本土创新药企全球化之路突围，投资人关注这些重点

Core Viewpoint - The article discusses the necessary steps for Chinese innovative pharmaceutical companies to evolve into multinational corporations (MNCs) in the global market, emphasizing the importance of R&D speed, differentiation advantages, and the overall quality of scientists involved in the process [3][5]. Summary by Sections Current Landscape of Innovative Drugs in China - In the first half of 2025, China saw over 50 transactions related to innovative drugs, with upfront payments for license-out deals totaling $3.3 billion and total transaction amounts reaching $48.484 billion [4]. - The National Medical Products Administration approved 43 innovative drugs in the first half of 2025, marking a 59% year-on-year increase, nearing the total of 48 for the entire year of 2024 [4]. - China's innovative drug R&D pipeline accounts for approximately 25% of the global total, with around 3,000 clinical trials conducted annually, placing it among the world leaders [4]. Key Elements for Competing Globally - R&D speed is identified as a core element for the development of Chinese innovative drug companies, especially in the AI era, where scientific advancements occur rapidly [5]. - Ensuring the authenticity of R&D data is crucial, as issues with data integrity have led to disputes in some international ventures [5]. - Investment logic is clearer in areas such as immunology, metabolism, cardiovascular diseases, and Alzheimer's disease, where the potential for drug development is promising [5]. Investment Perspectives - From an acquisition standpoint, the development prospects of innovative drug projects can be assessed based on their market segment and lifecycle stage, with a preference for projects in the growth phase [6]. - Differentiation advantages and R&D efficiency are critical; drugs that can demonstrate unique clinical value and maintain a leading development pace are more likely to succeed [6]. Pathways to Becoming MNCs - Chinese innovative drug companies can leverage their experiences in the domestic healthcare system to expand into Southeast Asia and Africa, where population growth is expected [9]. - The concept of Real World Asset (RWA) tokenization is emerging as a new avenue for companies to participate in capital markets, exemplified by recent projects like the one by Hanyu Pharmaceutical [9]. - The valuation of innovative drug companies in overseas licensing deals is currently based on net assets, indicating potential for significant premium in areas like scientific teams and market size [9]. Strategies for Global Market Entry - Companies should adopt a product-centric approach to penetrate each country's market, which includes building local talent teams and manufacturing facilities [10]. - Establishing a robust sales network and understanding local regulations are essential for successful market entry [10]. - The example of BeiGene illustrates the lengthy process of global market integration, highlighting the need for careful assessment of time and financial investments required for such expansions [10].