2024年制药产业全球化的路径与机遇（下）：全球临床需求广阔，医保控费压力与海外定价优势共同驱动中国制药企业加速出海

Investment Rating - The report indicates a positive investment outlook for the Chinese pharmaceutical industry, highlighting significant growth potential and competitive advantages in the global market [5][6]. Core Insights - The globalization of China's pharmaceutical industry is driven by broad global clinical demand, cost control pressures from healthcare insurance, and pricing advantages overseas, prompting Chinese pharmaceutical companies to accelerate their international expansion [5][6][9]. - Innovative drugs, particularly in oncology and central nervous system treatments, are key focus areas for Chinese pharmaceutical companies, which are leveraging high-quality, low-cost products to gain a foothold in overseas markets [5][18]. - The aging population and increasing global life expectancy present substantial opportunities for Chinese pharmaceutical companies, especially in addressing the medication needs of elderly populations and infectious diseases in underdeveloped regions [6][8][30]. Summary by Sections Industry Overview - The Chinese pharmaceutical industry is experiencing notable growth and competitive advantages in the global commercialization process, particularly in innovative drugs like antibody therapies and cell treatments [5][6]. - The report emphasizes the importance of outsourcing clinical trials and manufacturing to experienced CXO companies to ensure international compliance [5]. Global Market Dynamics - The report highlights the increasing global demand for medications and the aging population as key factors providing development space for Chinese pharmaceutical companies [6][8]. - The focus on aging-related medications and the burden of infectious diseases in underdeveloped regions creates opportunities for the development of antibacterial and antiviral drugs [8][30]. Commercialization Strategies - Chinese pharmaceutical companies are shifting their internationalization strategies towards cell therapy, supported by chemical agents and targeted therapies, as a new commercial model [7][17]. - The report notes that the proportion of cell therapy projects in international markets has increased from 6% in 2019 to 8% in 2023, while the speed of monoclonal antibody projects has slowed [17]. Regulatory and Market Challenges - The Chinese government's healthcare cost control policies are compressing profit margins for domestic pharmaceutical companies, driving them to seek international markets as a means to alleviate cost pressures [9][40]. - The report discusses the impact of price negotiations and the need for effective sales strategies as critical challenges for Chinese pharmaceutical companies in the global market [19][40]. CXO Industry Development - The report outlines the growth of China's CXO industry, which is encouraged by government policies to enhance international cooperation and support the globalization of pharmaceutical companies [24][27]. - The increasing number of Chinese pharmaceutical companies engaging in international clinical trials and partnerships is highlighted as a significant trend [27]. Case Studies - The report provides case studies of companies like BeiGene and Yiling Pharmaceutical, showcasing their successful international strategies and product offerings in oncology and traditional Chinese medicine [48][55].