Zhong Guo Zheng Quan Bao·2026-01-26 21:47Core 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 phase of value competition based on systematic R&D and original innovation [1][2][3] Group 1: Collaboration Models - Multiple local pharmaceutical companies, including Rongchang Biologics, have recently signed significant overseas licensing agreements, indicating a diversification in collaboration models [2] - 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 [2] - The collaboration aims to accelerate the global development and commercialization of RC148, enhancing Rongchang Biologics' brand value and international influence [2] Group 2: Market Trends and Characteristics - The overseas licensing of Chinese innovative drugs has shown significant characteristics, including a shift towards diverse collaboration models and a focus on the clinical value of drugs rather than just price advantages [3] - Oncology drugs are the primary focus for overseas licensing, with a few endocrine and autoimmune drugs also achieving international collaborations [3] - The total value of overseas licensing transactions for Chinese innovative drugs exceeded $130 billion in 2025, with over 150 transactions, marking a historical high [4] Group 3: Policy and Support - The National Medical Insurance Administration is actively supporting the "going global" strategy for Chinese pharmaceuticals, aiming to enhance the internationalization of the Chinese pharmaceutical industry [5] - The Ministry of Industry and Information Technology is planning to develop a pharmaceutical industry cooperation platform, facilitating the transition of Chinese pharmaceutical companies from exporting raw materials to innovative drugs and high-end medical devices [6] Group 4: Future Outlook - The overall trend of Chinese innovative drugs going global is expected to remain strong in 2026, driven by improved core capabilities and the global demand for innovation [7] - The oncology sector will continue to be the main battlefield, while metabolic and cardiovascular drug fields are anticipated to see increased international transactions [7] - The industry is shifting from a general explosion to a layered prosperity, with only assets that demonstrate global differentiation and clinical certainty likely to secure high-quality orders [7]