Zhong Guo Zheng Quan Bao·2026-01-26 20:54Core Viewpoint - The trend of Chinese innovative drugs going global continues to gain momentum in 2026, with local pharmaceutical companies like Rongchang Biologics achieving significant overseas licensing agreements, marking a shift from simple product output and price competition to a new stage of value competition based on systematic R&D and original innovation [1][2]. Group 1: Collaboration Models - Multiple local pharmaceutical companies, including Rongchang Biologics, have recently secured major overseas licensing agreements, indicating a diversification in collaboration models [1]. - Rongchang Biologics signed an exclusive licensing agreement with AbbVie for its PD-1/VEGF bispecific antibody drug RC148, receiving an upfront payment of $650 million and potential milestone payments up to $4.95 billion, along with double-digit royalties on net sales outside Greater China [1][2]. - The collaboration model has evolved from simple technology transfer to deep co-creation, involving global collaborative development and shared risks and benefits [1][2]. Group 2: Market Trends and Insights - The overseas licensing of Chinese innovative drugs has shown significant characteristics, focusing on the clinical value of drugs rather than price advantages, and targeting specific therapeutic areas with differentiated advantages [2][3]. - In 2025, China approved 76 innovative drugs for market entry, significantly surpassing the 48 approved in 2024, with total licensing transaction amounts exceeding $130 billion and over 150 transactions, setting historical records [3][4]. - The Chinese government is actively supporting the "going global" strategy for pharmaceuticals, enhancing international procurement models and establishing a global pricing system for innovative drugs [4][5]. Group 3: Future Outlook - The innovative drug export trend is expected to remain strong in 2026, driven by advancements in R&D capabilities and the global demand for innovative solutions, particularly in unmet clinical needs [5][6]. - The oncology sector remains the primary focus for overseas licensing, with metabolic and cardiovascular drugs also anticipated to gain traction in international markets [6].