医药魔方数据显示，2025年前三季度中国创新药对外授权总金额达920.3亿美元，预计全年将突破1000 亿美元大关。这不仅体现了研发水平的提升，更说明在压力测试下，企业的理性选择正在获得国际市场 的认可。 第二，倒逼药企提升商业化能力。 长期以来，我国创新药行业存在"重研发、轻商业化"的问题。本轮市场调整带来的压力，正在促使企业 重新构建完整的商业化体系。 压力之下，企业开始建立从药品上市、市场准入、终端覆盖到学术推广、商业运营的全链条能力。这种 转变不仅体现在销售环节，更深刻地影响了企业的研发决策。如今，企业在项目立项时就必须考虑未来 的商业化前景，包括目标患者群体、支付能力、市场竞争格局等因素，确保研发投入能够转化为可持续 的商业回报。 ■张敏 今年以来，创新药板块在二级市场经历了从资本热捧到深度回调的变化，引发行业对创新药前景的担 忧。事实上，纵观产业发展历程，创新药的成长始终与周期性波动相伴。笔者认为，不妨将此轮回调视 为一场对产业核心价值的压力测试，其或将推动行业在三个关键维度实现深刻变革。 第一，推动行业聚焦真正有临床价值的创新药。 要理解这个变化，首先要了解创新药的不同类型。从模仿式创新(Me- ...

Core Viewpoint - The company, Renfu Pharmaceutical, has reported its first half-year results after being taken over by the state-owned China Merchants Group, showing a decline in revenue but an increase in net profit, indicating a potential turnaround in performance [1][4]. Financial Performance - Renfu Pharmaceutical achieved operating revenue of 12.064 billion yuan, a year-on-year decrease of 6.20% [1] - The net profit attributable to shareholders reached 1.155 billion yuan, a year-on-year increase of 3.92%, halting a two-year decline [1] - The net profit after deducting non-recurring gains and losses was 1.130 billion yuan, up 3.81% year-on-year [1] - The company attributed the revenue decline to structural reforms in the pharmaceutical industry and its focus on optimizing business structure [1] Business Development - The core business of Renfu Pharmaceutical remains stable, with a market share of over 60% in the domestic market for anesthetic drugs [1] - The company's revenue from neurological drugs reached approximately 3.9 billion yuan, a year-on-year growth of about 4% [1] - New product approvals include progesterone soft capsules and methylprednisolone tablets, with leading market shares in several raw materials [2] Organizational Changes - The company underwent significant organizational changes following the takeover by China Merchants Group, which acquired a 23.70% stake in Renfu Pharmaceutical [3][4] - A complete overhaul of the executive team occurred, with several high-level resignations and new appointments, including a new chairman without prior pharmaceutical experience [5][7][9] - The new board of directors includes members with backgrounds in China Merchants Group, indicating a shift in strategic direction [8][9] Market Context - The company is transitioning from a focus on generic drugs to innovative drug development, with research centers established in multiple countries [2] - The previous controlling shareholder faced financial difficulties, leading to the restructuring and change in control of the company [3][4]