Core Insights - The emergence of RWA (Real World Assets) is revolutionizing the innovative pharmaceutical industry, shifting from "license-out" to "asset optionization" for global expansion [1] - Two companies, Huajian Medical and Hanyu Pharmaceutical, have recently launched RWA projects that unlock liquidity in the pharmaceutical sector, indicating a paradigm shift in how Chinese innovative drugs can access global markets [1] Group 1: RWA and Market Dynamics - RWA utilizes blockchain technology to tokenize real-world assets, enabling on-chain transactions and enhancing liquidity in traditionally illiquid markets [2] - The RWA market is projected to reach $4.5 trillion by 2030, with significant contributions from the pharmaceutical sector, which is expected to see rapid growth in asset tokenization [4] - The current tokenization of only 0.1% of medical assets presents a vast growth opportunity, with the potential for the medical asset share in the RWA market to exceed 20% by 2030 [11] Group 2: RWA vs Traditional Finance - RWA offers higher liquidity compared to traditional finance, allowing for real-time global trading of tokens, while traditional financing methods often involve lengthy cycles [5] - The entry barrier for investors is significantly lowered in RWA, allowing retail investors to participate with minimum investments, contrasting with the high capital requirements of traditional financing [5] - RWA provides greater transparency through immutable on-chain records, unlike traditional finance which relies on audit reports [5] Group 3: Challenges and Solutions - Traditional licensing models face issues such as valuation discounts and long cycles, which RWA aims to address by allowing for the tokenization of future revenue streams [6][7] - RWA can diversify risk by enabling retail investors to share in the funding of drug development, thus reducing the financial burden on single institutions [7] - The recent regulatory developments, such as the implementation of the "Stablecoin Regulation" in Hong Kong, create a conducive environment for RWA projects in the pharmaceutical sector [10] Group 4: Future Outlook - The successful implementation of RWA could release trillions in dormant assets from over 3,000 clinical pipelines in China, transforming the global positioning of Chinese pharmaceutical companies [23] - The collaboration between pharmaceutical companies and blockchain platforms is expected to redefine the relationship between capital, research, and market dynamics, moving towards a new era of global pricing power for Chinese drugs [23]