2024年港股18A生物科技行业洞察报告：制药赛道（下）：创新药企首次实现全年盈利，未来发展路径如何选择

Investment Rating - The report indicates a positive outlook for the biotechnology industry, particularly in the pharmaceutical sector, highlighting successful commercialization and profitability of innovative drugs [4]. Core Insights - The report emphasizes that innovative drug companies have achieved full-year profitability for the first time, signaling a shift in the industry and raising questions about future development paths [4]. - The Chinese biotechnology sector is positioned to benefit significantly from domestic policy incentives and unmet clinical needs, suggesting a broad development space [4]. - The report notes that the global nucleic acid drug market has grown from $2.69 billion in 2019 to $22.04 billion in 2023, with continued growth expected [23]. Summary by Sections Nucleic Acid Drug Market Status - Nucleic acid drugs can intervene at the source to suppress disease-related gene expression or introduce genes that express normal proteins, showing high therapeutic potential in various fields [5][12]. - As of the end of 2023, 19 nucleic acid drugs have been approved globally, including 9 drugs and 7 RNAi drugs [5]. Cell and Gene Therapy Market Status - Cell and gene therapy (CGT) involves modifying cells from the body for disease treatment, with significantly higher R&D costs compared to traditional drugs, ranging from $900 million to $1.1 billion in early stages [28]. - The CGT market in China has rapidly developed, with 32 CGT therapies approved for IND from January to March 2024, indicating a strong pipeline for future approvals [32][33]. Human Vaccine Market Status - The vaccine market is experiencing rapid growth, with the global market size increasing from $37.2 billion in 2019 to $62.4 billion in 2023, and projected to reach $113.5 billion by 2028 [54]. - The Chinese vaccine market has expanded from 53.48 billion RMB in 2019 to 151.27 billion RMB in 2023, with expectations to grow to 303.47 billion RMB by 2028 [53][54].