文｜全球财说 苏杭

qianjinianhaibeipiping“gaodingjia”defangzhiyaoxingyeyiyezhijianbiantianle。

jinri，“3fenqiannengfoushengchanchuyipianasipilin”dehuatishangleresou，qiyinshizaijinqigongbujieguodedishiciquanguoyaopinjizhongcaigouzhong，“asipilinchangrongpian”dezhongbiaodanjiadizhi3.4fenqianyipian，lingbushaorendanxin，rucididecaigoujiashifouhuiyingxiangyaopinzhiliang。

genjudiyicaijingribaodebaodao，asipilindeyuanliaoyaojiagejiaodi，guimohuashengchanxiakeyizuodaozheiyangdedijia，dijiayebingbuyiweizheyaoqiyidinghuitougongjianliao。

shishishang，fangzhiyaozaiquanqiufanweineidoushuyudilirunlvdexingye，quanqiuqianshimingdefangzhiyaoqi，2022niandejinglirunlvjunzai10%zhi16%zhijian。shenzhijiuzaijicaichulufengmangde2021nian，guoneidefangzhiyaohaichangchangbeirenweiyuquanqiushichang“daogua”，ruhegaishan“fangzhiyaogaodingjia”dewenticaishidangshideyiti。

danlingyifangmian，wuyongzhiyideshi，fangzhiyaoxingyeyijicaiweixinhao，yijinruleweilishidai。

创新药已成唯一选择

zuoweijicaidahu，hengruiyiyao（600276. sh）shoudaodeyingxiangsihuyijingzhujianjianruo。

sanjibaoxianshi，2024nianqiansanjidu，hengruiyiyaoyingyeshouru201.89yiyuan，tongbizengzhang18.67%；guishujinglirun46.20yiyuan，tongbizengzhang32.98%。qizhongdisanjidushixianyingyeshouru65.89yiyuan，tongbizengzhang12.72%；guishujinglirun11.88yiyuan，tongbizengzhang18.67%。

lazhangshijianfanweilaikan，hengruiyiyaoxiangshangqushishangshuwending，2006nianyilaizhangqibaochizheliangweishuzengzhang。

zhuanzhechuxianzai2021nian，dangnianhengruiyiyaoyingyeshourutongbixiajiang6.59%，guishujingliruntongbixiajiang28.41%，cinianzaidufenbietongbixiajiang17.87%、13.77%。2023nian，suiranyingshoujinglijunhuifulezengzhang，danjiao2020nianrengyouchaju。

bishixiajiangdeyuanyinshixianeryijiande。hengruiyiyaozai2023niannianbaoji2024nianbannianbaozhongjunbiaoshiqineifangzhiyaoshourulveyouxiahua，“fangzhiyaojicaiduixiaoshourengranzaochengyidingchengdudeyali”。

zaidi1zhidi7pijicaizhong，hengruiyiyaogongzhongxuan22gepinzhong，jiagepingjunjiangfu74.5%，di8zhidi9pijicaizhongyeyouchanpinyi70%yishangdejiangfuzhongbiao。

di10pi“guocai”zhong，hengruiyiyaogongsheji2gepinzhong，nizhongbiao1ge。qizhongnidiyishunweizhongbiaogatesuanpuanzhusheji（15ml:5.654g/15ml:5.6535g*1ping），baojia26.88yuan，jiangfuyue85%。

yinci，hengruideweilaiwuyizaiyuchuangxinyao。

zaozaibenshijichu，gongsidongshizhangsunpiaoyangjiudailinghengruiyiyaokaishileduichuangxinyaodeyanfatansuo。haicengtichu“ercichuangxin”degainian，danyecengbeizhichu“qiaomiaoyongercichuangxingainianlaidaitifangzhiyao，danshizhishangrengshifangzhiyao”。buguo，congme-too、me-betterdecengmian，yenengkanchusunpiaoyangduiyuchuangxinyaozhongyaoxingderenzhichuxing。

puyinguojiyanbaoxianshi，jiezhi2024nian8yue22ri，hengruiyiyaozaiyanchuangxinyaozhuyaolinchuangyanfaguanxiangongyou95xiang。guojizhimingzixunjigoucitelinefabude《2024nianyiyaoyanfanianduhuigu》xianshi，anguanxianguimoji，hengruizaiquanqiuzhiyaogongsizhongpaimingdi8，zaiguoneipaimingdi1。

ranershizhijinri，hengruiyiyaoqueshizhongqueshaozhenzhengyiyishangdequanqiuzhongbangyaopin。

hengruiyiyaozizhuyanfadekangaiyaorenyuanhuapd-1dankelongkangtikaruilizhudankangbenyingdancizhongren，danzi2021nianzaiwanqiganaiyixianzhiliaoshiyingzhengshanghuodelefda（meiguoshipinyaopinjianduguanliju）degueryaorenzhenghoutuijinjiuyizhibushun。

2024nian5yue，fdajiukaruilizhudankanglianheapatini（“shuangai”liaofa）yongyuyixianzhiliaobukeqiechuganxibaoaihuanzhedexinyaoshenqing（nda）fachuwanzhenghuifuhan，yinfdaxujiyuqiyeduishengchanchangdijianchaquexiandewanzhengdafujinxingquanmianpinggu；bingqieyouyubufenguojiadelvxingxianzhi，zaishenchazhouqineiyewufaquanbuwanchenggaixiangmubixudelinchuangjiancha，gailiaofazaimeiguoshenqingyanchihuopi。muqian，hengruiyiyaoyijingzhongxintijiao“shuangai”liaofazaimeishangshishenqing。

erlingwailiangjiaguoneiyaoqidepd-1——baijishenzhou（688235. sh, 06160. hk, bgne.us）detileilizhudankanghejunshishengwu（688180. sh, 01877. hk）deteruipulidankang，xiangjifenbiezaishidaolinaijibiyanaideshiyingzhengshanghuofdapizhun。

huofdapizhunshiyaopinzaiquanqiushangyehuazhiguanzhongyaodeyibu。baijishenzhoudetileilizhudankang2023nian、2024nianshangbanniandexiaoshouefenbieda38.06yiyuan、21.91yiyuan，weiguoneipd-1xiaoshoudiyi。

tongshi，baijishenzhoulingyikuanzizhuyanfadezebutinishishoukuanzaimeiguoshangshideguochankangaixinyao，2023nianquanqiuxiaoshouedadao13yimeiyuan，chengweiguoneishougetuposhiyimeiyuande“zhongbangzhadan”jichuangxinchanpin。

deyiyuzebutinihetileilizhudankangdedafangyicai，baijishenzhoushourukuaisuzengzhang。2024nianqiansanjiduzongyingshoutongbidafuzengzhang48.6%zhi191.36yiyuan，9jiajigouduiqiquannianyingshouyucepingjunzhiyue258yiyuan，dancongyingshoushanglaikan，zhaociqushixiazhuiganshanghengruiyiyaozhirikedai。

dangran，baijishenzhouzaitourufangmianyeshibuyiyuli。2017nianzhi2023nian，baijishenzhouyanfafeiyongcong20.17yiyuanzhuniandafuzengjiazhi128.13yiyuan，2024nianqiansanjidudadao101.66yiyuan。

fanguanhengruiyiyao，cong2011nianyoupilukaishi，qiyanfatouruzengzhangyi“wen”weizhu。2021nianyejixiajiangdetongshi，yanfatouruyelveyoujianshao。2024nianqiansanjidu，hengruiyiyaoyanfafeiyongwei45.49yiyuan，yanfafeiyonglvwei22.53%。

自主出海瞻前顾后

lingyifangmian，baijishenzhounengcongtileilizhudankangzhongshouhuoliangduo，haiyoulaiyuqizizhuchuhaidexingshi。baijishenzhoudeliangdadanpin，zebutini、tileilizhudankangjunweigongsizizhuchuhai。zizhuchuhaiyaomianlindekunnanhefengxianshijudade，danshouyiyebirenheshouquanxingshidougengweikeguan。

duihengruiyiyaolaishuo，cong2018nianzhi2022nian5nianjianneizonggong5bishouquanjiaoyileijijinebuzu5yiyuan，dao2023niandacheng5bizongechaoguo40yimeiyuandelicense-outhezuo，dao2024nian5yuewanchengguoneishoubinewcojiaoyibingdacheng3kuanchanpinyue60yimeiyuanjiaoyi，qichuhaijiaobujiakuai，danxuanzeshanggengjiazhuzhongwen。

license-out，zhiqiyejiangjinxingzaoqiyanfadeyaowuxiangmushouquanjiqitayaoqizuohouqilinchuangyanfaheshangyehua，binganzhaolichengbeimoshihuodegejieduanlinchuangchengguoyijishangyehuahoudeyidingbilixiaoshoufencheng。

newco（newly created company），jijiangguanxiandehaiwaiquanyishouquanjihaiwaichenglidexingongsi，tongshiyinruhaiwaijijin，dajianguojihuaguanlituandui，zhixingongsihaiwaishangshihuobeibinggoucongershixiantuichu。

newcojiaoyibeirenweishizizhuchuhaiyulicense-outdezhongjianxingshi。hengruiyiyaozeshixianqizhongguonewcolangchaodenongchaoer，2024nian5yuehengruiyiyaojiangglp-1chanpinzuheshouquanyuganggangzaimeiguochengli、beienzibenzuoweidagudongdehercules cm newco,inc.，binghuodeshouquanxukefeijigaigongsi19.9%guquan。

shizhijinri，newcoyichengweiguoneichuangxinyaoqichuhaidezhongyaofangshizhiyi，danzheizhongxingshibingbunengjieqianchou，wulunshilicense-outhaishinewco，douxiangdangyufangqilegaichanpinzaishouquandiqudeshichang，yilaizheizhongxingshiyexiangdangyufangqilezaigailingyuchengweiguojihuaqiyedejihui。

haozaihengruiyiyaobingweigubuzifeng。12yue9rixiawu5dian48fen，hengruiyiyaofabugonggao，zhengshixuanbugongsijihuazaijingwaifaxinggufen（hgu）bingzaixiangganglianjiaosuozhubanshangshi。yesuanshiyingzhengleciqian10yuepengbosheduiqinifugangshangshidebaodao。

pengboshebiaoshi，hengruiyiyaoyujirongziguimozhishao20yimeiyuan（yuehe155yigangyuan），huojiangchuangxiaganggushengwuyiyaodemuzijilu。

zaigangshangshihou，hengruiyiyaokeyigengzhijiedijiechuhaiwaiziben。zai2024nian10yuezhaokaidejizhehuishang，xianggangtequzhengfucaizhengsisizhangbiaoshi，jinqiganggujingmairudezijinlaiyuanzhuyaolaizioumeitouzizhe，tamenzhanjingmairujiazhiyue85%。

chuhaifangmian，sunpiaoyangjinribiaoshi：“xianzaiwomenzhuyaoshijiechuanchuhai，zheiyouliangzhongfangshi，yigeshiheguowaidagongsihezuo，shouquanjitamen，zijizaiguowaiganbuledeshiqingjiaojibierenqugan；ershiheguowaidazibenhezuo，tamenzaitouzifangmianyoujingyan。zheiliangzhongxingshiduiyuqiyelaishuonengyouxiaoguibifengxian，tisheng‘chuhai’dexiaolv。”

zhiyuzizhuchuhai，sunpiaoyangrenweimianlindewentibuzhishiguowaigaoanglinchuangfeiyong，haiyouweilaishangyehuadengwenti，buquedingyinsubijiaoduo。

conghengruiyiyaodexuanzelaikan，zhengtihaishituchuyige“qiuwen”，danhuiwangguoqu，hengruiyiyaoxingzhijinri，quelibukaisunpiaoyangyiciyouyicichaoqiandedadanjueding。

闯出来的“医药一哥”

yuhenduoqiyejialeisi，sunpiaoyangyuhengruiyiyaodegushishiyuyigefengyupiaoyaodeguoyingxiaochang。1982nian，gangcongzhongguoyaokedaxuebiyedesunpiaoyangruzhilianyungangzhiyaochang，zuoweiyimingjishuyuankaiqilezaiyiyaoxingyedezhiyeshengya。

1990nian，chengliyijin20niandelianyungangzhiyaochangrengshiyigezhangmianlirunjin8wanyuandezuofangshixiaochang，chanpindanyi、laohua，jingyingjubuweijian。cishi，benyidiaodaolianyungangshiyiyaogongyegongsikejikedanrenfukezhangdesunpiaoyanglinweishouming，tiaoqilechangzhangdezhongdan。

sunpiaoyanghoulaihuiyishuo：“1991nian，wotiantiankancaiwubaobiao，tiantiansuanzhangranggongsihuoxialai。neishihouchanglishengchandeluoxuanmeisu、hongmeisu，yipianmaiyifenqian，leisiyewufagaibianxianzhuang，zongguiyaoxunqiuchulu。”

taweiyaochangzhaodaodechulushikaifaxinyao，zaichanpinjiegoushangzuowenzhang。

jutideqingxingshizhijinriyibukekao，danguangweiliuchuandeshi，sunpiaoyangzaizuanxinyanjiujishudetongshi，zhanxianpoliyimian，shangmakangaizhenjivp16xiangmu，bingkaishishengchangailianghoudejiaonangchanpin，zaibishishichangjihuyipiankongbaideqingkuangxiaqudelejudachenggong，yingliyijutupobaiwan。

cinian，sunpiaoyangzaicilipaizhongyi，nachuyaochangjihuquanbudelirun，chizi120wanyuancongzhongguoyikeyuanyaoyansuonadaolexinkaifadekangaiyaoyihuanlinxianandezhuanliquanjinxinghouxukaifa。zaidangshi，wulunshiduiyaochanghaishisunpiaoyangbenren，zheidousuandeshangyichanghaodu。

xingyundeshi，sunpiaoyangduyingle，bingyoucidiandinglegongsizaikangaiyaoshichangdediwei。

1991nianzhi1996nianqijian，sunpiaoyangdailingquanchangkaifale20duogexinchanpin，qizhong5gebeipingweiguojiajizhongdianchanpin，1996nianyaochangshourupoyi。

1997nian，lianyungangzhiyaochanggaizhiweirujindehengruiyiyao，bingyu2000nianchenggongdengluagushichang。

2003nianzhi2006nian，hengruiyiyaoqidonggugai，sunpiaoyangtongguombo（guanlicengshougou）qudaiguozichengweishijikongzhiren。youyuzheiyishiqigongsigujiashangchuyudiwei，mbochengbenbingbugao。cihou，hengruiyiyaodekangzhongliuyaoxiaoshoulianxu7nianguoneipaimingdiyi。

jinguanshuoshi“kaifaxinyao”，danzaoqidehengruiyiyaoshengchandezhuyaoshifangzhiyao。

houlaizaisunpiaoyangdetuidongxia，hengruiyiyaoyu1997nianhe2000niantouzijin2yiyuanxiangjishelilianyungangheshanghailiangdayanjiuzhongxin，youhaojuzishelilechengdouhemeiguoyanfazhongxinyijiyigelinchuangyixuebu，goujianleyaowubabiaohefenzishaixuan、shengwubiaozhihezhuanhuayixuedengliudachuangxinpingtai，yibubutuidonghengruiyiyaodechuangxinyaoyewu。

keyishuo，hengruiyiyaodejintian，libukaisunpiaoyangpojudepoli。

rujin，fangzhiyaoxingyezaicijinru“jifenqian”shidai。cong1970nianlianyungangzhiyaochangchenglisuanqi，zhijinyiguo“zhitianming”dehengruiyiyao，yiji2020nianchubianzhunbeituixiu、20geyuehouquebudebufuchuliwankuanglandesunpiaoyang，youhaishengjifenchuangyedejiqingni？