Since the beginning of this year, the tourism heat in Hainan has continued to rise, with significant recovery in sales by tax-free business entities such as China Duty Free Group and Wangfujing Department Store. It is worth noting that Hainan's 12 The home island duty-free store has recently officially entered the market, and the holding of the Expo has sparked a new wave of duty-free consumption and boosted confidence in duty-free shopping. The 'May Day' Golden Week is expected to become another critical time point for the release of duty-free consumption power on home islands. In the first quarter of this year, the total sales volume of Hainan's offshore duty-free stores reached 203 Yuan-billion growth 29% In the first quarter, Hainan achieved total tourism revenue 530 Yuan-billion growth 25% What consumption signals are being released behind this? What are the main factors driving the recovery of off-island duty-free consumption?   4 month 9 Today, the first island-free shopping mall in Hainan's Wanning city, 'Wangfujing International Duty-Free Port', opened for business. What is the current recovery level of island-free consumption? What trends are expected for island-free consumption in the future? Frost & Sullivan Frost & Sullivan Yu Jiajing, a consulting analyst at Frost & Sullivan's Greater China region and referred to below as 'Frost & Sullivan', was interviewed by 'Cainlian' to discuss the consumption trend of duty-free shopping on Hainan's offshore islands. Cailian Finance & Economics News Agency Q In the first quarter of this year, the total sales volume of Hainan's offshore duty-free stores reached 203 Yuan-billion growth 29% In the first quarter, Hainan achieved total tourism revenue 530 Yuan-billion growth 25% What consumption signals are being released behind this? What are the main factors driving the recovery of off-island duty-free consumption?   As the state gradually increases support for tax-exempt industries, regulatory policies and preferential policies are advancing concurrently. The policy dividends of the Hainan offshore tax-free market continue to this day, including ecological environment, offshore tax-free shopping policies, the construction of free trade ports, and RCEP Factors such as the superimposed opening-up policy have continuously unleashed the consumption potential of the Hainan offshore duty-free market. 4 month 1 The operational preparation for the 'full island closure' starting from today will also enhance the flexibility of duty-free shopping, which is conducive to attracting more domestic and foreign investment and resource introduction. With the adjustment of border opening policies, the improvement of passenger capacity, the strong return of overseas consumption, the increasing popularity of Hainan's island tax-free shopping, the opening of quotas and categories under the new tax-free policy for islands, the gradual enrichment of duty-free store brands, as well as the activation and expansion of ports and airports, it is expected that the industry will further rise steadily. 4 month 9 Today, the first island-free shopping mall in Wanning, Hainan, "Wangfujing International Duty-Free Port," located at Wangfujing, officially opened. In your opinion, how is the recovery of island-free consumption currently? With the "May Day" travel season approaching, what trends are expected for island-free consumption in the coming period?   With the official operation of Hainan Wanning's first offshore duty-free store, 'Wangfujing International Duty-Free Port', the recovery trend in the offshore duty-free consumption market has become increasingly robust. Under the current epidemic control and border opening policies, consumer potential continues to be unleashed, ' V "The revival of words will further drive a consumption boom." During the peak travel season of 'May Day,' it is expected that the off-island duty-free consumption market will show an uptrend in consumer numbers, diversification of consumption categories, further enhanced purchasing power for duty-free goods, and an upgraded consumption experience. Currently, Hainan has promoted the return of overseas high-end shopping by optimizing the tax-free shopping environment, attracting international first-tier brands to set up stores, improving the conditions of tax-free import facilities, and continuously carrying out promotional activities. Although the adjustment of border opening policies has brought international competition pressure and challenges to Hainan's island tax-free shopping due to the opening of global tourist destinations, the overall opportunities still outweigh the challenges under the influence of the return from both domestic and foreign markets.   * This interview was published in "Cainiao Link". APP Reporter: Lu Tingting Original title is    "The    Hainan's first-quarter duty-free island shopping spree raked in more than 200 Yi, the CIIE Sets Off Another Wave of the "Tax-Free Economy" Can the momentum of 'May Day' continue?    >>    (Click "Read Full Article" at the end of the text to read the complete report).

4 month 27 day, 2023 The fourth session of the 'Golden Seeds' listing special training at Nanguang Valley, titled 'An Analysis of Early Investment and Financing, Equity Incentives, and Listing Practices for Technology-based Enterprises', was successfully held in the large conference room on the third floor of the Optics Valley Science and Technology Building. The event was sponsored by the Wuhan East Lake High-tech Finance Bureau and organized by Haitong Securities. The purpose of this event is to provide more professional and resource support to companies preparing for listing, helping them stand firm for the future. IPO listing From a macro perspective, better plan the capital market path at its source and underlying layers. Frost & Sullivan Frost & Sullivan Zhang Zhiwei, Executive Director of Frost & Sullivan Greater China, was invited to participate in the event and delivered a speech on 'Using In-depth Research to Assist Science and Technology Innovation Enterprises in Preparation'. IPO listing And Long-Term Development   Together with Hu Xuan, the Director of Healthcare Industry at Haitong Securities and Sponsorship Representative, Wang Zhe, the Director of Investment Banking at Haitong Securities and Sponsorship Representative, Xiong Chuan, a Partner at Zhong Lun Law Firm, Jiang Hao, the Deputy General Manager of Hubei Daily Fund Management Co., Ltd., and Zhang Enxue, a Partner at Tianjian Accounting Firm, we discussed and analyzed the early investment and financing, equity incentives, and listing practices of technology-based enterprises. Executive Director, Greater China, Frost & Sullivan Zhang Zhiwei Zhang Zhiwei stated that in-depth industry research is of great significance, as it spans every stage of a company's development from startup to maturity and growth, covering business planning, IPO listing , growth consulting, and other various tasks.    Pre-IPO financing Stage 1: Business Plan Writing, Sales Forecast / valuation IPO listing Preparation of prospectuses and Q&A during the process, preparation of fundraising reports, verification of experimental data, and ESG Both annual report updates and industry research are inseparable from in-depth analysis. at IPO listing phases, industry data and materials will be widely referenced in IPO listing In each link of the declaration. Pre-listing   Collaborated by the company, sponsor team, lawyers, and industry consultants, this effort analyzes the technological advancement of the company's products, equipment, process applications, etc., and sorts out the company's leading positions.   Match exchange listing guidelines, prioritizing leading positions and industry tracks; Prepare an industry analysis report based on the company's track, listing prospectus, and industry section requirements.   Includes market size data, competitor analysis, market drivers, future development trends, and more;   Provide full Q&A and responses regarding industry-related issues encountered during the listing process.   Including inquiries from regulatory authorities during the listing process, questions from investors during investment roadshows, etc.; through comparison with competitors,   Highlight the company's competitive advantages   Provides investors with an intuitive understanding and judgment of the company through market ranking information,   Support the company's valuation. Zhang Zhiwei pointed out that during the listing process, regulators will conduct multiple rounds of inquiries. In terms of business, it specifically involves the current development status of the market where the enterprise operates, multi-dimensional comparisons with major competitors, especially quantitative and qualitative comparisons related to competitors. Detailed industry data support is required to better meet the inquiry requirements and accelerate the listing process. Enterprises in the fields of medical devices, pharmaceuticals, cutting-edge medical technologies, and medical services IPO listing In the process, in-depth industry research support is even more necessary. "Zhang Zhiwei further added,   since 2019 year A Since the launch of the Sci-tech Innovation Board, Frost & Sullivan's share has reached 72.3% Due to the high demand for business and industry analysis in the fifth set of issues, systematic use of industry advisory services was adopted. Frost & Sullivan's share of clients served under the fifth set of standards has reached 83.8% (Number of projects). In addition to industry consultants, IPO listing The fundraising project reports and feasibility studies also rely on in-depth industry research, and Frost & Sullivan can provide enterprises with a one-stop   IPO listing Overall solution and feasibility study of the fundraising project report. The fundraising project report includes an analysis of the future market prospects of the project, a construction plan for the project, implementation and supporting conditions of the project, the estimated amount of funds raised, as well as a use plan. The future 3 - 5 Annual development plan, project risk analysis and control measures, project feasibility study conclusions, etc. Feasibility study work   From planning and design IPO listing The fundraising project has started and is being compiled IPO listing Feasibility report for fundraising and investment projects, assisting enterprises in completing the filing procedures (obtaining filing documents) with local development and reform commissions and other government departments for each fundraising and investment project, handling environmental impact assessment approvals, assisting in dealing with the fundraising and investment inquiry opinions from the China Securities Regulatory Commission, and providing follow-up services until the enterprise successfully passes the review. In the growth consulting sector, industry research is equally significant for strategic management consulting and business due diligence.   "   Based on industry research, we gain insights into market frontiers including products, technology, channels, and customers. We offer advice for internal decision-making and assist in formulating corporate strategic plans. "Zhang Zhiwei said. The industry research framework provided by Frost & Sullivan to support corporate strategic planning includes in-depth analysis of the macro environment of the industry, target customers, company products, competitors, and prospects for niche markets. The content covers a comprehensive and high-quality network and database of first-hand intelligence analysis. It combines primary research with secondary data, conducting repeated cross-validation on the obtained materials based on thorough research, striving for a balanced view between qualitative and quantitative approaches, and ultimately providing a crucial reference for business analysis and decision-making. Finally, Zhang Zhiwei introduced the consulting services of Frost & Sullivan to all the guests present. He said,   As a global growth consulting firm, Frost & Sullivan brings together the world. 62 years of consulting experience, 25 Over the years, we have dedicated ourselves to serving the booming Chinese market with a commitment to helping enterprises grow. We deeply engage in global capital markets and corporate consulting services, providing comprehensive investment and financing as well as various other professional consulting services for enterprises. We are committed to offering local clients insights into the global and Chinese markets covering all industries. The East Lake High-tech Zone is fully promoting the listing of enterprises, establishing “ 131 "Full-process service system - establishment" 1 A listing guarantee service mechanism, the construction of the Optics Valley Investment Banking Base Project, the foundation-laying project for listing on the Beijing Stock Exchange, and the Golden Seed Cultivation Project 3 The major listing special project has been launched. 1 A listing expressway, efficiently coordinating to solve difficult issues in the process of corporate listing.   today    In [year], the East Lake High-tech Zone released its financial industry development plan ( 2023 - 2035 Annual) and Three-Year Action Plan for Financial Work 2023 - 2025 In addition, the special policies of 'Ten New Measures for Science and Technology Innovation Finance', the 'Ice-breaking Action' for the first loans to small and medium-sized technology enterprises, and the establishment of a deep communication mechanism with exchanges in Shanghai, Shenzhen, Beijing, and Hong Kong will provide comprehensive financial empowerment for the listing of enterprises in Optics Valley. In the future, the East Lake High-tech Zone will launch a series of measures centered around 'serving enterprise listing and serving listed enterprises', driving the high-quality development of the industrial chain through the high-quality development of listed companies, and striving to build a 'listed golden valley' with national influence.

2022 Since the beginning of this year, in the face of a severe and complex external environment and the impact of the pandemic, the Chinese economy has advanced despite difficulties, maintained stability and improved steadily in quality. Currently,   The concept of developing a low-carbon economy and constructing an environment-friendly development model has gradually become the main thread of China's economic development. The report of the 20th National Congress of the Communist Party of China pointed out 'deeply advancing the energy revolution and accelerating the planning and construction of a new energy system,' indicating that the exploration and progress of new energy and technologies are of utmost importance to national development. More and more emerging enterprises are accelerating their intelligence, digitization, and greening levels, seizing the new opportunities of industrial digital upgrading and green sustainable development.   2023 year 4 month 28 Today, "EY Fudan Most Promising Companies" 2023 The launching ceremony and seminar of the selection activity were successfully held, and registration from all sectors has begun as of now.   This selection is themed 'New Energy, New Technology, New Development', aiming to discover a group of potential enterprises with growth potential, scalability, sustainable development, and strong competitive advantages, and to assist them in becoming future market leaders in China.    Frost & Sullivan Frost & Sullivan Frost & Sullivan, referred to as the 'cooperating support agency' for this selection process, Dr. Wang Xin, a global partner at Frost & Sullivan and Chairman of the Greater China Region, attended the launching ceremony as a representative of the cooperating support agency and a member of the selection committee, delivering a welcome speech. EY China Chairman and Chief Executive Officer of Greater China chen kai Pierre Chan, Chairman of EY China and Chief Executive Officer of Greater China    It is stated that: 'The EY Fudan Most Potential Enterprise' selection has always been committed to discovering and nurturing outstanding emerging enterprises in China, spanning 13 The selection activity has developed into a widely influential and far-reaching social event with profound practical significance. 2023 The year is the beginning of fully implementing the spirit of the 20th National Congress of the Communist Party of China and a crucial year for transitioning the implementation of the 14th Five-Year Plan. We sincerely hope that the enterprises participating in the selection can seize opportunities amidst change, continuously improve their ability to recognize, seek, and adapt to changes, rapidly grow into industry leaders, and strive to shoulder the historical responsibility of driving high-quality economic development through innovation. Since the inception of the selection of "EY Fudan Most Promising Companies", it has included 32 Domestic unicorns, totaling 280 New emerging enterprises have stood out in the selection, covering many forward-looking and strategic emerging industries such as high-tech, artificial intelligence, space aerospace, biotechnology, new energy and new materials. Among them, 50 Domestic enterprises listed on different capital markets account for approximately the total 17.9% Above.   Among the award-winning companies last year, several emerging enterprises from different industries such as Shanghai Metro, Midea Peak, and Muxi received attention from capital after winning awards. They have subsequently secured new rounds of financing and made significant breakthroughs in their respective industries. This year's selection committee continues to be composed of partners from EY's member firms, senior experts and scholars from the School of Management at Fudan University. The selection will adhere to professional, objective and open selection principles. Based on a series of key indicators such as industry attributes, development models and innovation capabilities, it aims to discover enterprises with excellent performance, healthy growth curves and great development potential. The nominated candidate enterprises need to possess characteristics such as good future growth prospects, sustainable development, national and international presence, and obvious competitive advantages. EY Hong Kong Greater China M&A Services Partner He Zhaofeng He Zhaofeng, Head of Listing Services for Greater China at EY    Statement: "EY has been committed to contributing more intellectual wisdom to the green transformation and sustainable development of emerging enterprises. We firmly believe that such selection activities are of great significance for promoting the development of emerging enterprises. In the face of today's complex and changing market environment, as well as the continuous emergence of various new technologies, new energy sources, and new business forms, we will provide intellectual support to businesses and institutions through systematic cutting-edge insights and industry analysis, helping to drive industrial energy transformation and digital upgrading." As a global growth consulting firm, Frost & Sullivan integrates the world. 62 years of consulting experience, 25 Over the years, we have dedicated ourselves to serving the booming Chinese market with a global perspective, helping clients accelerate their business growth and achieve leading benchmarks in industry growth, innovation, and technology. Since our Frost & Sullivan team began providing investment and financing advisory services to corporate leaders and their management teams, we have helped nearly a thousand companies successfully list on global capital markets. Global Partner and Chairman of Frost & Sullivan Greater China Region Dr. Wang Xin Dr. Wang Xin stated that the vitality of the capital market is inseparable from high-quality emerging enterprises, and the development of emerging enterprises also requires support from the capital market. This year marks the third time that Frost & Sullivan has served as a co-supporting institution for the selection of the most potential enterprises at EY Fudan. Frost & Sullivan will continue to leverage its professional industry analysis, market insight, and investment and financing consulting services capabilities, participating fully in and cooperating with the nomination and evaluation process of the event. Since the "14th Five-Year Plan," the country has further encouraged the development of the real economy driven by technological innovation, taking high-tech and strategic emerging industries as a core link in promoting the high-quality development of the Chinese economy. At the same time, "Digital China" has been elevated to a national strategy this year, and the new driving force of the Chinese economy represented by the digital economy is characterized by active innovation, rapid growth, and leading development. All "new eras" and "new opportunities" provide more possibilities and certainty for a virtuous cycle of strong science and technology, strong enterprises, strong industries, and strong economies. It is believed that this year's shortlisted companies will surely present a situation of "a hundred flowers blooming" and "prosperous development." Dr. Wang Xin pointed out that 'EY Fudan Most Potential Enterprise' is a national selection with strict criteria, significant influence, and high value.   Over the years, a large number of experts from the selection committee have dedicated a great deal of effort. Through layers of evaluation, they have discovered many high-quality emerging enterprises with great development potential. They have truly helped enterprises improve their ability to seize opportunities and face challenges, build core competitiveness, and achieve high-quality development in the future. "As a partner supporting organization, Frost & Sullivan places great importance on this collaboration opportunity. In addition to discovering value and witnessing glory, we look forward to accompanying them with care and fully supporting their growth over the longer-term development cycle of the enterprise; standing alongside global think tanks such as EY, Fudan University, and the China Financial Information Center, top professional institutions, and authoritative media organizations, we will continue to pay attention to the growth of emerging enterprises, keep pace with the times, encourage entrepreneurs to innovate, and jointly empower a new generation of future industry leaders to achieve all-round success!" said Dr. Wang Xin.

2023 The year is the first year to implement the strategic deployment of the '20th National Congress' and also a crucial year for the implementation of the '14th Five-Year Plan'.   Under the national policy that encourages innovation, China's innovative drugs are about to enter a period of explosive growth, with clinical trial projects breaking new highs. China's position in global innovative drug transactions is becoming increasingly prominent, and strategic opportunities for differentiation, commercialization, and internationalization have become industry consensus. What new opportunities lie ahead? How can we strengthen and complement the innovation chain, focus on clinical value, link global innovation resources, promote cross-border cooperation among industry, academia, research institutions, and healthcare, and achieve the integration of the innovation chain and industrial chain?   2023 year 4 month 28 On the day, the 'International Summit on Innovation and Transformation of China's Biomedical Industry Chain', co-hosted by the China Biomedical Industry Chain Innovation and Transformation Alliance and the Nanjing Biomedical Industry Innovation and Transformation Center, grandly opened in Nanjing, Jiangsu Province.   The conference hopes to leverage the collective intelligence of alliance experts. It has specially invited leading scholars, political elites, scientific research pioneers, industry leaders, clinical authorities, and investment pioneers to gather together. They will review cutting-edge hot topics in various subfields, focus on issues of concern to biopharmaceutical companies, concentrate on achievement transformation, empower enterprises to leap forward, explore new paths for drug research and development technology and industrial innovation suitable for our country, inspire industry-wide forward-looking thinking and overall planning, and enhance the innovation capabilities of China's biopharmaceutical industry chain.   Dr. Wang Xin, Global Partner at Frost & Sullivan and Chairman of the Greater China Region (second from right), and Academician of the Chinese Academy of Sciences, Deputy Director of National Major New Drug Creation Technologies, former Director of the Shanghai Institute of Materia Medica, Chinese Academy of Sciences CBIITA Academician Chen Kaixian (center), President of the Alliance and Editor-in-Chief of "Advances in Pharmacy", and President of the China Chemical Pharmaceutical Industry Association CBIITA Group photo of Mr. Pan Guangcheng, Vice President of the Alliance (third from right)   Frost & Sullivan Frost & Sullivan Dr. Wang Xin, Global Partner and Chairman of Frost & Sullivan's Greater China Region, was invited to attend the conference and delivered a speech on 'The Iteration and Development of China's Pharmaceutical Industry'.   At the meeting, Dr. Wang Xin first analyzed the trends in the global pharmaceutical market. He pointed out that through observation and analysis of the global healthcare industry, Frost & Sullivan believes that the industry is currently facing three major challenges.   Global Partner and Chairman of Frost & Sullivan Greater China Region Dr. Wang Xin   The first challenge comes from the external funding environment.   2022 Since the beginning of the year, affected by factors such as geopolitical conflicts, energy shortages, the COVID-19 pandemic, and high inflation, the global healthcare industry capital market has seen a significant decline. 2022 In the year, the global healthcare industry witnessed a total 3,057 Start financing event, more 2021 Decrease in annual value 43% The overall sentiment tends to be calm and prudent.   In terms of total financing, 2022 Total annual amount 729 billion US dollars, compared to 2021 Decrease in annual value 15% close to 2020 The level of last year. But 2022 The capital structure in [specific year] is significantly different compared to 2020 In the year, there was a noticeable clustering of funds, capital became more rational, investors' strategies tended to invest in higher-quality targets with greater certainty. The number of financing enterprises participating and the amount they could raise were both decreasing. 2022 The single-investment and financing amount in the year is 0.24 billion dollars, less than 2019 The level of [a certain year].   "Investment and financing are the lifeline of pharmaceutical innovation, and they are crucial for promoting the success of R&D and commercialization by healthcare enterprises." Dr. Wang Xin stated that for the capital market, identifying 'hard innovation capabilities' has become more challenging, and pharmaceutical companies will also face more intense competition for funds.   The second challenge lies in the payment environment.    In terms of income levels, the gap in per capita medical expenditure among countries with different income levels has further widened. The gap between high-income and low-income countries has grown from 2000 year 51 Has been multiplied by 2019 year 58 times. Looking at specific economies, the world's representative countries have gradually formed a clear bipolar distribution, with wealthy countries having significantly higher per capita healthcare expenditures than low-income countries, such as 2019 The per capita medical expenditure in the United States is about 20.4 times, from Vietnam 60.4 times.   The distribution of global healthcare resources is positively correlated with regional economies. High medical expenditures in developed regions enable patients to receive more cutting-edge treatments in healthcare, while low-income areas mainly rely on maintaining the most basic essential medicines and medical services. It is expected that the distribution of healthcare resources globally may become even more imbalanced in the future.     The last challenge comes from supply and demand.    Driven by factors such as urbanization development, improved medical standards, and gradually extended human lifespan, the world's population is growing at a rapid rate. Population aging has become an inevitable trend in global population development, with developing countries experiencing a more pronounced acceleration of aging. The deepening degree of population aging means that in the future, the demand side will have higher demands for medical and health services in terms of quantity and quality. Therefore,   with     towards    The medical services and even social infrastructure system positioned for the younger population will struggle to effectively meet the severe diagnostic and treatment needs brought about by the aging society.     Dr. Wang Xin pointed out,   Looking at the global pharmaceutical market, the biopharmaceutical sector has shown strong growth momentum, while the scale of traditional drugs has been squeezed.     Data shows that the global pharmaceutical market size has 2017 year 1.2 Trillions of dollars grow to 2021 year 1.4 trillion dollars CAGR about 3.8% are expected 2026 Will reach in 1.8 Trillions of dollars, with the global pharmaceutical market maintaining stable growth. Looking at the two types of drugs in the pharmaceutical market, biologics have a completely new therapeutic concept compared to chemical drugs, providing new ideas for treating difficult and complicated diseases such as cancer and psoriasis. Currently, the growth rate level is much higher than that of chemical drugs.   In the future, driven by factors such as enhanced efficacy of biologics, development of biotechnology, increased R&D investment, and continuous approval of biologics, it is expected that the global biopharmaceutical 2022 - 2026 The compound annual growth rate for the year is 11.9% , still significantly ahead of chemical drugs 2.3% .     Looking at the major economies, the United States occupies a world-leading position in biomedicine and its industrialization. The biomedicine industry has become one of the core drivers for the development of high-tech industries in the US.    The biopharmaceutical industry is an emerging technology-intensive industry in the United States and a pillar industry for economic development, exerting a significant influence. Leading pharmaceutical companies account for a high proportion of market value in the US pharmaceutical sector, ranking among the top. 4.5% Enterprises in this sector 92.1% Market value.     In terms of regional distribution, global biomedicine is developing in clusters. In terms of biomedical invention patents, the United States, China, Japan, and Europe are the major patent-contributing countries globally, and the clustering effect of their biomedicine industries is becoming increasingly evident.     United States   As the global center for biopharmaceutical development, it has established five major biopharmaceutical industry bases including Boston, San Diego, and the North Carolina Triangle. It has achieved comprehensive development and innovation in sub-specialty drug fields such as oncology drugs, immunology drugs, cardiovascular drugs, anti-infective drugs, vaccines, and neurological drugs.   Europe   The biomedical industry cluster has gathered large pharmaceutical enterprises, leading the global biotech innovation. It has significant advantages in monoclonal antibody drugs, vaccines, blood products, recombinant protein drugs, gene therapy, and other areas;       Japan   There are numerous specialized enterprises, with advantageous fields including regenerative medicine research, drugs for the prevention and treatment of hypertension, diabetes, and tumors;   china   The biomedical industrial parks are mainly distributed in four regions: the Bohai Rim, Yangtze River Delta, Greater Bay Area, and Chengdu-Chongqing Metropolitan Area. In terms of development characteristics, they not only have advantages in the development of chemical bulk drugs and preparations, traditional Chinese medicine, etc., but also in bispecific antibodies and antibody conjugates ( ADC Frontier technologies such as cell gene therapy are also booming.   Subsequently, Dr. Wang Xin analyzed in detail the iteration and development trends of the innovative drug industry.   According to a study by Frost & Sullivan,   Currently, constrained by the rapid development of generic drugs, centralized procurement, and medical insurance,   Generic drugs have entered a period of decline   Market demand is stable, and the competitive landscape is relatively fixed;   The fields of monoclonal antibodies, small molecule targeted drugs, and traditional biological macromolecular drugs are in the mature stage.   Market competition is fierce, and centralized procurement varieties have begun to appear. However, product homogenization is serious, such as insulin, which has been successfully included in centralized procurement;   Dual Antibody, ADC Innovative drugs have entered a period of rapid development   Compared with the European and American markets 2000 There have been some around the New Year ADC Approved. The Chinese market started relatively late and has been developing in recent years 3 In the new year, significant product approvals are expected to begin. As the efficacy and safety of early-stage products are clinically validated, the number of competitors in the Chinese market will also increase, leading to fierce competition in the sector;   The R&D technology barriers for innovative therapies such as cell therapy, gene therapy, and nucleic acid drugs are high. The uncertainty of developing drugs into marketable products is relatively high, and the market development is in its early stages, with great potential for future development.   From the changes in the number of clinical trials in China, it can be seen that compared with 2017 Year to 2020 The number of new drug clinical trial levels in China in the past three years, including monoclonal antibodies, bispecific antibodies, ADC Large molecule drugs such as antibody fusion proteins have become an important area in new drug research and development. The proportion of related clinical trials in the total number of new drug clinical trials in China has increased significantly, while the proportion of chemical drugs and monoclonal antibodies has shown a downward trend. Clinical trials of innovative therapies represented by cell therapy, gene therapy, nucleic acid drugs, and oncolytic viruses continue to increase, and their proportion in new drug clinical development is gradually rising. Recently 3 The annual proportion has reached 3.8% .   "One of the major current issues in new drug research and development in China's pharmaceutical market is severe homogenization." 2018 Since [start year], the distribution of approved new clinical drug targets in China has been very concentrated. Typical targets that have become drugs are EGFR , BTK , PD1/PDL1 , JAK Targets all exceeding 100 A clinical trial has been approved. This    "The current situation is closely related to China's drug research and development process. The weak basic medical research capabilities in China, the lack of historical accumulation in new drug research and development, an immature industrial chain, and relatively lagging regulatory oversight have led to a clustering of new drug research and development efforts in China, with serious homogenization. This has also, to a certain extent, caused a waste of resources." Dr. Wang Xin further added.   "Creating a differentiated product pipeline by developing new targets, avoiding target overcrowding, iterating and upgrading R&D technologies, and changing drug development strategies are key for pharmaceutical companies to break through in the fierce competition."       Dr. Wang Xin pointed out that the innovative drug industry will exhibit the following three development trends: 1 The domestic market is shifting towards overseas markets; 2 ) Biotech reach Biopharma company The transformation; 3 ) License-in granted reach License-out of the Mainland Transformation.   In recent years, factors such as enhanced R&D capabilities for innovative drugs, significant potential in overseas markets, gradual alignment of domestic and international regulatory systems, and pressure on domestic prices of innovative drugs have driven Chinese pharmaceutical companies to go global and actively explore international market territories. Data shows that in the past five years, the number of clinical trials conducted by Chinese pharmaceutical companies overseas has generally shown an upward trend. 2020 Starting from the year, exceeding 130 Chinese pharmaceutical companies conduct overseas clinical trials; 2021 The number of companies deploying overseas clinical trials in the year 2018 The annual growth is about double.   As Chinese pharmaceutical companies continue to strengthen their strategic deployment in overseas markets and compete to conduct overseas clinical trials, the overseas market will become an important driving force for corporate growth in the future.   On the other hand, driven by factors such as desire to drive growth, industrial environmental impact, good market prospects, and continuously improving commercial capabilities, more and more Biotech The company has embarked on Biopharma company The path to progress.     The upsurge of high-end medical talents returning to China   This is the primary catalyst for this transformation and upgrading. Driven by China's huge demand for biomedicine and talent policies, many pharmaceutical talents with strong research capabilities have chosen to return to their home country to start businesses and cultivate in the fertile soil of Chinese medicine.   Domestic industrial environment   It is also one of the factors catalyzing this transformation. Compared with developed countries, China's 'segmental' industrial division of labor model is not yet mature, and most Biotech The products are still concentrated in the R&D stage and do not yet possess commercialization capabilities. It is difficult to complete the division of labor between production and sales, thus making the product's investment return cycle long. Catalyzed by this industrial environment, Biotech Faced with a move towards Biopharma company The transformation and change aim to achieve full coverage of the pharmaceutical industry chain by deploying production and sales links.   The listing environment of Chinese pharmaceutical enterprises   This is the third factor catalyzing this transformation. With the implementation and promotion of the fifth set of listing standards for the Sci-Tech Innovation Board, many innovative pharmaceutical companies have embraced opportunities. With the capital support after listing, Biotech We will continue to invest in the research and development of innovative drugs, accelerate the commercialization process, and Biotech Gradually progress from cost center Biopharma company Profit center.   Dr. Wang Xin said, since Hong Kong stocks 18A Revenue generated since the implementation of the fifth set of measures for the Sci-Tech Innovation Board Biotech The number has been increasing year by year.   As of 2022 In the first half of the year, as many as 40 home Biotech Generate revenue, of which 3 The earnings of home pharmaceutical companies exceed 10 100 billion RMB, more than half Biotech Revenue exceeds 1 1000 million RMB, Hong Kong stock market 18A And the fifth sector of science, technology and innovation Biotech The profitability is strengthening.   In addition, as the domestic innovation drug ecosystem gradually takes shape, License-in granted reach License-out of the Mainland It represents the third trendic shift faced by China's innovative pharmaceutical industry against the backdrop of globalization. Under the influence of favorable policies and capital support, the domestic innovation drug R&D capability has rapidly improved. However, this has also led to homogenization in innovation drug R&D and a 'involution' situation. Therefore, product 'going global' has become an inevitable trend in China's pharmaceutical development.   2020 The year is the pharmaceutical industry License-out of the Mainland In the first year License-out of the Mainland The project has set a new record high, with outbound transactions reaching 117 pen.   "Domestic pharmaceutical companies can achieve complementary advantages in research and development by collaborating with overseas pharmaceutical companies, reducing the risks of new drug development. They can also leverage the sales networks of international big pharmaceutical companies in the sales sector, enabling domestic innovative drugs to enter the international market more quickly and participate better in global competition," said Dr. Wang Xin.   "Going global" is undoubtedly an inevitable trend for domestic pharmaceutical companies to rapidly move towards globalization. License-out of the Mainland Optimizing policies is the top priority of this transformation.   Dr. Wang Xin pointed out, License-out of the Mainland The core lies in internationalization, differentiation, and commercialization.     Internationalization is mainly reflected in fully examining overseas pharmaceutical markets and precisely selecting partners that better fit with the products going global; secondly, by developing products that address unmet needs in overseas markets, leveraging License-out of the Mainland Differentiate the product to break out of the homogenization dilemma; at the same time, layout products in the advantageous areas of partners, making full use of their experience in sales networks, clinical applications, etc., to maximize profits; finally, adhere to long-termism, create brand benefits, and establish sustainable development License-out of the Mainland Policy. Finally, Dr. Wang Xin briefly introduced the consulting services of Frost & Sullivan to the guests present. Dr. Wang Xin stated that this year marks the global establishment of Frost & Sullivan. 62 The anniversary is also the first time we have entered the Chinese market 25 As a global growth consulting firm, Frost & Sullivan has been deeply involved in the global capital markets and corporate consulting services for over a decade. It provides comprehensive investment and financing as well as various other professional consulting services to enterprises. The company has helped nearly a thousand companies successfully list on the Hong Kong and overseas stock exchanges and is a leading enterprise in the field of investment strategy consulting in China.   2014 till 2022 In FY, Frost & Sullivan went on to maintain its market-leading position in the Hong Kong-listed consultancy segment for the second consecutive year. 8 Maintaining a leading position year-on-year, the proportion of assisted listed companies remains first in the segmented market.    In the healthcare industry, Frost & Sullivan has an absolute advantage. 2018 - 2022 In FY19, the Frost & Sullivan healthcare team in the Hong Kong market accounted for 80.2% Market share (in terms of project amount); from 2019 year A Since the launch of the Sci-tech Innovation Board, Frost & Sullivan's share has reached 72.3% Due to the high demand for business and industry analysis in the fifth set of issues, systematic use of industry advisory services was adopted. Frost & Sullivan's share of clients served under the fifth set of standards has reached 83.8% (Number of projects). Based on its rich experience in the investment and financing sector, Frost & Sullivan has successfully released 'Hong Kong Equity Markets'. 18A Biotech companies issue 'Investment Activity Reports'   "The 2022 Hong Kong in Year IPO listing Market and Secondary Market White Paper, Equity Incentive Operation Guide, etc.    Multiple investment and financing reports, providing a panoramic scan and analysis of investment and financing. 2023 year 4 month 21 On the same day, Frost & Sullivan released the 'Global Pharmaceutical and Healthcare Industry Layout Status and Development Trend Research White Paper' and 'Outlook 2030 White Paper on the Development Prospect of China's Big Health Industry CDMO Research Report on the Current Industry Situation and Development Trends, and "The Heritage of Great Powers, Everlasting Newness: New Opportunities for the Modernization and Development of China's Traditional Chinese Medicine Industry" 4 This healthcare series white paper aims to provide important perspective references for market investors.   In the entire healthcare sector, based on its research into the Chinese healthcare industry, Frost & Sullivan has successfully released    Induced pluripotent stem cells iPSC Blue Book on the Current Industry Situation and Future Development    "White Paper on the Current Industry Situation and Future Development of China's Neurointerventional Industry"    ,    "Blue Book on the Current Situation and Development Trends of China's Artificial Liver Industry",    "The 2023 "China Rare Disease Industry Trend Observation Report",    Medical Devices CRO firm Industry Status quo and Development Trends Report    Blue Book on the Current Situation of Digital Treatment for Strabismus and Amblyopia in Chinese Children, etc.    Multiple blue books present their own industry insights and viewpoints, deeply summarizing and analyzing the current development status and trends of the industry. It is hoped that these can provide an important reference perspective for market investors, as well as for industrial development and decision-making.

4 month 20 On the day, the Boao Forum for Asia's International Health Industry Forum grandly opened at the Beijing Economic-Technological Development Area. This forum is a thematic session under the framework of the Boao Forum for Asia Global Health Forum, co-hosted by the Boao Forum for Asia and the People's Government of Beijing Municipality, and co-organized by the Global Health Forum Conference Organizing Committee and the Beijing Economic-Technological Development Area Management Committee. As strategic partners of this forum, Frost & Sullivan and LeadLeo Research Institute, together with the Organizing Committee of the Boao Forum on Global Health, jointly released 'Research White Paper on the Global Pharmaceutical and Healthcare Industry Layout and Development Trends' and 'Outlook 2030 White Paper on the Development Prospect of China's Big Health Industry CDMO Research Report on the Current Industry Situation and Development Trends, and New Opportunities for the Modernization and Development of China's Traditional Chinese Medicine Industry with a Long-standing Heritage 4 This heavyweight white paper. Yin Li, Secretary of the Beijing Municipal Party Committee, and Yin Yong, Mayor of Beijing, met with important guests attending the event respectively and participated in related forum activities. Zhou Xiaochuan, Vice Chairman of the Boao Forum for Asia, Chen Zhu, President of the Red Cross Society of China, Li Baodong, Secretary-General of the Boao Forum for Asia, Chen Fengfuzhen, Chairperson of the Global Health Forum, Shen Hongbing, Academician of the Chinese Academy of Engineering, Deputy Director of the National Disease Prevention and Control Administration, Director of the Chinese Center for Disease Control and Prevention, Sun Da, Secretary of the Party Committee and Vice President of the China Charity Federation, Yu Mengsun, Academician of the Chinese Academy of Engineering, Expert in Aerospace Medicine and Biomedical Engineering, Xu Jianguo, Academician of the Chinese Academy of Engineering, Dean of the Public Health and Health Research Institute at Nankai University, and Moin, Ambassador of Pakistan to China ・ Hak, Ojai, Director of the East Asia Office of the International Federation of Red Cross and Red Crescent Societies, Chang Qide, United Nations Resident Coordinator in China, and Alain from the Mériel Foundation in France ・ Mérye, Jiang Xiaosong, President of Japan's international healthcare organization, and Dr. Christoph Schaefer, Global Health Envoy of the German Embassy in China, among other Chinese and foreign guests, attended the forum. The Health Industry International Forum, themed 'Global Health: Industrial Development and Sharing', has a total of 1 Opening Ceremony and General Meeting, 8 Arena Division Forum, 6 Release of the industry report and 2 The closed-door dialogue session will be followed by more than 20 important events, with representatives from politics, business, academia, media and other sectors scheduled 500 People and the World. The forum engaged in in-depth discussions on topics such as global eradication of poliomyelitis, cell and gene therapy, smart healthcare, innovative development of traditional medicine, addressing the challenge of antibiotic resistance, the development of the medical diagnostic product industry, nutrition and health, the new future of medical security, etc.   Frost & Sullivan Frost & Sullivan Dr. Wang Xin, Global Partner and President of Greater China at Frost & Sullivan, was invited to participate in a closed-door dialogue meeting between the Economic Development Zone and entrepreneurs on the Health Industry International Forum of the Boao Forum for Asia.   Kong Lei, Director of the Management Committee of Beijing Economic and Technological Development Area, and Liu Li, Deputy Director of the Management Committee, attended the meeting and introduced the overall situation of Beijing Economic and Technological Development Area to the guests present. Zhu Yougang, Secretary of the Party Committee and Chairman of Ping An Health Insurance, Zhang Songshan, Senior Manager of Central Government Affairs for Boston Scientific Greater China, Zhou Yuan, Head of Strategic Market Access for Stryker Medical China, Liu Chang, Vice President of Health Affairs and Market Access at Boehringer Ingelheim (China), Huang Bin, Chairman of AstraZeneca Pharmaceuticals China Limited, and Zhu Hailuan, Vice President of Sanofi Greater China, among other corporate representatives, also participated in the meeting. The development prospects of China's healthcare industry are broad At the meeting, Dr. Wang Xin first briefly analyzed the opportunities for the healthy development of healthcare in China. 'Data shows that the United States Top 20 The average enterprise market value is about 1,800 billions of dollars, while China Top 20 The average enterprise market value is less than 200 billions of dollars, a huge gap. In addition, China Top 20 The total market value of the enterprise is less than 4,000 billion US dollars, lower than the market value of UnitedHealthcare, a US pharmaceutical giant. "Therefore,   Dr. Wang Xin believes that Chinese pharmaceutical companies are still focusing on their home market, with enormous growth potential ahead. Leading enterprises urgently need to shine forth. In addition, multiple factors such as economic growth, policy support, technological progress, and capital assistance also favor the development of China's healthcare industry, which has broad development opportunities in the medium to long term. The popular tracks are highly competitive, and the park urgently needs industrial positioning support. Capital investment is an indispensable and important factor driving the growth of biopharmaceutical companies, and it is crucial for promoting research and development and accelerating business success in the life sciences industry. Although the Chinese pharmaceutical capital market has been enthusiastic in recent years, with the Hong Kong stock market A With the relaxation of the listing policy for pharmaceutical companies without revenue, the number of Chinese healthcare enterprises listed has gradually increased, alone 2020 , 2021 As high as 181 Chinese medical enterprises at home A Listed on the Hong Kong stock market, US stock market or NASDAQ. However, Dr. Wang Xin also mentioned that in fact, some biotech tracks are very crowded and have formed a red ocean competition, leading to fragmented sub-tracks Biotech Pharmaceutical companies mainly face three major challenges: severe product homogenization, fierce price competition, and serious talent loss.   "How does the park identify suitable development directions in these red oceans, make good industrial plans and investment promotion, and select high-quality enterprises to settle in the park? Every step is full of challenges and requires key support from professional institutions," said Dr. Wang Xin. Accumulate knowledge and skills over time, deeply cultivate the industry, and build a leading investment and financing platform Dr. Wang Xin said,   This year marks the 50th anniversary of Frost & Sullivan's global establishment. 62 The anniversary is also the first time we have entered the Chinese market 25 As a global growth consulting firm, Frost & Sullivan has always been committed to helping businesses grow, marking the occasion with a special anniversary event.   Deeply involved in global capital markets and corporate consulting services, we provide comprehensive investment and financing as well as various other professional consulting services for enterprises. We help clients accelerate their growth, assist them in achieving growth, technological innovation, and leading benchmarks within the industry.   We have helped nearly a thousand companies successfully list on the Hong Kong and overseas stock exchanges, making us a leading enterprise in the field of investment strategy consulting in China.   The big health industry is one of the core focus areas of Frost & Sullivan's research, and in recent years 20 For many years, the Frost & Sullivan team has provided financing and financial advisory services to hundreds of outstanding domestic and international biopharmaceutical, medical device, healthcare services, and internet healthcare companies. IPO listing Industry consulting, strategic consulting, management consulting, and other services.   2014 till 2022 In [year], Frost & Sullivan retained its leading position as the market research advisor with the largest share of the Chinese companies going public in Hong Kong and overseas, and is also an absolute leader in serving healthcare companies on their listing in Hong Kong; furthermore; 2019 year 7 Since the listing of the first batch of companies on the Sci-tech Innovation Board, Frost & Sullivan reports have also been widely cited in the prospectuses of leading Sci-tech Innovation Board-listed companies in the industry. We provide all-round services with innovative concepts and models In addition, according to its introduction,   Frost & Sullivan is also actively applying the pioneering concept of 'Whole-Enterprise Investment Management ( TIM , Total Investment Management )"New concepts, new models,   Comprehensively provides investment management services for enterprises, including enterprise management, regulatory communication, industry development trend analysis, market and strategic planning, brand value empowerment, etc., and gives full play to   5R (in other words PR Public Relations, IR Investor Relations GR government relations AR Analyst relations VR Value relations   Management advantages, helping enterprises position themselves and enhance value, telling the capital market story well, and achieving efficient communication with investment institutions, investors, industry-related parties, stakeholders, etc., make it one of the most powerful, professional, and influential comprehensive industry research institutions in the industry. Professional content has gained wide recognition in the capital market In recent years, Frost & Sullivan has continuously produced a large number of professional and accurate analyses and high-quality publications for various industries, which are widely recognized by regulatory authorities, investment and financing institutions, investors, enterprises, academic institutions, research institutions, professional service agencies, etc. Dr. Wang Xin specifically cited an example, 'Every year, Frost & Sullivan collaborates with Frost & Sullivan TradeGo (Shenzhen) Cloud Technology Co., Ltd., TradeGo, and LeadLeo Research Institute to author and publish   Hong Kong stocks 18A Biotech companies issue investment activity reports, Hong Kong stock SaaS Industry Activity Report, China Property Management Industry Investment Activity Report, China Consumer Healthcare Series Report, China Specialized Hospital Services Series Report, Hong Kong IPO listing Market and Secondary Market White Paper   awaiting, and plans for publication   A Series of Industry Analysis Reports on Stocks and Sci-tech Innovation Board   Please stay tuned!” Recommended Reading: ·          Grand Launch! 2022 Hong Kong in Year IPO listing The white paper Market and Secondary Markets is now available ·          Heavyweight! 2022 The 'China Property Management Industry 2019 Investment and Financing Activity Report' has been officially released! ·          "The 2022 China's Consumer Healthcare Series Report: 'The Living Report of the Hair Transplant Industry' is officially released! ·          "The 2022 China's Specialized Hospital Service Series Report: "Living Report of the Assisted Reproduction Industry" is officially released! ·          Heavyweight! 2022 Hong Kong stocks for the year SaaS The "Industry Pulse Report" is now available! ·          Big news! Hong Kong stocks 18A The 'Biotech Startup Investment Activity Report' has been officially released! Professional empowerment for the high-quality development of industrial parks Based on its global brand heritage, strong professional expertise, and high service standards, Frost & Sullivan has unique advantages and has accumulated rich experience in the field of park planning and consulting. At the front end of planning and consulting services, Frost & Sullivan is a leader in industrial research and strategic thinking, using its powerful industrial analysis capabilities to assist in precise regional positioning. At the back end of planning and consulting services, Frost & Sullivan can also provide implementation and operational support, integrating internal and external resources to assist in planning implementation. In recent years, Frost & Sullivan has participated in numerous industrial sorting and planning consulting projects.   In major urban agglomerations and economic hotspots in China, such as Shanghai, Nanjing, Suzhou, Guangzhou, Chongqing, Chengdu, Xi'an, etc., project practices are carried out.   Dr. Wang Xin said, "In the process of helping a large number of clients achieve their strategic goals at Frost & Sullivan, we have established close, efficient, and united cooperative relationships with many securities firms, investment banks, law firms, and other professional service institutions. We have created one-stop investment and financing solutions, working together to empower enterprise growth, industrial development, and economic takeoff. The results are evident. In the future, Frost & Sullivan also hopes to continue collaborating with core strategic partners such as LeadLeo and cloud technology, along with many professional institutions, to jointly build an ecological service system covering the entire lifecycle and industrial chain of enterprises. This will help biopharmaceutical companies achieve growth, provide planning consultations for the industrial layout of biopharmaceutical parks, and empower the transformation and upgrading of the biopharmaceutical industry!"   As strategic partners of this forum, Frost & Sullivan and LeadLeo Research Institute, together with the Organizing Committee of the Boao Forum on Global Health, jointly released 'Research White Paper on the Layout and Development Trends of the Global Pharmaceutical and Healthcare Industry' and 'Outlook 2030 White Paper on the Development Prospect of China's Big Health Industry CDMO company Research Report on the Current Industry Situation and Development Trends, and New Opportunities for the Modernization and Development of China's Traditional Chinese Medicine Industry with a Long-standing Heritage 4 This heavyweight white paper.   Dr. Wang Xin, Global Partner and President of Frost & Sullivan Greater China, Yang Xiaocheng, Partner and Managing Director of Frost & Sullivan Greater China, Guo Jing, Senior Consulting Director for the Healthcare Industry at Frost & Sullivan Greater China, and Li Zheng, Dean of LeadLeo Research Institute, attended the press conference and provided in-depth interpretations of the report. Professor Wang Yu, Expert Advisor to the Boao Forum for Asia's Global Health, Dr. Wu Zhisheng, Distinguished Researcher and Doctoral Supervisor at Beijing University of Chinese Medicine, also attended the report release ceremony. Recommended Reading: ·          Research White Paper on the Global Pharmaceutical and Healthcare Industry Layout and Development Trends | Jointly Released by Frost & Sullivan and the Organizing Committee of the Boao Forum for Global Health   ·          Outlook 2030 White Paper on the Development Prospect of China's Big Health Industry | Jointly Released by Frost & Sullivan and the Organizing Committee of the Boao Forum for Global Health ·          'Debuilding a Modern and Competitive Chinese Traditional Medicine Industry: New Opportunities for China's Long-Term Development' | Joint Release by Frost & Sullivan, Organizing Committee of the Boao Forum for Global Health, and LeadLeo Research Institute ·          "The CDMO company Research Report on Current Industry Situation and Development Trends | Jointly Released by Frost & Sullivan and the Organizing Committee of the Boao Forum for Global Health   After the meeting, Li Baodong, Secretary-General of the Boao Forum for Asia, and his delegation visited Wallich Medical Equipment (China) Co., Ltd., a biopharmaceutical enterprise in Beijing Economic-Technological Development Area. Kong Lei, Director of the Management Committee of Beijing Economic-Technological Development Area, accompanied the visit. Dr. Wang Xin, Yang Xiaocheng, and relevant responsible persons from some participating enterprises also went along. According to the relevant person in charge of the Economic Development Zone, biotechnology and the big health industry are one of the four leading industries of the zone. After long-term cultivation and accumulation, the Economic Development Zone has gathered various types of enterprises. 3,500 , including Bayer, Sanofi, GE Valiant, AstraZeneca, and a group of companies from around the world 500 Strong enterprises. Listed companies 22 Home, ranking first in Beijing. A preliminary industrial development ecosystem with scale aggregation and a sound system has taken shape, with the industrial scale accounting for more than [X]% of Beijing's biomedicine industry for several consecutive years. 40% In addition, with the upcoming implementation of the "Six Centers" by the National Medical Products Administration, the biotechnology and big health industries in the Economic Development Zone will also embrace new development opportunities. A relevant official from the Special Working Group on Biotechnology and Big Health Industries in the Economic Development Zone stated that efforts are being made to 2025 In [year], the scale of the biotechnology and big health industries in the Economic Development Zone was promoted to exceed a certain mark 2,000 100 million yuan. The high-quality development of the global health industry is an important guarantee for enhancing people's well-being and a significant support for promoting economic development. The global health industry has entered an important period of opportunity and is becoming a new engine for the global economy's energy storage and growth momentum.   Dr. Wang Xin stated that the knowledge in the field of biotechnology is vast and ever-evolving, with new technologies and discoveries emerging daily. Human demand for health is endless, and biotechnology is crucial to the future of humanity. Frost & Sullivan will continue to support and assist biotech companies in their growth, helping them better engage in the relentless pursuit of life sciences, promoting the prosperous development of China's large health industry, and seeking well-being for all mankind.

4 month 20 On the same day, co-hosted by Yantai Caijin Group and Yida Capital, “Discussing Industrial Opportunities Join us on the journey to the 'City of Trillions' 2023 The Capital Empowering Yantai's Industrial Economy for High-Quality Development Conference and Shandong Yida Fund Investors' Annual Meeting kicked off in Yantai. Leaders from the Yantai Municipal Government and relevant departments directly under it, experts in the domestic capital market field, well-known investment institutions from Shandong and Jiangsu, and 40 Several leading biopharmaceutical companies 200 More than a hundred people attended the meeting, which was chaired by Li Hui, General Manager of Yantai Finance and Capital Group. The conference focused on the industrial characteristics of Yantai, highlighted the new opportunities brought about by Yantai's decisive entry into the 'Trillion Club', shared insights from industry research, deepened exchanges and cooperation, empowered industrial transformation and upgrading with capital, shared the results of regional investment cooperation, and promoted a new chapter in multi-dimensional, in-depth, and precise exchanges and cooperation between Jiangsu and Shandong. 4 month 21 On [date], in order to further explore new opportunities for the 'going global' of the big health industry and promote interactive exchanges within the ecosystem between Yida Capital and Yantai Caijin Group, both parties jointly held the Caijin 'Sishanghui' event and Yida Home CEO Club Industry Seminar, chaired by Xue Yi, Senior Partner at Yida Capital   . Frost & Sullivan Frost & Sullivan Mao Hua, Partner and Managing Director of Frost & Sullivan's Greater China Region, was invited to attend the conference. He delivered a speech on "Analysis of the Current Situation and Future Prospects of Chinese Medical Enterprises Going Global" and participated in two special seminars on medical device and biopharmaceutical exports. He engaged in in-depth exchanges with entrepreneurs present, sparked ideas, and jointly sought development. The biopharmaceutical industry is closely related to life and health, always occupying an important position in national economic development. It is a strategic high-tech emerging industry that is the most active in innovation and develops at the fastest pace during the new round of scientific and technological revolution and industrial transformation. It is also one of the important 'variables' and 'increases' for enhancing regional industrial capabilities. However, in recent years, while the industry has been booming, it has also faced increasingly fierce competition. How to implement the 'going global' strategy to smooth both domestic and international markets, break through development ceilings, and enhance core competitive advantages has become an essential question for many pharmaceutical companies' strategic planning. Currently, China's biopharmaceutical industry is entering a comprehensive era of 'going global'. Product competitiveness, clinical development capabilities, overseas registration and filing abilities, commercialization capabilities, and global industrial chain capabilities all determine how far Chinese biopharmaceutical enterprises can go abroad. Partner and Managing Director of Frost & Sullivan Greater China Region fattening During the keynote speech session, Mao Hua, Partner and Managing Director of Frost & Sullivan Greater China, delivered a presentation titled "Analysis of the Current Situation and Future Prospects for Chinese Medical Enterprises Going Global," focusing on two areas: biomedicine and medical devices. In the field of biomedicine, Mao Hua pointed out that in recent years,   The research and development of innovative drugs in China is accelerating. license-out operation Becoming an important means for biopharmaceutical companies to go global, multiple factors at home and abroad are also driving Chinese biopharmaceutical companies to 'go global by leveraging other companies'    license-out operation Relying on overseas enterprises' R&D experience and commercial capabilities can reduce risks and become a cost-effective and efficient approach. The data shows, 2022 China's pharmaceuticals overseas in license-out operation Remarkably, despite the unstable external environment, the volume of transactions continued to rise. 2022 Overseas throughout the year license-out quantity 66 an 2021 year 55 one, 2020 year 74 (1); 2023 Year-end 4 Monthly transaction volume reaches 16 one. at license-out In terms of model, Chinese pharmaceutical companies currently face unclear customized overseas expansion strategies that suit their own capabilities and current situation, insufficient capabilities in overseas clinical trials and registration affairs, and a lack of systematic external communication. BD Three major challenges lie in cooperation experience and talent shortage.    Mao Hua said that differentiated products, solid clinical performance, high-quality overseas commercialization resources and registration capabilities, the ability to communicate with regulatory authorities, a suitable commercialization model for oneself, and an international talent reserve are the 'magic weapons' for enterprises to succeed in overseas development. In the field of medical devices, compared to the domestic market, the overseas market has a larger space. Developed countries have relatively stable pricing and are not affected by centralized procurement policies. The development of Chinese medical devices going global has been in full swing.   "and the innovative drug industry license out What's different is that currently, the overseas expansion of medical devices mainly relies on direct product sales. ' ' Mao Hua further added,   At this stage, leading Chinese medical device companies are leveraging OEM/ODM Commercial licensing, self-declared sales, mergers and acquisitions, and other models have achieved initial accumulation in overseas expansion, and efforts continue to be made in deepening overseas operations (building brand internationalization). Mao Hua pointed out that unfamiliarity with overseas regulations, lack of understanding of the overseas business environment (difficulty in finding suitable business partners), inadequate localization execution, and low brand recognition are the main obstacles to medical device exports overseas.   He stated that enterprises need to conduct thorough research on the market capacity and relevant data of overseas regions, choose the outbound model and region based on their own circumstances, and implement localization execution strategies; do a good job in product positioning analysis and market analysis, make strategic layouts for the entire product lifecycle, adhere to long-termism and a global perspective, and build a systematic and international business system. After the meeting, Mao Hua participated in two special seminars on medical device and biopharmaceutical exports. Together with the entrepreneurs attending the conference, they had an in-depth exchange on the export experiences, current situation of biopharmaceutical and medical device companies, as well as the direction, models, strategies, and regulations for companies going global. They jointly reflected on practical difficulties and explored ways to break through them. About Frost & Sullivan's Healthcare Practice The Healthcare Practice of Frost & Sullivan has professional analytical capabilities and extensive project experience in the life sciences. Leveraging Frost & Sullivan's global think tank resources and cross-industry business development platform in Greater China, Frost & Sullivan Healthcare has unique core advantages in healthcare industry investment and financing services. Frost & Sullivan Healthcare has a wide range of corporate clients in China and in the past 20 In the year, a vast customer network was established, and a wealth of project experience in various medical sub-fields was accumulated. Project types include Knowledge Center projects (in-depth content, promotional activities). Pre-IPO financing project DCF model Valuation, Business Plan Services), IPO listing We provide listed projects (industry consulting, clinical audits, fundraising and investment writing), market research, market value management, strategic consulting, etc. We also cooperate with well-known domestic and international information platforms and investment and financing institutions to provide one-stop solutions for enterprises in specialized sub-fields such as pharmaceuticals and medical devices, attracting widespread attention from investors.

4 month 20 day, BIO-PHARM2023 The 8th China Biomedical Innovation Cooperation Conference grandly opened at Nanjing Jinling Hotel. The conference was hosted by Wanyi Medicine, guided by the Nanjing Jiangbei New Area Life and Health Industry Development Management Office, and co-organized by Nanjing Biomedical Valley, Bio-Economy, Nanjing Biomedical Industry Innovation Investment Promotion Association, Jiangsu Provincial Institute of Industrial Technology, Jiangsu Yangtze River Delta National Technology Innovation Center, Yangtze River Delta Science and Technology Factor Trading Center, Cubio Innovation Center Co-organized by Meibai Medical Health and Pharmaceutical Alliance. The conference focused on antibody and protein drugs, inviting 60+ Industry leader, conducting 2 The daily forum connects all parties involved in government, industry, academia, research, and capital through keynote reports, roundtable discussions, one-on-one business negotiations, and special guest dinners, to assist in industrial development. As one of the special project planning units for this forum, Frost & Sullivan Frost & Sullivan Frost & Sullivan, abbreviated as 'Frost & Sullivan', was founded in 4 month 21 Frost & Sullivan, in collaboration with the organizer of the annual conference, Viant Medical, co-hosted a sub-forum on 'Special Topic 5: Protein Drug Development'. Chen Zhenrong, the Medical Industry Consulting Director for Greater China at Frost & Sullivan, served as the moderator of this topic and delivered a presentation on 'The Current Market Situation and Future Development Trends of Protein Drugs' to the attendees. The meeting also invited Wuhan Binhui Biotechnology Co., Ltd. CDO Normand Jolicoeur Founder of Laitecang (Suzhou) Biopharmaceutical Co., Ltd. &CEO Li Yuehua, Founder and Chief Scientist of Zhongshan Huazi Biotechnology Co., Ltd., Gao Weiping, Co-founder of Lingxin Biotechnology /CSO Soguang Li and Gao Xiang, Director of the Protein Design Department at Beijing Zhide Biology Technology Co., Ltd., jointly discussed and shared forward-looking insights into protein drug development. Frost & Sullivan Greater China Healthcare Industry Consulting Director Chen Zhenrong Chen Zhenrong pointed out, 2021 In [year], the total financing in the global biopharmaceutical field exceeded 58,200 One million dollars, affected by many factors 2022 The total financing amount in the primary market decreased in 2023, with the largest number of financings reaching tens of millions of dollars. In terms of investment and financing sectors, biopharmaceuticals were the most actively invested in. Looking at the investment and financing situation of global biopharmaceutical sub-sectors, 2022 The financing amounts for various tracks in the primary market vary significantly, with protein drug development still showing strong interest.    Antibody conjugate drug (Antibody-drug conjugates , ADC) The track is highly favored by the capital market. Looking at the domestic situation ADC The market, foreign companies still hold a leading position,   china Biotech Enterprises tend towards more mature targets, with a serious homogenization of drug R&D routes and a large number of them.   National Medical Products Administration Center for Drug Evaluation CDE ) on 2021 The release of the 'Guiding Principles for Clinical Research and Development of Antitumor Drugs Oriented towards Clinical Value' in 2023 may change this situation.   The 'Guiding Principles' emphasize that the development of anti-tumor drugs should be clinically value-oriented, and efforts should be made to provide subjects with the best treatment methods available in clinical practice. / Medications, and the development of new drugs, should aim to provide patients with better treatment options as their highest priority.    "The increase in the listing threshold for innovative drugs has affected local Biotech The R&D strength of enterprises poses more challenges." said Chen Zhenrong. Chen Zhenrong stated that the challenges in protein drug development can be addressed through three strategies: 'bringing in', 'grabbing market share', and 'going global'.   "Although License in progress The model has been questioned in recent years, with the core concern being the company's independent R&D capabilities. However, this model remains a good approach for companies to quickly enter new therapeutic areas or methods." Chen Zhenrong further explained that with strong R&D capabilities paired with an excellent pipeline selection strategy, License In Bring external support to enterprises, thereby expanding their own value. At the same time, companies need to prepare a full lifecycle commercialization strategy before the drug is launched to flexibly address issues that may arise at different stages. Considering the current high homogeneity of protein drugs, how to rationally layout the strategy has become the most critical decision-making issue for companies at present.    "Should this project be initiated, should the pipeline continue to progress, is it necessary to consider concentrating funds on the most promising and valuable products, and each decision can affect the company's future development and next round of financing," Chen Zhenrong added. In addition, in recent years, factors such as the enhanced R&D capabilities of domestic pharmaceutical companies, the great potential of overseas markets, and the gradual integration at home and abroad have further promoted the 'going global' strategy of pharmaceutical companies. Whether it is License expiration Whether it is independent overseas expansion, both are conducive to pharmaceutical companies expanding their international market footprint, better participating in global competition, and helping enterprises achieve value growth.    As Chinese pharmaceutical companies continue to strengthen their strategic deployment in overseas markets and compete to conduct overseas clinical trials, the overseas market will become an important driving force for corporate growth in the future.    "But at the same time, we also need to be aware License expiration The model can be a double-edged sword for corporate financing. On one hand, success License expiration Represents that the company's R&D strength has been recognized by the industry, which reduces subsequent R&D costs for the enterprise and also brings in cash; on the other hand, product equity License expiration The exchanged cash flow may sacrifice the potential value of the product after its future launch, which could also affect investors' valuation of the company. Therefore License expiration The model actually requires careful consideration by the company before implementation,” said Chen Zhenrong. About Frost & Sullivan's Healthcare Practice The Healthcare Practice of Frost & Sullivan has professional analytical capabilities and extensive project experience in the life sciences sector. Leveraging Frost & Sullivan's global think tank resources and cross-industry business development platform in Greater China, Frost & Sullivan Healthcare has unique core advantages in healthcare industry investment and financing services. Frost & Sullivan Healthcare has a wide range of corporate clients in China and in the past 20 In the year, a vast customer network was established, and a wealth of project experience in various medical sub-fields was accumulated. Project types include Knowledge Center projects (in-depth content, promotional activities). Pre-IPO financing project DCF model Valuation, Business Plan Services), IPO listing We provide listed projects (industry consulting, clinical audits, fundraising and investment writing), market research, market value management and strategic consulting. We also cooperate with well-known domestic and international information platforms and investment and financing institutions, offering one-stop solutions for enterprises in specialized fields such as pharmaceuticals and medical devices. Our services have received wide attention from investors.

The global CDMO (Contract Development, Manufacturing and Outsourcing) market size has grown from $39.4 billion in 2017 to $632 billion in 2021, and is expected to reach $2310 billion by 2030, maintaining a growth rate of over 12% annually from 2017 to 2030. Overall, the global CDMO industry continues to expand, and will maintain a high level of market prosperity in the future.   On April 21st, at the industry report launch event of the Boao Forum for Asia's Health Industry International Forum, Frost & Sullivan (Frost & Sullivan, abbreviated as 'Frost & Sullivan'), a strategic partner of the forum, jointly released the 'Research Report on the Current Situation and Development Trends of the CDMO Industry' (hereinafter referred to as the 'Report') with the Organizing Committee of the Global Health Forum of the Boao Forum for Asia, which made predictions about the global CDMO market. CDMO is an institution that provides process development and preparation, process optimization, registration, validation, approval production, and commercial customization R&D and production services for products, especially innovative products, of pharmaceutical companies and biotechnology firms. Guo Jing, Senior Consulting Director of Frost & Sullivan's Greater China Healthcare Team, pointed out that CDMO evolved and iteratively upgraded from CMO (Contract Manufacturing Outsourcing). As competition among pharmaceutical companies becomes increasingly fierce, simple contract manufacturing by traditional CMO enterprises can no longer meet the needs of pharmaceutical companies for cost reduction and efficiency improvement. Therefore, CDMO enterprises that can use their own production equipment and technical advantages to help pharmaceutical companies optimize production processes and carry out customized large-scale production have emerged. The CDMO industry has been continuously developing since its infancy and has now entered a stable development period.   Its services cover the entire process of drug R&D and production, including preclinical, clinical, and commercial stages. CDMO companies can provide one-stop solutions to continuously assist in the commercialization process of drug listing. According to the type of drug, the sub-sectors of CDMO are mainly divided into three categories: small molecule CDMO, large molecule CDMO (including peptides/antibodies/proteins/vaccines, etc.), and cell gene therapy (CGT) CDMO. The Report shows that when broken down by drug type, the largest proportion of the entire CDMO market is in the chemical drug field, followed by the antibody/protein/non-nucleic acid vaccine field, then the recently very popular cell gene therapy field, and finally the peptide field.   Under the wave of innovative R&D, competition in the pharmaceutical industry has intensified, and the division of labor in the pharmaceutical industry chain has gradually become more specialized, refined, and customized. The Report points out that CDMO companies, with their own technical advantages and production capabilities, assist pharmaceutical companies in realizing from concept to product, from process development to large-scale production. Entrusting CDMO companies has become an important path for innovative R&D and production. Both start-up pharmaceutical companies and large pharmaceutical companies can benefit from the high-quality services provided by CDMO. CDMO also keeps up with the ever-changing changes in the pharmaceutical market, continuously optimizing its technical platform, expanding business scope, and extending the industry chain to meet the actual needs of different types of customers.   ‘CDMO is a core participant in the drug R&D industry chain, and cooperation with CDMO can enhance the core competitiveness of pharmaceutical companies.’ Guo Jing further explained that CDMO has four major advantages: assisting in R&D and production, reducing enterprise costs, improving R&D production efficiency, and promoting technological iteration.   Since 2019, there have been several large-scale financing events in the domestic CDMO industry. The injection of capital has helped the CDMO industry develop rapidly. From the perspective of sub-sectors, biopharmaceutical CDMO and cell gene therapy CDMO companies are highly favored by the capital market.   The competitiveness of CDMO companies mainly focuses on multiple aspects such as R&D capabilities, emerging technology development and application, quality systems, raw material supply, cost optimization, and production capacity. In order to further improve their industry competitiveness and provide customers with better solutions, CDMO companies continuously expand production capacity, expand business scope, and extend service chains through a strategic model that combines internal development and external mergers and acquisitions.   The Report shows that from 2019 to 2022, leading domestic CDMO companies such as Jiu Zhou Pharmaceutical, WuXi AppTec, WuXi Biologics, Kanglong Chemical, and Tengsheng Bio-pharmaceuticals, while developing internally, launched several mergers and acquisitions to extend the industry chain through external development strategies, optimize strategic layout to expand business scope and production capacity. For example, Via Biologics acquired 80% of the equity of Langhua Pharmaceutical for 2.56 billion yuan; Jiu Zhou Pharmaceutical acquired 100% of the equity of Suzhou Novartis for 790 million yuan; WuXi Biologics acquired the British gene therapy technology company OXGENE for hundreds of millions of dollars.   Guo Jing said that the future development of China's CDMO industry will gradually become more segmented, and it is expected that the market will continue to expand in the future.   *This article is reprinted from 'The Beijing News', Reporter: Wang Kala

Investment and financing are the lifeline of pharmaceutical innovation and crucial for promoting the development of the healthcare industry. In 2022, there were a total of 1,218 financing events in China's healthcare industry investment and financing market, with a total financing amount of $15.6 billion. Although this is a decrease compared to 2021, it is conducive for innovative enterprises to further penetrate the blue ocean market where the pattern has not yet solidified.   On April 21st, at the industry report launch event of the Boao Forum for Asia's International Health Industry Conference, Frost & Sullivan (Frost & Sullivan, referred to as 'Frost & Sullivan') and the Organizing Committee of the Global Health Forum of the Boao Forum for Asia jointly released the 'Vision 2030: White Paper on the Development Prospect of China's Big Health Industry' (hereinafter referred to as the 'White Paper'). The data was presented and it was pointed out that the deepening of population aging means that the future demand side will have higher demands for medical and health services in terms of quantity and quality. Medical insurance policies continue to promote pharmaceutical innovation, which is beneficial to truly innovative varieties.   With continuous favorable policies, the synthetic biology industry is in a period of rapid development   The 'White Paper' shows that in 2021, there were 16 investment and financing events in synthetic biology in China, with an investment and financing amount of 2.3 billion yuan, a 10-fold increase and a 140 million yuan increase respectively compared to 2020. Among the 16 investment and financing events, each round of financing was involved in the early stages, indicating that capital continues to pay attention to the progress of domestic synthetic biology companies.   Yang Xiaocheng, Partner and Managing Director of Frost & Sullivan Greater China, analyzed that during the 13th Five-Year Plan period, the country listed synthetic biology as one of the disruptive technologies leading industrial transformation. Subsequently, the state introduced a series of policies to support the development of synthetic biology, and the 14th Five-Year Plan particularly emphasized the application of biotechnology synthesis. The synthetic biology industry has also encountered important development opportunities. Synthetic biology is also one of the tracks that capital particularly focuses on, with rapid financing growth in China's synthetic biology sector. From a comprehensive perspective of policies, investment and financing, technological development, etc., synthetic biology is in the industry's growth phase. With its broad application prospects in various fields, it is expected to drive the upgrading of production and manufacturing in the future, leading to a new round of industrial revolution.   In addition, synthetic biology is widely applied in the field of healthcare. Chinese synthetic biology companies use cutting-edge technologies such as gene editing and cell therapy to develop products related to rare diseases and solid tumors, including cell immunotherapy, gene editing applications, and pharmaceutical enzymes. For example, they use mRNA technology to rapidly synthesize vaccines artificially, use gene editing technology to treat genetic diseases, and treat diseases by modifying microorganisms or synthesizing artificial bacteriophages. " The success rate of clinical research and development of rare disease drugs is higher than that of drugs for other diseases   The development of the rare disease industry is also worthy of discussion and attention, and favorable policies will continue to promote pharmaceutical companies to conduct research and development of rare disease drugs.   The 'White Paper' shows that the success rate of clinical research and development (R&D) for rare disease drugs is higher than that for drugs for other diseases. For example, the success rate for rare disease drugs from Phase I to Phase II clinical trials is 67.4%, while the success rate for all disease drugs R&D is 52%. Looking at the entire cycle from R&D to market launch, the success rate from Phase I clinical trials to approval for rare disease drugs is 17%, while the success rate for all disease R&D is 7.9%, which is only half that of rare disease drugs.   "The higher R&D success rates for rare disease drugs will give pharmaceutical companies confidence in their research and development efforts. Additionally, against the backdrop of preferential policies for rare disease drug clinical trials, more pharmaceutical companies will engage in rare disease research and development in the future." Yang Xiaocheng pointed out that the research and development of rare disease drugs is booming, with CAR-T therapy, bispecific antibodies, and ADCs accounting for about 14.9% of the total. The number of innovative drug clinical trials (INDs) approved in China for rare diseases has increased from 33 in 2017 to 78 in 2021, and the number of marketing applications (NDAs) approved has risen from 4 in 2017 to 17 in 2021.   Yang Xiaocheng analyzed that, judging from the growth in IND numbers, the number of new rare disease drugs on the market is expected to continue to rise in the future. Compared with nearly 300 million rare disease patients in the EU and about 2.8 billion rare disease patients in the US, there are approximately 120 million rare disease patients in China. Among the 121 rare diseases included in China's 'First Batch of Rare Disease Catalogs', only 60% are treatable with drugs. The Chinese rare disease community has a large number of unmet clinical needs, and the market prospects are broad. " The Healthcare Metaverse Track - Brain-Computer Interfaces or the First to Be Commercialized   At the end of interpreting the 'White Paper', Yang Xiaopin also shared insights on the healthcare metaverse industry.   "Against the backdrop of innovation-driven development and digital transformation, leveraging the metaverse to accelerate urban digital layout and achieve a curve overtaking in the digital economy is a major fulcrum for governments promoting the metaverse," said Yang Xiaocheng. With policy support, the healthcare metaverse is expected to promote the diversification of application scenarios and achieve deep integration of the digital economy with the real economy.   On one hand, the underlying technologies of the metaverse will assist in new explorations in healthcare, nurturing diverse medical scenarios. Virtual imaging technologies represented by VR/AR/MR, brain-computer interfaces, and 5G technology break down the boundaries between the digital virtual world and the physical real world. Through intelligent wearable interactive devices, relevant information and corresponding solutions can be provided timely and accurately based on specific scenarios. Therefore, the medical metaverse has advantages in medical imaging, surgical assistance, telemedicine, medical robots, and drug research and development, which are conducive to optimizing traditional medical processes, improving medical outcomes, and reducing the workload of healthcare staff.   On the other hand, since brain-computer interface technology can directly achieve interaction between the brain and external devices, bypassing conventional brain information output pathways, it has broad application prospects in the field of healthcare. It mainly includes areas such as physical examination diagnosis, screening monitoring, treatment, and rehabilitation for neurological and psychiatric system diseases. Looking ahead, Yang Xiaocheng pointed out that brain-computer interfaces are expected to become one of the first commercialization tracks in the medical metaverse. " Top 10 Most Potential Companies in Cell and Gene Therapy, Synthetic Biology   The released 'White Paper' also includes two lists. Frost & Sullivan comprehensively evaluated emerging biotech companies from Series A to Series C financing based on dimensions such as financing status, strategic cooperation capabilities, and innovative technologies. The final results identified the Top 15 'Most Potential Companies in China's Cell and Gene Therapy Field' and the Top 15 'Most Potential Companies in China's Synthetic Biology Industry'.   "China's Most Promising Enterprise in Cell and Gene Therapy" Top 15 Gimerisone Jiangsu Aierkang Stanbio Bosengji Hode Biology Alp Huida Genomics Boya Jyin Qihan Biology epistatic gene Aike Biotechnology Ruifeng Biology Dingxin Gene Yuesai Biology Aisa Biotechnology "Top 15 Most Potential Enterprises in China's Synthetic Biology Industry" Enhe Biology Hisun Gene Huali Biology Blue Crystal Microorganisms Yikelei Biology Ruiding Biology BaiKuiRui Kaidi Medical General Biology Oxana Xinbeile Bio Yatu Biology Hengrui Biology Born in union with all things Hong Kong pharmaceutical tumorolytic (Note: Rankings are not in any particular order.) *This article is reprinted from 'The Beijing News', Reporter: Wang Kala