Milestone achievements in domestic innovation drugs are frequentl realized, and the industry is transitioning to a sustainable revenue model.

The latest data from the National Medical Products Administration shows that by 2025, China will have approved 76 innovative drugs for market, reaching a historical high. At the same time, the total amount of external authorized transactions for innovative drugs has exceeded 130 billion US dollars, with the number of authorized transactions exceeding 150. Recently, there have been frequent reports of milestone achievements by domestic innovative drug companies, indicating that the value of China's innovative drug research and development is being validated. However, in the past, there has been criticism within the industry of a low milestone achievement rate, often referred to as a "one-off BD". Now, with the continuous realization of milestone achievements, the industry is transitioning towards a sustainable revenue model.