How China’s Home‑Grown Pharma Giants Went Global in Just a Decade

A decade after the 2015 “July 22” reforms, China’s once‑domestic‑focused drug industry has transformed into a worldwide player. Before the reforms, most Chinese pharma firms were traditional‑medicine companies that relied on generic sales and imported innovative medicines. Growth was slow, competition fierce, and the talent pipeline thin. The reforms introduced a new Marketing Authorization Holder (MAH) system, centralized drug procurement, and a more supportive drug‑administration law, prompting companies to seek equity financing, licensing deals, joint R&D and mergers. By 2026, biotech firms such as BeiGene, Innovent and Akeso have become household names, while Henlius stands out for building a full‑chain global operation rather than merely licensing early‑stage molecules. Henlius now runs its own overseas commercial, clinical and regulatory teams, filing 25 marketing‑authorization applications in 2026 across nearly 50 markets and securing a strategic partnership with Sandoz for ten biosimilar products. Its pipeline includes high‑value biosimilars like bevacizumab, cetuximab and pembrolizumab, with many approvals expected by 2031. The shift from “me‑too” drugs to “first‑in‑class” breakthroughs, backed by government bio‑economy plans, has turned China’s innovative drug sector from a survival struggle into a profit‑driven, globally competitive industry.

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Medical Device Boom: Fresh Breakthroughs and Sharper Funding at Shanghai’s Innovation Forum

The 2026 Zhangjiang Pharmaceutical Valley Innovation Conference in Shanghai showcased a surge of cutting‑edge medical‑device projects and a shifting investment landscape. Over two days, experts highlighted 14 newly approved Class III devices—a record for the zone—including BrainCo’s implantable brain‑computer interface for hand movement, Fengkaili’s percutaneous left‑ventricular assist device, China’s first dual‑source photon‑counting CT scanner, and Lin Yan Medical’s debut of a “world‑first” humanoid surgical‑robot platform. Historically, Chinese firms grew by localizing foreign products, but the market is now crowded. Start‑ups like Aikemai discovered that a once‑promising pulsed‑field ablation niche now hosts a dozen competitors, leaving doctors overwhelmed by choices. Capital is responding by concentrating larger rounds on a few high‑quality, truly innovative companies, while overall financing frequency drops. Investors say success now demands two things: breakthrough technology and clear value for doctors and insurers. Projects that can prove safety, efficacy, and cost‑effectiveness are attracting the most funding. Notably, Naoji Medical’s closed‑loop brain‑computer interface secured over 100 million RMB from Redbird Capital, illustrating that genuine tech can still thrive despite tighter IPO markets. The consensus: the next wave of growth will come from deep‑tech solutions that pass clinical, reimbursement, and commercial hurdles.

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