生物医药之创新药出海——从“跟随”到“引领”,国产创新出海加速

招商银行研究
Aug 05

■ 医保政策推动下,出海已经是必然选择。随着老龄化程度不断加深,国内医保收支平衡压力持续增大,也制约了我国创新药产业的发展。而我国医疗费用支出中商业保险占比仅6.5%,远低于美国、日本等国家,短期无法支撑创新药械支付。投融资方面,一二级市场融资压力大,激发企业创新出海动力。2021年7月后,A股和港股IPO难度加大。一级市场投融资逐步趋弱,虽然2024年海外市场一级开始恢复,但国内仍是量价齐跌。...

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