以下文章来源于21新健康 ，作者21记者 21新健康 . 21世纪传媒 · 公众号矩阵成员。 要点速览 · 本文来自21世纪经济报道对红杉中国合伙人杨云霞的专访。杨云霞从技术迭代、商务拓展（BD）战略、投资 逻辑等维度，系统阐述了生物医药产业下一阶段的价值判断框架。 · 杨云霞认为，Biotech（生物科技）仍将是未来一段时间的主流医疗投资方向，尤其值得重点关注的是"第二代 技术范式的迭代"。 · 她表示，中国已经从全球医药产业的旁观者，成为重要参与者。中国企业的优点在于其极强的迭代能力以及高 效的执行效率。 · 中国Biotech走向全球化的关键，在杨云霞看来，需要深耕国际市场规则与需求、建立长期信任关系以及用时间 证明资产质量。 · 杨云霞强调红杉中国筛选早期项目的两大标准：人与资产。这也是一个公司能带来最大化价值回报的核心。 （文末有征集送好礼活动，不要错过哦！） 2025年初至11月底，医药行业整体上涨16.72%，跑赢沪深300指数1.68个百分点。这背后离不开我国创新药 领域的突破式发展，商务拓展（BD）交易的活跃也为其提供了关键助力。 《中国生物医药创新2.0时代》报告显示，2024年，中国以1 ...

当前，随着创新药的热度从二级市场传导至一级市场，优质资产"争抢"现象凸显，叠加各种疗法的机遇 窗口加速更迭，如何预判下一阶段的赛道风口，成为全行业共同关注的核心议题。 红杉中国合伙人杨云霞在接受21世纪经济报道记者专访时指出，Biotech（生物科技）仍将是未来一段 时间的主流医疗投资方向，尤其值得重点关注的是"第二代技术范式的迭代"，例如从单靶单毒素向双靶 双毒素升级的ADC药物、从简单的双特异性抗体向更复杂的三特异性、多特异性抗体发展的抗体技 术、从自体CAR-T到通用型CAR-T再到体内CAR-T不断迭代的CAR-T疗法等等。 在杨云霞看来，上述技术范式其实都是创新药研发"分子形态"的结构进化和延伸，而在这些新的分子形 态中已上市的成熟产品数量仍相对有限，市场潜藏着大量未被满足的临床需求与未被挖掘的创新空间。 这既为医疗投资赛道提供了丰富的投资主题，也有望催生更多量级的BD案例。 技术迭代驱动创新进阶 麦肯锡有数据显示，截至今年9月，TOP20 MNC（跨国药企）也越来越多地从中国引进创新资产，中国 药企对外授权交易的占比已突破40%，其中1/2为双抗、ADC、RNA等"下一代疗法"。从转让方的角度 来 ...

Core Insights - The Chinese biopharmaceutical sector is experiencing a resurgence after a period of adjustment, with the industry overall rising by 16.72% from early 2025 to the end of November, outperforming the CSI 300 index by 1.68 percentage points [1] - The active business development (BD) transactions and breakthroughs in innovative drug development are key drivers behind this growth [1][2] - The focus on "second-generation technology paradigms" in biotech, such as advancements in antibody technology and CAR-T therapies, is expected to be a significant investment direction in the near future [1][2] Industry Trends - The Chinese biopharmaceutical industry is entering a new phase centered on original innovation and global competitiveness, with China projected to account for 10%-15% of new drug listings globally [4] - As of August this year, the number of external licensing agreements for 2025 has already matched the total for 2024, with a total value of $50 billion, surpassing the entire amount for 2024 [2] - The proportion of external licensing transactions from Chinese companies has exceeded 40%, with half of these involving next-generation therapies [3] Investment Opportunities - There is a significant amount of unmet clinical needs and untapped innovation space in the market, providing rich investment themes and potential for more BD cases [2] - The quality of companies and their growth potential are critical in determining their market value, regardless of temporary low valuations [2] - The collaboration between biotech firms and multinational corporations (MNCs) is increasing, with MNCs expanding their BD teams and establishing regular communication with Chinese biotech companies [3][6] Challenges and Considerations - The industry faces challenges such as the need for improved commercialization capabilities and the risk of resource wastage due to blind competition [4][5] - The pricing of Chinese biotech assets in overseas transactions is often perceived as low, which may hinder their global competitiveness [6] - The importance of establishing long-term trust and understanding international market rules is emphasized for achieving fair valuations in cross-border transactions [6][7] Strategic Insights - The essence of BD transactions lies in the synergy of capital, brand, and capability, which can significantly enhance a company's growth beyond short-term gains [6] - Companies must focus on quality improvement and differentiated innovation rather than merely competing on speed to avoid industry setbacks [4][5] - The investment strategy should consider long-term market dynamics and the potential future landscape of the industry [8]