时报观察丨保护“原始创新” 创新药企投融资通道须畅通

Core Insights - Chinese innovative pharmaceuticals are becoming a significant force in the global pharmaceutical innovation landscape, with a total external authorization transaction amount of $45.5 billion from January to May this year, surpassing the total for the first half of 2024 [1] - Major Chinese innovative pharmaceutical companies like 3SBio and CSPC Pharmaceutical Group have achieved substantial transactions, highlighting the "going global" trend of Chinese innovative drugs [1] - The high entry barriers and significant R&D risks in the innovative drug industry lead international pharmaceutical giants to seek promising innovative drug pipelines in China to reduce R&D costs and enhance investment returns [1] - Chinese innovative drug companies are transitioning from "imitative innovation" to "original innovation," with business development (BD) transactions being a crucial strategy to address financing challenges [1] - The domestic financing environment for innovative drug companies is gradually improving, with the re-launch of the fifth set of standards for the Sci-Tech Innovation Board and the establishment of local industrial merger funds [2] Group 1 - The total external authorization transaction amount for Chinese innovative drug companies reached $45.5 billion from January to May this year [1] - Major companies like 3SBio and CSPC Pharmaceutical Group have set records in transaction amounts, showcasing the success of Chinese innovative drugs in international markets [1] - The transition from "imitative innovation" to "original innovation" is evident in Chinese pharmaceutical companies, with BD transactions helping to alleviate financing difficulties [1] Group 2 - Concerns have been raised by the China Pharmaceutical Innovation Promotion Association regarding the potential long-term loss of quality domestic innovative results if too many high-quality R&D pipelines are authorized to foreign companies [2] - The capital market for Chinese innovative drugs is gradually recovering, supported by improved exit mechanisms in the primary market [2] - The expectation is that Chinese innovative drugs will shine even brighter on the international stage in the future [2]