Drug R&D: The Journey from Generic to Innovative.
Drug R&D, from imitation to innovation, is a major transformation of China's pharmaceutical industry in recent years. In the past, China mainly relied on the export of APIs, and was less involved in the research and development of innovative drugs. However, with the adjustment of national policies and changes in the market, this situation is gradually changing.
The research and development of innovative drugs is a high-risk, high-investment process. According to statistics, the average R&D cost of a new drug is as high as $2.8 billion, and it takes up to 10 years or more. In the field of new drug development, there is a famous "anti-Moore's law", which states that every 9 years, the cost of drug development doubles. This has put tremendous pressure on pharmaceutical companies around the world.
In order to change this situation, China** has taken a series of measures in recent years to encourage the research and development of innovative drugs. These include self-checking and verification of drug clinical trial data, cracking down on data fraud, improving the quality of generic drugs, and encouraging the accelerated development of innovative drugs. These measures have greatly stimulated the innovation vitality of pharmaceutical companies.
With the promotion of policies and changes in the market, a large amount of capital began to pour into the biomedical field, giving birth to a large number of innovative pharmaceutical companies. These companies have attracted a large number of people working in multinational pharmaceutical companies to join the company, and at the same time, they have also attracted a large number of overseas scientists and investors to return to China to start their own businesses.
In addition, in order to solve the financing problem of unprofitable biotech companies, the Hong Kong Stock Exchange and the Science and Technology Innovation Board have issued new rules to allow these companies to list. This move has further boosted the development of innovative pharmaceutical companies, allowing them to have more funding**.
However, Chinese innovative pharmaceutical companies still face some challenges. Although their R&D level has improved rapidly, their original ability is still insufficient, and most companies are good at follow-up R&D, and basic research is relatively weak. Therefore, Chinese innovative pharmaceutical companies need to strengthen basic research and improve their original capabilities in order to gain greater influence in the global pharmaceutical ecosystem.
Overall, from generics to innovation, China's drug R&D is undergoing a huge transformation process. While there are still some challenges, this transformation is expected to continue to accelerate as policies push and market changes.
In order to promote the open innovation of the whole biomedical industry chain and promote the healthy development of the biopharmaceutical industry, the 2024 China (Wuxi) Biomedical Industry Expo and China Biomedical Science and Technology Innovation Quality Conference are specially held to jointly promote the open innovation and development of biomedicine, and create a modern innovation ecosystem of biomedical manufacturing industry with deep integration of industrial chain, innovation chain, value chain and ** chain. April 18-20, Wuxi Taihu International Expo Center