本报讯 记者庞东梅报道 中国银河资产坚决贯彻落实中央经济工作会议、中央金融工作会议精神， 将服务国家战略与主业优势深度融合，使金融资源精准投向医药产业这一战略性领域，以央企担当践 行"医药强国"使命，助力实体经济健康发展。 中国银河资产通过市场化债转股，帮助泰州医药降低资产负债率、削减财务成本，从根本上优化了 资本结构，让企业轻装上阵。这种"输血"与"造血"相结合的支持方式，不仅有效缓解了企业的资金压 力，更提升了其稳健经营能力和市场竞争力，为泰州医药中长期平稳健康发展筑牢根基。此举不仅有力 助推了地方国企深化转型发展，更让泰州医药这一城投转型标杆焕发强劲活力。 此次债转股的顺利实施，彰显了中国银河资产"金融风险化解者、社会资源配置者、实体经济服务 者"的职责使命。从产业实践到战略落地，中国银河资产的增资行动为金融服务"医药强国"提供了可供 参考的银河方案。 责任编辑：袁浩 近日，中国银河资产以市场化债转股增资泰州医药高新股份有限公司（以下简称"泰州医药"），通 过资本赋能，推动优质产业资源加速聚合，助力其进一步完善"研发—孵化—产业化"全链条生态。 泰州医药是江苏泰州市属龙头企业泰州国控投资集团有限公司的核 ...

Core Viewpoint - China is expected to transition from a "big pharmaceutical country" to a "strong pharmaceutical country" as the domestic innovative drug market grows and evolves [5][18]. Group 1: Market Trends and Performance - The Hang Seng Innovative Drug Index saw a maximum increase of 141.24% from January 1 to early September 2025, followed by a decline of 22.63% until October 30 [2]. - As of October 31, the index rebounded with a maximum increase of 4.84% [2]. - The scale of business development (BD) transactions for Chinese pharmaceutical companies has exceeded $100 billion this year, with China's innovative drugs accounting for 46% of global pharmaceutical licensing transactions, making it the largest source of licensing transactions globally [5][22]. Group 2: Challenges in the U.S. Market - The difficulty and cost of expanding into the U.S. market are expected to increase, influenced by stricter regulations from the U.S. FDA [8][10]. - The U.S. government is implementing measures to limit drug imports from China, including more rigorous reviews and higher regulatory fees [8][9]. - The FDA's new guidelines emphasize overall survival in cancer drug approvals, potentially increasing costs by 1 to 2 times [8]. Group 3: Evolution of Outbound Strategies - Chinese pharmaceutical companies are evolving their outbound strategies from out-licensing to more collaborative models like NewCo and Co-Co [12][13]. - The Co-Co model involves deep collaboration with multinational corporations (MNCs) for joint development and commercialization, allowing for shared decision-making and risk [12][13]. - Different products may require tailored outbound strategies, with companies like Heng Rui Pharma adopting a two-step internationalization strategy [14]. Group 4: Domestic Market Potential - The Chinese innovative drug market is currently underperforming compared to its potential, with a market share significantly lower than that of the U.S., Europe, and Japan [16][17]. - The average price of innovative drugs in China is substantially lower than in the U.S., which is a key factor hindering market growth [17]. - Recent policy adjustments, including the introduction of commercial insurance and price negotiations, are expected to gradually align domestic drug prices with international standards over the next 3 to 5 years [18]. Group 5: Future Outlook - By 2035, China is projected to develop a number of leading pharmaceutical companies and become a global center for new drug creation [20]. - The emergence of top global pharmaceutical companies from China is anticipated, with the potential for significant breakthroughs in innovative drug development [20][21]. - The current surge in innovative drugs is driven by fundamental changes in the market, particularly in BD transactions, and the recognition of the value of Chinese innovative drugs by multinational companies [22].