21社论丨中国创新药迅速发展，产业创新发展形成良性循环

Core Viewpoint - China's innovative drug sector has rapidly developed, achieving significant international recognition and financial returns, positioning itself as a key player in the global pharmaceutical market [1][2]. Group 1: Achievements in Innovative Drug Development - China accounts for over 20% of the global new drug research and development, ranking second worldwide [1]. - In 2024, the licensing revenue from Chinese innovative drugs is expected to exceed $50 billion, representing 30% of the global total [1]. - In the first half of this year, global pharmaceutical transactions reached 456, a 32% increase year-on-year, with a total value of $130.4 billion, up 58%, where transactions involving China contributed nearly 50% of the total value and over 30% of the transaction volume [1]. Group 2: Financial Impact on Chinese Pharmaceutical Companies - By mid-2025, innovative drug business has become a key growth driver for several listed pharmaceutical companies, with some reporting that innovative drug revenue exceeds 50% of their total revenue [1]. - The shift from "Made in China" to "Created in China" is exemplified by the success of innovative drugs, reflecting the country's long-term commitment to innovation-driven strategies [1]. Group 3: Global Collaboration and Market Dynamics - Chinese companies are increasingly recognized in the global innovative drug sector, leading to a virtuous cycle of increased R&D investment and a shift from imitation to proprietary innovation [2]. - Recent collaborations between U.S. pharmaceutical giants and Chinese companies in innovative drug licensing have been on the rise, indicating a trend of deepening cooperation along the innovation drug supply chain [2][3]. - U.S. pharmaceutical companies are becoming more reliant on Chinese innovative drugs to fill gaps left by expiring patents, ensuring sustainable growth in their pipelines [3]. Group 4: Market Reactions and Future Outlook - The fluctuations in the innovative drug sector on September 11 were influenced by market sentiment and technical adjustments following a prolonged upward trend [3][4]. - The underlying logic driving the growth of the innovative drug sector remains intact, supported by the innovation wave driven by Chinese engineers, the international expansion of Chinese innovative drugs, and the increasing domestic insurance coverage for these drugs [3].