The latest data released by the National Medical Products Administration has sparked attention: by 2025, China will have approved 76 new innovative drugs, a 58% increase quarter-over-quarter, and the total external licensing transaction volume for innovative drugs will surpass $130 billion. In other words, an average of $3.5 million in technology transfer fees is earned daily.

Behind these figures reflects a clear shift. Ten years ago, domestic pharmaceutical companies mainly engaged in OEM and generic drug production, with international pharma giants monopolizing the original drug market. Now, the situation has reversed—industry giants like Pfizer, Novartis, and Merck are purchasing R&D成果 from China. Biocytogen’s single PD-1 transaction reached $9 billion, and Kelun’s ADC technology platform licensing exceeded $10 billion. This is not an isolated case but a microcosm of industry upgrading.

Policy support continues to strengthen. Regulatory approval efficiency has significantly improved, medical insurance negotiations favor new drugs, and the STAR Market has opened its doors to unprofitable biotech companies. Meanwhile, Chinese original drugs are beginning to penetrate European and American markets, with product gross profit margins generally exceeding 80%, indicating that commercialization capabilities are being recognized by international capital with real investment.

From an investment perspective, several types of companies are worth关注: first, those with first-in-class or best-in-class drugs that have clinical trial progress overseas (such as Hengrui, Innovent); second, companies that掌握 platform technologies (ADC, bispecific antibodies, mRNA, etc.); third, CXO service providers around outbound pharmaceutical companies, which will benefit directly from industry chain growth.

Market valuation logic is also being reconstructed. Previously, investors mainly looked at stories and imagination space; now, they focus more on real cash flow. The $130 billion licensing transaction volume is the best proof—this is solid business validation.