中国创新药出海低至“一折”！

Core Viewpoint - The article discusses the challenges and opportunities within China's innovative pharmaceutical industry, highlighting the significant foreign licensing deals while also addressing the undervaluation and pricing issues faced by domestic companies [2][3][4]. Group 1: Achievements in the Innovative Pharmaceutical Industry - In 2023, China's innovative pharmaceutical sector has seen remarkable achievements, with foreign licensing deals exceeding $1 billion, and the total licensing amount in the first half of the year nearing last year's total [2]. - A notable transaction involved BioNTech acquiring rights to the cancer drug BNT327 from Chinese company Pumice, with a total deal value of $11.1 billion, showcasing the high value of Chinese-developed drugs [3][4]. Group 2: Concerns Over Valuation and Pricing - Despite the successes, there are concerns regarding whether the true value of these drugs is being realized, as many Chinese companies are perceived to be "selling low" their innovations to international giants [3][4]. - The pricing disparity between domestic and international markets is significant, with some innovative drugs priced 10 to 30 times higher in the U.S. compared to China, indicating a systemic undervaluation of Chinese innovations [9][10]. Group 3: Challenges in Market Access - The process for new drugs to enter hospitals in China is lengthy and complex, often taking up to 10 years to achieve significant sales, which hampers the commercial returns for innovative drug companies [12][13]. - Regulatory barriers and a traditional focus on inpatient care over outpatient services limit the market penetration of innovative drugs, further constraining their profitability [13]. Group 4: Potential Solutions and Policy Support - Recent policy measures, including the establishment of a commercial health insurance directory for innovative drugs, aim to enhance the domestic market and provide new payment channels for high-value drugs [16][17]. - The government is also focusing on improving the global competitiveness of Chinese innovative drugs by facilitating their entry into international markets and supporting investment in these sectors [17][18].