In 2025, China's innovative pharmaceutical industry will play a symphony of “value verification” and “payment innovation”. On the one hand, innovative drugs went overseas and entered the stage of implementing results. The total number of authorized transactions exceeded 92 billion US dollars in the first three quarters. Companies such as Baili Tianheng, Sansheng Pharmaceutical, and Hengrui Pharmaceutical have successively achieved high-milestone payments and strategic cooperation, indicating that China's innovative drugs are moving from a “trading fever” to “real value.” On the other hand, many key policies in the industry have been broken through and implemented. The first edition of the “Commercial Health Insurance Innovative Drug Catalogue” was officially released in December. The “Basic Health Insurance Basics, Commercial Insurance Innovation” multi-level payment system has opened up new market channels for high-value innovative drugs. Looking ahead to 2026, industry insiders are generally optimistic. With industrial policy support for true innovation and high-level innovation, a large number of innovative BDs will be implemented intensively. Driven by both commercial insurance implementation and procurement optimization, the boom in the innovative drug industry chain is expected to continue, and high-value innovative drugs are expected to usher in a second growth curve.

In 2025, China's innovative pharmaceutical industry will play a symphony of “value verification” and “payment innovation”. On the one hand, innovative drugs went overseas and entered the stage of implementing results. The total number of authorized transactions exceeded 92 billion US dollars in the first three quarters. Companies such as Baili Tianheng, Sansheng Pharmaceutical, and Hengrui Pharmaceutical have successively achieved high-milestone payments and strategic cooperation, indicating that China's innovative drugs are moving from a “trading fever” to “real value.” On the other hand, many key policies in the industry have been broken through and implemented. The first edition of the “Commercial Health Insurance Innovative Drug Catalogue” was officially released in December. The “Basic Health Insurance Basics, Commercial Insurance Innovation” multi-level payment system has opened up new market channels for high-value innovative drugs. Looking ahead to 2026, industry insiders are generally optimistic. With industrial policy support for true innovation and high-level innovation, a large number of innovative BDs will be implemented intensively. Driven by both commercial insurance implementation and procurement optimization, the boom in the innovative drug industry chain is expected to continue, and high-value innovative drugs are expected to usher in a second growth curve.