从复星医药（600196）离职后，医药老将吴以芳很快宣布加盟康桥资本并出任云顶新耀董事会主席，开 启其职业生涯的新篇章。 公开资料显示，吴以芳于1987年进入徐州生物化学制药厂，历任技术员、主任、生产科长等职。 1997年起，吴以芳先后担任徐州（万邦）生物化学制药厂副厂长、徐州万邦生化制药有限公司副总经 理。2004年4月，万邦生化改制，加入复星医药集团，成为复星医药控股子公司。吴以芳也由此加入复 星医药集团，并历任江苏万邦总裁、复星医药高级副总裁、首席执行官等职。 2020年10月至2025年4月，吴以芳任复星医药董事长，期间推动集团实现全球化业务布局，制药业务分 设为创新药、仿制药及制造、疫苗三个事业部。2020年至2024年，复星医药分别实现营收303.1亿元、 390.1亿元、439.5亿元、414.0亿元和410.7亿元。 今年4月29日，吴以芳递交书面辞职函，因工作安排调整辞去复星医药董事长职务，并由执行董事改任 非执行董事。6月24日，复星医药召开股东会，完成董事会换届选举，陈玉卿正式接替吴以芳担任复星 医药董事长一职。9月30日，复星医药发布公告称，吴以芳向董事会申请辞去非执行董事职务，正式告 ...

Core Viewpoint - The recent forum highlighted the transformative impact of AI and other advanced technologies on the healthcare industry, emphasizing a shift from efficiency enhancement to value creation in medical innovation [2][3]. Group 1: Technology-Driven Industry Restructuring - AI, gene editing, and cell therapy are identified as core drivers for the next five years, reshaping not only R&D processes but also business models [3]. - The integration of AI in healthcare has evolved from simple efficiency tools to generative tools, with significant implications for drug development timelines [3]. - The current valuation trends in AI healthcare projects may lead to market bubbles, necessitating a focus on revenue and profit to validate company value [3][4]. Group 2: Cash Flow and Business Models - In a challenging financing environment, companies should prioritize cash flow and leverage AI to enhance original R&D and business models for better acquisition or exit opportunities [4]. - The commercialization breakthroughs in CAR-T therapy and local applications of mRNA technology are expected to drive the next wave of innovation in cell and gene therapy [5]. Group 3: Policy and Market Dynamics - Ongoing cost control and centralized procurement policies are accelerating the stratification of the healthcare industry, presenting both challenges and opportunities for leading companies [6]. - The current policy environment favors domestic companies, providing a window for low-cost market penetration before the onset of intense competition [6][7]. - Investment strategies should focus on enhancing accessibility to primary healthcare through technological innovations that lower costs and improve efficacy [7]. Group 4: Future Outlook - The healthcare sector is poised for a deep synergy of technology, policy adaptation, and capital empowerment over the next five years, characterized by both valuation corrections and explosive growth in technologies like AI and CGT [7]. - Each segment of the industry, from cell therapy to AI drug development, is undergoing significant rule reformation, necessitating a balanced approach to investment that considers technological insights, policy forecasts, and portfolio management [7].