一把开启创新药新十年的钥匙

Core Viewpoint - The article emphasizes that the "16 measures" introduced by the National Health Commission and the National Medical Insurance Administration mark a significant step towards supporting the innovative drug industry in China, setting a positive tone for the next decade of innovation [2][5]. Summary by Sections Current Situation of Innovative Drugs - The innovative drug sector is experiencing a recovery, with many companies seeing their stock prices double since the beginning of 2025. The approval of innovative drugs has surged, with a notable increase in the number of first-class innovative drugs approved in the first half of the year [2][3]. - China's share of global innovative drug R&D has risen from 3% in 2015 to 28%, second only to the United States. The total annual transaction amount for drug licensing has exceeded $50 billion, and the five-year survival rate for cancer patients has improved from 33.3% to 43.7% [2][3]. Challenges Faced - Despite the progress, challenges such as homogenization in R&D, discrepancies between innovative drug pricing expectations and medical insurance payment capabilities, and weak diversified payment capabilities have become more pronounced since 2021, leading to a downturn in the capital market performance of innovative drugs [4][5]. Policy Measures - The "16 measures" can be summarized in 12 words: "can be produced, can enter the market, can be used, can be afforded." These measures address long-standing issues, particularly in drug pricing and market access [5]. - The measures propose to enhance the negotiation capabilities of medical insurance, support differentiated innovation through data, and establish a directory for commercial insurance innovative drugs, which could raise the pricing ceiling for highly innovative and clinically valuable drugs [5][6]. Future Outlook - The implementation of these measures will depend on the cooperation and execution capabilities of local medical insurance and health departments [7]. - The innovative drug sector's future success will rely on the innovation capabilities of pharmaceutical companies and the continuous support from the capital market [8][10]. - Companies are encouraged to focus on unmet clinical needs, strengthen original innovation, and pursue international expansion, which requires a forward-looking strategic vision and the ability to integrate global resources [9]. - The capital market must evolve alongside the industry, moving from short-term speculation to long-term value growth, ensuring a positive cycle between innovation value and capital returns [10].