Seek .(US:SKLTY) Xin Hua She·2025-12-31 05:04Core Insights - The Chinese pharmaceutical industry is experiencing a significant breakthrough in innovative drug development, marking a decade of progress since 2015, which was recognized as the "Year of Chinese Innovative Drugs" [2] Group 1: Innovative Drug Development - The industry has seen over 110 domestically developed innovative drugs approved since the start of the 14th Five-Year Plan, with a market size reaching 100 billion yuan [8] - The number of innovative drugs in development accounts for over 20% of the global total, positioning China as the second-largest in new drug research and development [8] - Since 2018, a total of 265 innovative drugs have been approved in China, with 68 approved by November 2025 alone, which is more than six times the total for 2018 [9] Group 2: CAR-T Therapy and Chronic Kidney Disease - A new CAR-T therapy targeting kidney fibrosis has gained significant attention, highlighting the potential of innovative treatments to address chronic kidney disease (CKD), which affects approximately 788 million adults globally [3][4] - Traditional treatment options for kidney disease are limited, with high costs and reliance on dialysis for end-stage renal disease patients [4] - The CAR-T therapy aims to halt the progression of kidney disease by precisely targeting pathogenic cells, representing a shift from conventional treatment methods [5] Group 3: Policy Support and Market Expansion - Recent policies from the National Healthcare Security Administration and the National Health Commission have established a comprehensive support system for innovative drug development, enhancing market access and reimbursement mechanisms [7] - The dual-directory mechanism for including innovative drugs in basic medical insurance and commercial health insurance is expected to expand market opportunities for pharmaceutical companies [7] - The industry is entering a "window of opportunity" as major multinational pharmaceutical companies face patent expirations, creating demand for new products in oncology and other therapeutic areas [9] Group 4: International Market and Collaboration - By 2025, the total overseas licensing amount for Chinese innovative drugs is projected to exceed 100 billion USD, doubling from 2024 [10] - The collaboration model for overseas markets has evolved from simple licensing to joint development and commercialization, indicating a shift from a "seller" to a "partner" role for Chinese pharmaceutical companies [10] - This transformation signifies a transition from "following generics" to "source innovation," enhancing the global standing of Chinese innovative drugs [10]