Innovative drugs "leaping" this year: from breakthrough in overseas markets to realizing value.

In 2025, China's innovative pharmaceutical industry played a symphony of "value verification" and "payment innovation". On the one hand, the innovation drugs went overseas and entered the stage of realizing achievements, with the total amount of authorized transactions exceeding 92 billion US dollars in the first three quarters. Enterprises such as Hua Sin Lin, Sanofi and Hengrui Medicine have successively achieved high milestone payments and strategic cooperation, marking the transition of China's innovative pharmaceutical industry from "transaction hot" to "value realization". On the other hand, the industry has made breakthroughs and implemented several key policies. The first edition of the "Commercial Health Insurance Innovative Drug List" was officially released in December, establishing a multi-level payment system of "basic medical insurance ensures the basic, commercial insurance ensures innovation", opening up new market channels for high-value innovative drugs. Looking ahead to 2026, industry insiders are optimistic that with the support of industrial policies for real and high-level innovation, a large number of innovative drugs will be launched in quick succession. With the dual promotion of commercial insurance implementation and centralized procurement optimization, the high prosperity of the innovative drug industry chain is expected to continue, and high-value innovative drugs are expected to usher in a second growth curve.