全链条支持创新

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“全链条支持创新”,中国促进生物医药产业发展新政及其影响
Deloitte· 2025-03-27 09:48
Investment Rating - The report does not explicitly provide an investment rating for the biopharmaceutical industry Core Insights - The Chinese biopharmaceutical industry has experienced rapid growth over the past decade but has faced significant pressure in recent years due to economic slowdowns and market challenges. However, a recovery is anticipated in 2024, supported by new government policies aimed at fostering innovation across the entire value chain [6][9][18] - The government's "full-chain support for innovation" policy is expected to provide comprehensive support for the biopharmaceutical industry, enhancing confidence among companies and promoting transformation and development [6][34][68] Summary by Sections 1. Industry Overview - The biopharmaceutical industry in China has been a core focus of national industrial strategy, with significant growth until 2021, followed by a downturn starting in 2022. Recent data indicates a recovery trend in 2024 [9][10][18] - The financing landscape for the life sciences and health care sector has seen a sharp decline in both the number of financing projects and the scale of financing since 2022, continuing into 2024 [13][14][18] - External uncertainties, such as global economic slowdowns and unfavorable legislative proposals, have impacted investment confidence in the biopharmaceutical sector, although signs of economic recovery are emerging [18][19] 2. Government Policies - The central government has introduced a new strategic framework for "full-chain support for innovative drug development," which includes funding support, talent cultivation, and streamlined approval processes [36][40] - Local governments have implemented specific policies to support the central government's strategy, including financial incentives and operational support for biopharmaceutical companies [38][41] 3. Company Strategies - Both multinational and local biopharmaceutical companies are actively seeking to leverage the new government policies to navigate the current market challenges and enhance their competitive positions [49][50] - Multinational companies are focusing on introducing innovative products to the Chinese market and strengthening collaborations with local firms to optimize their R&D pipelines [50][55] - Local companies are expanding their R&D activities across different regions to maximize the benefits from local policies and resources [56][60] 4. Key Considerations for Companies - Companies must consider tax and regulatory factors when formulating their strategies in China, including the implications of local policies on R&D and market entry [64][66] - The report emphasizes the importance of strategic planning to optimize tax efficiency and compliance with regulatory requirements [66][68] 5. Conclusion - Despite facing pressures, the Chinese biopharmaceutical industry is expected to continue its growth trajectory, driven by government support and the increasing innovation capabilities of local companies [67][68]