Insights from Frost & Sullivan
To date, several multinational pharmaceutical companies and innovative drug companies have released their performance forecasts or annual reports for 2024. In the field of innovative drugs, PD-1 products have achieved remarkable results. Taking some leading companies as examples, BeiGene's tislelizumab has firmly ranked first with sales of 4.467 billion yuan, a year-on-year increase of 17.4%; Innovent Biologics' sintilimab had an annual sales volume of $526 million (approximately 3.8 billion yuan) in 2024, a year-on-year increase of 34%; Junshi Biosciences' trastuzumab experienced explosive growth in 2024, with domestic sales reaching 1.501 billion yuan, a year-on-year surge of 66%, becoming the fastest-growing top variety. What are your views on the current competitive landscape and trends in the PD-1/PD-L1 market? (Does the improvement in the performance of leading PD-1 companies indicate that market competition is becoming more rational?) Has the PD-1/PD-L1 market entered an ' stock game' stage, presenting a situation where 'the strong take all and the weak are eliminated'? Against the backdrop of extreme 'involution' in PD-1 products, are bispecific antibodies becoming a new track for companies seeking differentiated breakthroughs? How should we evaluate the commercial value of PD-1/VEGF bispecific antibodies?
Wang Peng, project manager at Frost & Sullivan's Greater China Life Sciences business unit, was interviewed by the Daily Economic News to discuss the ' stock game' in the PD-1 market and how bispecific antibody tracks can break through.
Daily Economic News
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Q:What are your views on the current competitive landscape and trends in the PD-1/PD-L1 market? (Does the improvement in the performance of leading PD-1 companies indicate that market competition is becoming more rational?) Has the PD-1/PD-L1 market entered an ' stock game' stage, presenting a situation where 'the strong take all and the weak are eliminated'?
Wang Peng
Project Manager at Frost & Sullivan's Greater China Life Sciences business unit
With the expansion of approved indications for PD-1/PD-L1 products, medical insurance coverage, and the global layout of leading PD-1 companies, the performance of leading companies has generally seen growth.
Currently, several PD-1/PD-L1 products have been approved for marketing in China, with leading companies occupying a high market share. Companies with weak R&D capabilities and delayed commercialization progress have gradually terminated the development and advancement of related product pipelines; under the influence of multiple factors such as accelerated technological iteration, intensified international competition, and policy-driven medical insurance negotiations, the R&D threshold has further increased, driving resources towards leading companies. This marks that the market has entered an ' stock game' stage.
Q:Against the backdrop of extreme 'involution' in PD-1 products, are bispecific antibodies becoming a new track for companies seeking differentiated breakthroughs? How should we evaluate the commercial value of PD-1/VEGF bispecific antibodies?
Wang Peng
Project Manager at Frost & Sullivan's Greater China Life Sciences business unit
In recent years, with the intensification of homogeneous competition among Chinese enterprises, differentiated layout has become the key for companies to break through. Taking the bispecific antibody drug Efficimab (PD-(L)1/VEGF bispecific antibody) as an example, in clinical trials for first-line treatment of PD-L1-positive non-small cell lung cancer patients, it significantly extended the median progression-free survival period compared to pembrolizumab, showing both statistical and clinical significance. The higher clinical treatment benefits of the product determine its value, which will ultimately be translated into the market commercial value of the product.
*This interview has been published in the Daily Economic News, with reporters Xu Libo and Lin Zichen, and the original title was: 'Marketing of Leading Pharmaceutical Companies Sparks Hot Debate, Behind Which Is the 'Involution' of the PD-1 Single-Agent Market'
