needs and leveraging new technologies for better patient service [1][2] Industry Overview - The Chinese innovative drug industry is reshaping the global biopharmaceutical landscape, transitioning from a "Fast-follower" role to a "First-in-class" and "Best-in-class" approach, led by companies like Heng Rui [2] - The approval speed and quality of innovation in China have significantly improved, with a nearly 60% year-on-year increase in new drug approvals in the first half of 2025 [3] - China has become a major source of global pharmaceutical innovation, with the number of new drug molecules designed in China surpassing those from Europe and the U.S. for the first time in 2024 [3] Heng Rui's Strategy - Heng Rui's innovation strategy focuses on three key areas: patient-centered needs, modular-driven differentiation, and comprehensive chronic disease management [4] - The company is expanding its research platforms to include various advanced technologies such as ADCs, bispecific antibodies, and small nucleic acid drugs, while continuously optimizing these platforms [4] - In oncology, Heng Rui is developing a "four-in-one" collaborative innovation therapy system that encompasses precision therapy, immunotherapy, targeted chemotherapy, and supportive care [5] Global Expansion - By 2025, Chinese innovative drugs accounted for over 20% of global licensing transactions, reflecting a shift in confidence towards China's biopharmaceutical capabilities [6] - Heng Rui has achieved significant milestones in business development (BD), with total licensing agreements exceeding $28 billion over the past three years, partnering with major multinational corporations [6][8] - A notable collaboration with GlaxoSmithKline (GSK) involved a record-breaking licensing deal for 12 innovative projects, highlighting the growing recognition of Chinese companies' research capabilities [7] Future Outlook - Heng Rui anticipates over 10 innovative drugs and approximately 20 new indications to be approved domestically within the next two years, while also exploring new BD transactions and enhancing global clinical capabilities [8] - The Chinese innovative drug sector is expected to see a wave of projects launched in major global markets, accelerating the globalization of domestic companies [10] - Heng Rui's transformation is attributed to sustained high R&D investment, with a research expense ratio reaching 30%, and a robust pipeline of over 100 innovative products in clinical development [11]