随着我国生物医药产业竞争力与创新活力持续攀升，2025创新药高质量发展大会上国家医保局披露最新 数据显示，年内中国批准上市的创新药已达69个，超过去年全年的48个，再次创下历史新高。当前，中 国医药产业规模已位居全球第二，创新药在研数目约占全球的30%。 这一高质量发展态势的背后，离不开政策的持续赋能，也得益于我国创新药企的深耕加码。高特佳投资 集团副总经理于建林在接受21世纪经济报道记者专访时也指出，中国创新药行业已迈入高质量发展新阶 段。 "预计2026年中国创新药行业将继续保持高速增长，企业研发投入占比持续增长，全球新靶点创新药占 比将进一步获得提升。最为重要的是盈利拐点全面显现，更多企业将实现盈利平衡。核心赛道如ADC （抗体药物偶联物）、双抗、CGT（细胞与基因治疗）等领域将出现更多全球领先的中国企业。"于建 林进一步表示。 BD热潮下的价值深化 2025年，我国创新药领域掀起了前所未有的BD热潮，不仅印证了中国医药资产在全球范围内性价比与 核心竞争力的提升，更推动行业迈入"创新兑现+全球布局"的关键发展期。 《21世纪》：2025年中国创新药BD交易金额突破千亿美元，你如何看待这一"爆发式增长"的 ...

随着我国生物医药产业竞争力与创新活力持续攀升，2025创新药高质量发展大会上国家医保局披露最新数据显示，年内中国批准上市的创新药 已达69个，超过去年全年的48个，再次创下历史新高。当前，中国医药产业规模已位居全球第二，创新药在研数目约占全球的30%。 2025年，我国创新药领域掀起了前所未有的BD热潮，不仅印证了中国医药资产在全球范围内性价比与核心竞争力的提升，更推动行业迈入"创 新兑现+全球布局"的关键发展期。 《21世纪》：2025年中国创新药BD交易金额突破千亿美元，你如何看待这一"爆发式增长"的可持续性？这种增长是否已从单纯的"规模扩 张"转向"价值深化"？ 于建林：2025年中国首次超越美国成为全球最大授权来源国，全球TOP20跨国药企中90%已与中国创新药管线开展合作，中国占全球授权交易 近一半。 但也应注意，中国FIC占比仍偏低，源头创新不足。当下BD大部分仍集中在早期授权，临床后期项目交易占比不到一半，从而损失后期巨额收 益。仅少数头部企业（如百济神州、恒瑞医药）具备全链条出海能力，多数企业还是依赖"借船出海"。 这一高质量发展态势的背后，离不开政策的持续赋能，也得益于我国创新药企的深耕加码 ...

随着我国生物医药产业竞争力与创新活力持续攀升，2025创新药高质量发展大会上国家医保局披露最新 数据显示，年内中国批准上市的创新药已达69个，超过去年全年的48个，再次创下历史新高。当前，中 国医药产业规模已位居全球第二，创新药在研数目约占全球的30%。 这一高质量发展态势的背后，离不开政策的持续赋能，也得益于我国创新药企的深耕加码。《2025年医 药研发年度回顾》报告显示，全球管线规模前25位的药企里，已有多家中国企业进入榜单。 但新药研发向来是"十年磨一剑、十亿美元打底"的高投入赛道，实际耗费的时间与成本往往远超于此， 持续的资金投入成为企业深耕创新的关键支撑。 2025年，BD（商务拓展）持续为中国Biotech（生物科技公司）带来新的募资契机；同时，证监会发布 《关于在科创板设置科创成长层增强制度包容性适应性的意见》，重启未盈利企业适用科创板第五套标 准上市，叠加港股18A与之形成战略互补，为Biotech构建起多元化融资体系。 多重利好下，我国创新药行业加速向"First-in-class"（全球首创，FIC）升级迈进。高特佳投资副总经理 于建林在接受21世纪经济报道记者专访时也指出，中国创新药行业 ...

Group 1: Core Insights - The 8th China International Import Expo (CIIE) held from November 5 to 10 in Shanghai showcased 290 Fortune 500 and industry-leading companies, marking record highs in exhibition area and total number of exhibitors, reflecting the vitality of China's vast market [1] - The medical device and pharmaceutical health exhibition area highlighted innovative "black technology" products from multinational pharmaceutical companies, indicating a rapid transformation in the global health industry [1] - Compared to previous expos, this year's event revealed two intertwined industry trends: multinational pharmaceutical companies are withdrawing from older, less profitable drugs to focus on innovative drug development and technology collaboration, while geopolitical and supply chain risks are driving a consensus for localized operations in China [1] Group 2: R&D and Innovation - The National Medical Products Administration announced the cancellation of 80 drug registration certificates, primarily from foreign or joint-venture companies, indicating a trend of "active contraction" among foreign pharmaceutical firms in response to normalized centralized procurement and competitive restructuring [2] - Multinational pharmaceutical companies are increasing R&D investments in innovative drugs for the Chinese market, with companies like Boehringer Ingelheim committing over 5 billion yuan in the next five years [2] - Collaboration between foreign pharmaceutical companies and local biotech firms is deepening, exemplified by AstraZeneca's strategic partnership with Heptares Therapeutics, which includes a diverse cooperation model of R&D collaboration, equity investment, and establishing an innovation center in Beijing [2] Group 3: Local Production and Global Supply Chain - "Localization" emerged as a key theme for multinational pharmaceutical companies at the CIIE, driven by the need to mitigate geopolitical risks and recognize China's manufacturing and innovation capabilities [5] - A report indicated that over 60% of companies are enhancing supply security through increased regional/local procurement or advancing local production, particularly in markets emphasizing self-sufficiency [6] - Medical device company Varian announced plans for full localization of its product line by 2025, with 60% of its products exported to over 120 countries, highlighting China's role as a crucial production hub in its global supply chain [6][7] Group 4: Future Trends in Biotech - Domestic biotech companies are transitioning from "technology introduction" to "technology output," with a growing focus on innovative therapies and business development opportunities [3] - The Chinese biopharmaceutical sector is experiencing a leap from following to leading in innovation, with expectations for future business development to expand into new therapeutic areas [3] - Regulatory support from Chinese authorities is facilitating the development of innovative therapies, particularly in high-demand areas such as gastrointestinal tumors and cell gene therapy [4]