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频频斩获海外大单!医药行业“仿转创”迎来收获季
证券时报·2025-08-19 03:37

Core Viewpoint - The article discusses the transformation of Chinese pharmaceutical companies from generic drug production to innovative drug development, highlighting the challenges and successes of this transition in the context of the global pharmaceutical market [3][4][6][13]. Industry Overview - The Chinese pharmaceutical industry has historically focused on generic drugs, with significant reforms initiated in 2015 that reduced new drug approval times from an average of 3 years to 60 days, facilitating the rise of innovative drugs [6]. - The introduction of drug procurement policies since 2018 has led to a significant decrease in the average procurement prices of generic drugs, prompting a shift from high-profit generic drugs to a focus on high-level innovation [6][13]. Company Case Studies - Hengrui Medicine: In 2018, nearly 90% of its revenue came from generic drugs, but by 2024, innovative drug sales reached 14 billion yuan, accounting for over half of total sales, with a year-on-year growth of 30.60% [6][13]. - Aosaikang: Once a leader in generic digestive drugs, its revenue from this segment fell to 270 million yuan by 2024, down from 3.366 billion yuan in 2019. However, the company has successfully pivoted to innovative drugs, achieving its first Class 1 innovative drug approval in January 2025 [8][10]. - Shijiazhuang Pharmaceutical Group and Hansoh Pharmaceutical: Both companies, originally focused on generics, have also made significant strides in the innovative drug sector, reflecting a broader trend among traditional pharmaceutical companies [6][13]. Strategic Insights - The transition from generics to innovation is not straightforward; companies must overcome significant challenges, including high costs and low success rates associated with innovative drug development [14][15]. - The concept of "using generics to support innovation" is emphasized, where profits from generics are reinvested into innovative drug research and development [11][12]. - The industry recognizes the importance of strategic resource reallocation, leveraging existing supply chain management and clinical networks to enhance the commercialization of innovative drugs [11][12]. Challenges in Transition - The article notes that the path to innovation is fraught with difficulties, including the high financial burden of R&D and the need for a cultural shift within organizations to embrace risk-taking and innovation [14][15]. - The success rate for innovative drug development is low, with estimates suggesting it takes about 10 years and costs around 1 billion USD to bring a new drug to market, with a success rate of less than 10% [14][15].