Core Viewpoint - The launch of the Chinese Drug Price Registration System (referred to as "Drug Registration System") is expected to accelerate the internationalization of China's innovative drugs by providing a global, authoritative, standardized, and transparent market price registration platform [1][2]. Group 1: Overview of the Drug Registration System - The Drug Registration System is a national-level price registration platform independent of the medical insurance network, offering services such as price registration, price inquiry, price comparison, and notarization for drug marketing authorization holders [1]. - Pharmaceutical companies can autonomously declare and register drug prices based on their development needs, taking responsibility for the authenticity of the submitted information, while the operating unit only processes registration applications without intervening in pricing [1]. Group 2: Impact on the Pharmaceutical Industry - The establishment of the Drug Registration System is seen as a key measure to address the structural shortcomings in the pricing system, which has become a core bottleneck for companies seeking to internationalize [2]. - The platform aims to create a "one drug, one file" database covering innovative drugs and other registered varieties, providing authoritative support for companies to establish a consistent pricing system in domestic and international markets [2]. - Analysts believe that the Drug Registration System will promote the healthy development of China's pharmaceutical innovation ecosystem and facilitate high-quality internationalization, presenting long-term investment opportunities in the innovative drug sector [2].

Core Viewpoint - The launch of the China Drug Price Registration System is expected to accelerate the internationalization of Chinese innovative drugs by providing a global, authoritative, standardized, and transparent market price registration platform [1] Group 1: Overview of the Drug Price Registration System - The China Drug Price Registration System is a national-level price registration platform independent of the medical insurance network, offering services such as price registration, price inquiry, price comparison, and notarization [2][8] - Pharmaceutical companies can autonomously declare and register drug prices based on their development needs, ensuring the authenticity of the submitted information, while the operating unit only processes registration applications without interfering with pricing [2][8] Group 2: Impact on Chinese Innovative Drugs - The system aims to address the pricing challenges faced by Chinese innovative drugs in international markets, which have been hindered by reliance on medical insurance negotiation prices that may undervalue these products [3][9] - The establishment of a "one drug, one file" database will provide authoritative pricing references for companies, facilitating the construction of a consistent pricing system for domestic and international markets [3][9] Group 3: Four Major Impacts on Domestic Innovative Drugs - Accelerating Internationalization: In the first three quarters of 2025, Chinese pharmaceutical companies completed over 103 overseas licensing transactions, with a total transaction value exceeding $92 billion, highlighting the increasing reference value of China's terminal prices [6][12] - Enhancing Commercial Certainty: The system operates independently from provincial medical procurement platforms, allowing companies to declare prices applicable to various healthcare settings, including private hospitals and self-funded medical services [6][13] - Attracting Multinational Pharmaceutical Companies: The system not only supports the international expansion of Chinese innovative drugs but also attracts high-quality foreign drugs to the Chinese market, enhancing competition [6][13] - Promoting Healthy Competition and Innovation Incentives: The market identity associated with the declared prices reflects the clinical value of innovative drugs, enabling companies to achieve higher returns in non-medical insurance markets, thus fostering a positive cycle of research and development [6][13]