Sinolink Securities: Global value re-rating of innovative drugs, commercialization realization opens a new cycle

Sinolink Securities' research report states that China's innovative drug supply side relies on its reserve of cutting-edge pipelines, combined with triple efficiency advantages in review, clinical trials, and cost, to build global competitiveness; on the payment side, basic medical insurance, commercial insurance, and essential drugs work in concert, accelerating the formation of a closed loop for commercialization and volume ramp-up; overseas BD remains highly active, and 2027 is expected to mark the beginning of a period of overseas commercialization realization.