2025 创新药及供应链年度创新白皮书，分化加速，行业回归平台与产品价值

Policy Guidance - The policy environment has shifted from encouraging innovation to systematic and precise guidance on "how to innovate," providing a supportive framework for projects with original innovation capabilities[9] - Over 300 national and local policies related to innovative drugs and supply chains were issued from January to October 2025, with a notable increase in policy density in October alone[18] - The National Medical Products Administration (NMPA) has published over 80 technical guidelines covering various stages from R&D to post-marketing monitoring, focusing on patient-centered approaches and unmet clinical needs[20] Capital Market Trends - The total financing amount in the innovative drug and supply chain sector reached $3.914 billion in the first ten months of 2025, slightly down from 2024 but over 60% of the total for 2023[28] - Capital is increasingly concentrated in later-stage projects (B round and beyond), with B, C, and D rounds collectively accounting for 39% of financing activities[30] - The number of IPOs in the innovative drug sector increased to 19 in the first ten months of 2025, indicating a recovery compared to the previous year[45] Pipeline Competitiveness - 2025 is marked by significant clinical and commercial breakthroughs in China's innovative drug sector, with domestic ADC and bispecific antibody products receiving approvals and showcasing leading clinical data at international conferences[10] - The emergence of new technologies such as CAR-T and TIL therapies is accelerating, with policies supporting their standardized development and addressing accessibility and cost challenges[2] M&A and BD Activities - Over 87 M&A activities occurred globally in the innovative drug sector in 2025, with multinational corporations focusing on acquiring cutting-edge technologies[54] - Domestic M&A activity has slowed compared to 2024, with a focus on internal integration and strategic enhancements by local companies[54]