金吾财讯 | 中信建投发研指，从政策层面来看，集采与医保谈判已步入常态化阶段，商业保险为创新药市场带来了潜在的增长空间，未来对创新药的扶持力度预期将进一步加大。在技术领域，2023 年全球 ADC 药物的销售额高达 104 亿美元，国内相关企业加快了在 ADC 领域的布局与研发推进，逐步迎来成果收获期。GLP-1 减重赛道目前已发展成熟，市场竞争从单纯的减重功效向多重健康获益方向升级，新靶点药物在海外市场具备潜在的发展机遇。IO 多抗赛道中，AK112 率先取得突破，TCE 技术的应用范围也从血液瘤领域拓展至实体瘤和自身免疫疾病领域。该行表示，我国创新药行业在全球的竞争力正不断攀升。国家政策大力鼓励创新药发展，新技术的涌现也推动着行业快速前行，出海迎来了全新契机，基于此，该行对创新药行业的前景保持持续乐观的态度。
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