来源：市场资讯 （来源：动脉新医药） 编者按： 全球视野下的跨国药企深度洞察——创新、博弈与中国答卷 在全球医药产业发展的宏大叙事中，跨国药企始终扮演着关键角色——他们既是科学前沿的探索者，也 是大多市场规则的塑造者，更是各国医疗生态的重要参与者。从FDA到EMA再到NMPA ，从成熟市场 到新兴市场，跨国药企的战略抉择不仅关乎企业自身的兴衰，更深刻影响着全球患者的健康福祉。而在 这一版图中，中国市场也正从"可选项"到"必选项"再升级为"决胜场"，其独特的政策环境、临床需求和 创新潜力，为跨国药企提供了前所未有的机遇与挑战。 我们拟打造《跨国药企洞察》栏目，致力于以全球视野观察跨国药企的发展逻辑，既关注MNC巨头的 顶层战略——辉瑞如何平衡新冠红利后的增长焦虑，强生怎样通过拆分重塑竞争力；也聚焦区域市场的 关键战役——中国医保谈判中的定价艺术，ADC领域中日韩创新药企的竞合博弈；更试图揭示行业本 质问题：在细胞与基因治疗、GLP-1等颠覆性技术浪潮下，未来诸多面临"专利断崖"的跨国药企护城河 是正在加固还是被瓦解？ 与此同时，中国篇章亦无疑是这一洞察的核心维度。无论是将中国纳入全球早期研发体系，还是以"中 国 ...

Core Insights - China's innovative pharmaceutical companies are gaining global attention from multinational corporations (MNCs), expanding market opportunities [1][4] - The internal development of China's innovative drugs is driven by a systematic approach, including policy guidance, industrial transformation, and long-term ecological collaboration [1][2] - The period from 2010 to 2020 was crucial for accumulating production processes and quality control systems, enhancing R&D efficiency and reducing costs [1][2] Internal Development - China's "engineer dividend" is a key factor in the success of its innovative drug sector, resulting from a systematic accumulation of resources and capabilities [1][2] - The transition from generic drugs to innovative drugs has led to significant improvements in R&D speed and efficiency, supported by a robust manufacturing base and supply chain [1][2] - The clinical research efficiency in China is high, with rapid patient recruitment and a well-established Principal Investigator (PI) system [2] External Development - The large population and increasing domestic demand provide a stable foundation for the pharmaceutical industry, with a growing market size driven by rising living standards and an aging population [3] - The impending patent expirations of over 200 drugs, including 69 blockbuster drugs with annual sales exceeding $1 billion, will create opportunities for Chinese innovative drugs in the global market [3][4] - In 2024, approximately 31% of innovative drug candidates introduced by large multinational pharmaceutical companies will come from China, indicating a growing collaboration [4] Market Opportunities - The innovative drug sector has experienced a value reassessment in 2023, with a recovery in market sentiment [4] - Investors are encouraged to consider the Guotai Innovative Drug ETF (517110), which includes a diverse range of innovative pharmaceutical companies across A-shares and Hong Kong stocks [4]