2025创新药及供应链行业年度创新白皮书：分化加速行业回归平台与产品价值

Investment Rating - The report indicates a positive investment outlook for the innovative pharmaceutical and supply chain industry in China, highlighting a shift towards companies with core technological platforms and clear clinical value [5][9]. Core Insights - The year 2025 is identified as a pivotal moment for China's innovative pharmaceutical industry, characterized by a trend of "differentiation" where capital is increasingly directed towards companies with substantial technological capabilities and global potential [5][6]. - The policy environment has transitioned from merely encouraging innovation to providing systematic and precise guidance throughout the entire drug development lifecycle, enhancing the industry's overall efficiency and quality [9][20]. - The report emphasizes the importance of identifying true value in the industry amidst a backdrop of significant changes, with a focus on product strength, platform capabilities, and global operational abilities [6][11]. Summary by Sections 1. Industry Policy and Capital Market Trends - The Chinese innovative pharmaceutical policy system has entered a new phase of systematic guidance, covering all stages from research and clinical trials to market access and payment [17][25]. - Over 300 national and local policies have been issued in 2025, with a focus on enhancing clinical value and high-quality development [18][20]. - Capital is increasingly concentrated on late-stage projects and cutting-edge technologies, with a notable increase in BD transactions and a shift towards more complex collaboration models [9][26][28]. 2. Product and Technology Innovations - Significant breakthroughs in clinical and commercial value are expected in 2025, particularly in areas such as ADCs, bispecific antibodies, and cell therapies [10][11]. - The report highlights the emergence of new opportunities driven by existing pain points, particularly in CAR-T therapies and the development of universal CAR-T solutions [12][14]. - The report also notes the rapid iteration of technologies and the differentiation of product offerings, with a focus on platform-based approaches gaining international recognition [12][14]. 3. Future Trends and Predictions - The report predicts a shift in technological paradigms, with a focus on clinical and commercial value realization in innovative therapies [13][16]. - The competitive landscape is expected to evolve from single-point breakthroughs to a more integrated global capability competition [13][16]. - Changes in payment systems are anticipated, with a move towards making innovative drugs essential rather than optional in healthcare [13][16].