如果把一位中国医药人的职业生涯拉长到三十年，我们会看到什么？ 20世纪90年代初，交通大学医学院（原上海第二医科大学）里，手持秒表与计数器、紧盯温度计的年轻助教钱江，正在手工记录着数据。在那个年代，中 国患者想要用上一款全球创新药，往往需要等待八年到十年。 2025年，百时美施贵宝（BMS）中国总部的办公室里，已经成为这家跨国制药企业中国总裁的钱江，正在和他的团队一起，庆祝全球首个红细胞成熟剂 罗特西普的第二个适应症骨髓增生异常综合征（MDS）被纳入国家医保目录，以及全球首个CTLA-4抑制剂伊匹木单抗成为唯一入选首版中国商保创新药 目录的免疫肿瘤药物。 时间回到1993年。那时的中国医药行业正处于蓄势待发的"起步期"。医学生钱江毕业后选择了留校任教，并从事实验室的研究工作。那时的实验室里没有 高精尖设备，在进行关键的安全性检测时，他需要放一个闹钟，手按计数器，眼睛一刻不停地盯着温度计，所有数据全靠人工读取与记录——这是当时许 多科研工作的写照。 与此同时，改革开放的微风在20世纪90年代初的校园里悄然流动。新事物、新技术涌入中国并走进校园，为钱江打开了另一扇窗，也改变了他的职业轨 迹。当校外的国际专家带来前 ...

Investment Rating - Investment Rating: Positive [2] Core Insights - The pharmaceutical and biotechnology industry index increased by 3.36%, ranking 6th among 31 primary industries, outperforming the CSI 300 index, which decreased by 0.21% [5][17] - The valuation of the pharmaceutical and biotechnology industry as of June 6, 2025, is 28.24x (TTM, excluding negative values), up from 27.60x in the previous period, indicating an upward trend but still below the average [5][23] - Notable sub-industry performance includes chemical preparations and other biological products, with increases of 5.77% and 4.68% respectively, while offline pharmacies saw a decline of 1.15% [5][17] Industry Review - The report highlights three major investment opportunities: 1) Companies with dual-antibody/multi-antibody technology platforms that have differentiated target design capabilities and clinical advancement efficiency are likely to attract international giants [9] 2) Areas with unmet clinical needs, such as advanced liver cancer and non-small cell lung cancer, are promising for dual-antibody therapy development [9] 3) Potential license-out candidates, as domestic innovative pharmaceutical companies continue to engage in global collaborations [9] Important Industry News - CDE launched the "Star Plan" to encourage the development of pediatric anti-cancer drugs, addressing significant unmet clinical needs in this area [7][32] - Alcon's dry eye medication "Tryptyr" received FDA approval, marking it as the first of its kind globally [39] - Hansoh Pharmaceutical's third-generation EGFR-TKI "Amivantamab" was approved in the UK for first-line treatment of NSCLC, becoming the first domestically developed EGFR-TKI approved overseas [42] - BMS and BioNTech entered a collaboration for the dual-antibody candidate BNT327, with an upfront payment of $1.5 billion and potential milestone payments of $7.6 billion [51] Company Dynamics - Stone Pharmaceutical is negotiating three potential deals totaling $5 billion, involving several products including EGFR ADCs [49] - BMS's "Rotecip" was approved for treating lower-risk myelodysplastic syndromes, marking a significant innovation in this therapeutic area [45] - AbbVie’s JAK inhibitor "Upadacitinib" was approved for treating giant cell arteritis, becoming the first approved treatment for this condition in China [48]