Core Viewpoint - The year 2025 is identified as the inaugural year for commercial health insurance in China, which is expected to significantly boost the biopharmaceutical industry over the next five years [1] Industry Summary - The policy reforms initiated by the China National Medical Products Administration in 2015 have greatly contributed to the business development (BD) transactions in the biopharmaceutical sector since 2024 [1] - The chairman of Baili Tianheng, Zhu Yi, emphasizes the potential for robust growth in China's biopharmaceutical industry driven by the upcoming changes in commercial health insurance [1]