跨国药企在华“扫货”逻辑改变

Core Viewpoint - The logic of multinational pharmaceutical companies "shopping" in the Chinese market is undergoing a subtle differentiation, with some companies focusing on early-stage asset incubation and technology licensing, while others are shifting their attention to collaborations in the later stages of drug pipeline development and commercialization [3][6]. Group 1: Market Dynamics - The first innovative drug for post-operative precision assessment of differentiated thyroid cancer, injection human thyroid-stimulating hormone β (Zesuning®), was prescribed in March at two hospitals in China [3]. - Differentiated thyroid cancer has seen a rapid increase in incidence in China, with over 90% of cases being differentiated thyroid cancer, and a 10-year recurrence rate of 19% post-surgery [3][4]. - The collaboration between Zai Lab and Merck for Zesuning® involved a payment of 250 million yuan for exclusive promotion rights in mainland China [4]. Group 2: Collaboration Trends - Merck's strategy focuses on partnering with projects that are in the later stages of development, indicating a shift towards more cautious and controlled risk in drug licensing agreements [5][6]. - The number and scale of innovative drug licensing transactions initiated by multinational pharmaceutical companies have been increasing, with projections indicating that by 2025, the total value of these transactions in China will exceed $130 billion [6]. Group 3: Challenges and Opportunities - Despite the growth in licensing transactions, there is a notable "return rate" of 40% for collaborations initiated in 2020, highlighting challenges in clinical data expectations and strategic shifts [6]. - Zai Lab's collaboration with Merck is focused on the domestic market, aiming to address unmet clinical needs in China, where over 500,000 new thyroid cancer patients are diagnosed annually [7]. - The need for partnerships arises from the limited commercialization capabilities of many small and medium-sized biotech companies in China, which necessitates collaboration with firms that have established commercial networks [7][8].