医药生物2026年创新药投资逻辑:以DE-RISKING路径锁定创新药高成长机会

天风证券
Dec 14, 2025

中国创新药以BD 为突破口切入十倍空间的全球药品市场2025 年是中国创新药BD 快速增长的元年,前三季度,整体BD 出海交易总金额超过920 亿美元,交易数量达103 笔,我们认为以BD 为突破口(包括传统BD、NewCo、Co-Co),中国创新药将系统参与到全球创新药市场中,而当前全球药品市场规模是中国药品市场规模的6 倍左右,这将显著打开中国创新药的商业化价值,整体生态体系也将愈发健康成熟,...

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