2025 China Innovative Drug Industry Landscape and Trend Analysis: Leading by Top Players, Technology-Driven, and Accelerated Global Expansion

Snowball user analysis points out that the innovative drug industry landscape is becoming clear, with leading enterprises taking the lead with differentiated advantages: BeiGene is the only domestic international pharmaceutical company with complete global R&D and sales capabilities; Hengrui Medicine has the most complete layout of validated targets; Innovent Biologics has strong R&D and sales integrity. ADC and bispecific antibodies are core technical drivers. Domestic medical insurance policies are stable to support commercialization. In the medium term, global expansion mainly uses the BD model (BeiGene is an exception) [0]

1. Industry Growth and Leading by Top Players
   : 58 A-share innovative drug companies achieved a year-on-year revenue growth of 1.4% in the first three quarters of 2025, with a 3.3% growth in Q3 alone [1]. Leading enterprises such as BeiGene and Innovent Biologics occupy important weights in the Hong Kong Stock Connect Pharmaceutical Index [2]
2. Technology-Driven and Commercialization
   : ADC technology has made significant commercialization progress; Huadong Medicine’s FRα-targeted ADC drug Ailaha® achieved sales revenue exceeding 45 million yuan in January-September 2025 [5]. Bispecific antibodies are advancing efficiently in clinical trials for autoimmune diseases, and the market prospect of TSLP bispecific antibodies is broad [7]
3. Accelerated Global Expansion
   : The total overseas licensing transaction volume in the first 10 months of 2025 reached 104.2 billion US dollars, which has exceeded the full year of 2024, with the BD model as the mainstream [1]
4. Policy and Payment Support
   : Many regions have introduced full-chain innovative drug support measures [2]. The innovation of the dual-track payment system of medical insurance and commercial insurance provides support for industry growth [1]

The industry landscape shows the characteristics of leading by top players, technology-driven (ADC/bispecific antibodies), and accelerated global expansion. Top enterprises form differentiated barriers through R&D, sales, or globalization capabilities; technological dividends continue to be released, and commercialization verification is accelerated; global expansion and policy support jointly promote industry growth

• Opportunities
  : Technological innovation (ADC/bispecific antibodies), overseas BD transactions, policy dividends, and payment system innovation
• Risks
  : R&D failure risk, intensified international competition, medical insurance negotiation pressure