Sunday December 7th, Shanghai, China – SAI MedPartners and IDEA Pharma launch its first ever China Pharmaceutical Innovation and Invention Index (China PIII) today, acknowledging the shift in impact that Chinese Pharma and Biotech companies are making on the global marketplace. In recent years, development in China has moved from a focus on generic growth and me-too, or ‘me-better’ variants of established Western drugs, to an established, planned path for innovation that has resulted in an increase in out-licensing, global partnerships and asset sourcing. In 2024, more than a third of therapeutic molecules purchased by U.S. Pharma companies were sourced from China, compared to zero four years before. (1) This trend was also keenly observed at this year’s JP Morgan healthcare investment conference (2), (3) and has continued to grow throughout the year.

Jacqui Poot, President Strategic Consulting and Analytics Business Unit IDEA Pharma, SAI MedPartners, "With the marked growth in innovation by Chinese Pharma and Biotech companies, it felt like a natural evolution of our global Pharmaceutical Innovation and Invention Index to have a deep dive into which companies are driving these significant advancements in China, and, how they are achieving this. Data from our global Index already evidenced these emerging trends with both Hengrui and BeOne being featured in the top 30 for the last two years. IDEA Pharma has always championed true innovation and is proud to have worked closely with our partners in China to launch these exciting new indices."

China PIII has been created following the global Pharmaceutical Innovation and Invention Index (PIII) – first launched in 2011, PIII is the longest running study of its kind to date, evaluating both how well the top 30 global companies perform both in bringing new medicines to market and successfully commercializing them, the Innovation Index, and how well they explore pipeline invention and novelty, the Invention Index. The Invention Index provides a more forward-looking view of who is developing medicines that matter. Since its inception, the global PIII has become widely recognized as the global benchmark of innovation in the industry.

The results of China PIII, launched in Shanghai today, show Hengrui take the top spot in both Innovation and Invention and BeOne in second place for both indices – the top 10 are listed below:

Innovation

Invention

Celia Deng, President of SAI MedPartners Asia comments, “We are proud to launch China PIII today, our aim in doing so was to uphold the original aspiration of promoting the optimization of China's pharmaceutical innovation policies and the high-quality development of the industry. SAI MedPartners has worked closely under the guidance of the Shanghai Health Development Research Center to create the China PIII for local enterprises in China.”

She continues, “we have invited experts from pharmaceutical regulatory authorities, industry associations, medical institution management, innovative research fields and senior executives of innovative pharmaceutical enterprises to conduct multiple in-depth discussions, ensuring that the overall goals and localized paths of the innovation index not only meet international independent benchmarking requirements but also take into account China's innovation national conditions and realities, with full emphasis on the scientific, forward-looking nature and industry authority of the evaluation framework. Accordingly we have included a third assessment focused on identifying future emerging Biotech leaders in China with the most disruptive assets."

Hengrui, China’s largest pharmaceutical company originally founded in 1970, leads the Index taking first place in both Innovation and Invention, its leadership underpinned by three structural drivers: robust financial performance, sustained high-intensity R&D investment, and a steady stream of innovative drug outputs. In 2024, the company increased its R&D spending by 33.8% year-on-year, driving a 30.6% rise in innovative drug revenue to approximately RMB 13.9 billion (USD $1.9 billion) and demonstrating a highly efficient translation of R&D investment into commercial performance.

Within Hengrui’s innovation portfolio, solid tumors remain among its most competitive therapeutic areas. Beyond its revenue-generating PD-1/PD-L1 immunotherapies and CDK4/6 inhibitors, the PARP inhibitor fluzoparib (AiRuiYi) delivered a standout performance in 2024. It introduced a novel first-line maintenance option for advanced ovarian cancer and was successfully included in the National Reimbursement Drug List (NRDL) for its newly approved indication. In the Phase III FZOCUS-1 trial, fluzoparib significantly prolonged progression-free survival (PFS), achieving a median PFS of 29.9 months, with clinically meaningful benefit observed irrespective of gBRCA1/2 mutation status. Fluzoparib has also demonstrated breakthrough potential in breast cancer, with Phase III FABULOUS data showing significant improvements in progression-free survival and emerging overall survival benefits in gBRCA-mutated triple-negative and HR+/HER2- disease, both as monotherapy and in combination with apatinib. These advancements reinforce Hengrui’s leadership in breast and gynecologic oncology and highlight its contribution to expanding therapeutic options for patients. Other therapy areas where the company is showing advances include autoimmune and metabolic diseases and analgesia.

BeOne, formally known as BeiGene and founded in 2010, came in second place in both Innovation and Invention and does so by its deep R&D capabilities, breakthrough commercialization of flagship products, and accelerating global footprint. The company consistently ranks first in R&D spending among domestic peers, with R&D investment accounting for approximately 52% of revenue in 2024, laying a robust foundation for its innovation engine through sustained, disciplined investment. Driven by the global expansion of its best-in-class BTK inhibitor zanubrutinib (Brukinsa), BeOne delivered strong financial performance in 2024, generating RMB 27.2 billion (USD $3.84 billion) in revenue, up more than 40% year-on-year, and reinforcing its position as a global leader in oncology therapeutics.

The company has established a dual-pillar product architecture centered around zanubrutinib (Brukinsa) and its PD1 inhibitor tislelizumab (Tevimbra). In 2024, zanubrutinib reached global sales of RMB 18.7 billion (USD $2.6 billion), ranking second globally and first in China in the BTK inhibitor class. Tislelizumab generated approximately RMB 3.5 billion (USD $493 million) in sales, placing it among the top five PD-1 therapies in China. Together, these products continue to consolidate BeOne’s leadership across hematologic and solid tumors.

Of the companies assessed in the ‘Emerging Innovative Pharmaceutical Enterprises in China’ evaluation, publicly listed companies Alphamab Oncology, DualityBio and Harbour Biomed and private companies Minghui Pharmaceutical and Virogin Biotech were among those recognized as emerging pharmaceutical innovation stars. Evaluation criteria for this assessment focused on technological leadership, R&D sustainability, and financing and transaction potential, and aims to identify future innovation leaders of China’s pharmaceutical innovation.

Full results of all the Top 30 companies and those within the assessment of the Emerging Innovation Pharmaceutical Enterprises in China are included in the full whitepaper can be found at https://www.ideapharma.com/pii/report/china/

About the China Pharmaceutical Innovation Index

The Pharmaceutical Innovation Index seeks to answer the provocative question, ‘If two companies, at the same development stage (completion of Phase I clinical trials), each own the same New Chemical Entity (NCE), which company can perform better in product commercialization? Since this assumption cannot be directly measured, surrogate indicators need to be adopted.

Each indicator in the index must be uniformly measured in a comparable manner across all pharmaceutical companies included in the assessment, and the relevant data must be publicly accessible.

In terms of indicator system design, this research maintains overall consistency with global Pharmaceutical Innovation Index evaluation systems while fully considering the unique environment and development characteristics of the Chinese pharmaceutical market. Based on the opinions from experts in various fields at the Expert Seminar on the Construction of China Pharmaceutical Innovation Evaluation System held earlier this year, some indicators have been localized and adjusted to enhance their relevance and applicability to the Chinese Market.

Key evaluation indicators are mainly based on the overall performance of enterprises in 2024; full details of the evaluation indicators are included in the whitepaper https://www.ideapharma.com/pii/report/china/

About the China Pharmaceutical Invention Index

Data from third-party pharmaceutical companies are used to support the assessment of each key indicator. Data sources include GlobalData, corporate financial reports, clinical trial registration platforms, enterprise self-reported materials, and other reliable information sources.

In terms of indicator system design, this research maintains overall consistency with global Pharmaceutical Invention Index evaluation systems while fully considering the unique environment and development characteristics of the Chinese pharmaceutical market. Based on the opinions of experts from various fields at the Expert Seminar on the Construction of China Pharmaceutical Innovation Evaluation System held earlier this year, some indicators have been localized and adjusted to enhance their relevance and applicability to the Chinese market.

Key evaluation indicators are mainly based on the overall performance of enterprises in 2024; full details can be found within the whitepaper https://www.ideapharma.com/pii/report/china/

About the Evaluation System for Emerging Chinese Pharmaceutical Enterprises

The intent of the Evaluation System for Emerging Chinese Pharmaceutical Enterprises is to objectively assess the innovation and R&D potential of small- and medium-sized pharmaceutical enterprises.

Data from third-party pharmaceutical enterprises are used to support the assessment of key indicators. Relevant information is drawn primarily from GlobalData, company annual reports, clinical trial registries, company disclosures, and other reliable data sources. Based on currently available information, the data are considered to be highly reliable in terms of completeness and timeliness. The indicator system is built on the China Pharmaceutical Innovation Evaluation Framework, with adaptations and adjustments to selected metrics to reflect the development characteristics of innovative pharma enterprises and enhance its scientific rigor and practical applicability. Key evaluation indicators are primarily based on each company’s overall performance in 2024.

About IDEA Pharma and SAI MedPartners

IDEA Pharma, a division of SAI MedPartners, is a global consultancy practice, recognized as the leading experts in pharmaceutical innovation, path-to-market strategy, and decision intelligence. SAI MedPartners provides deep clinical and commercial expertise to Pharma and Biotech clients, with capabilities in market research, competitor intelligence, benchmarking and market access and pricing. SAI MedPartners has a global presence with offices in Europe, the United States and Asia.

To learn more, please visit, https://www.sai-med.com/ or follow us on LinkedIn, X and YouTube.

References:

(1) - https://medcitynews.com/2025/01/three-key-takeaways-from-the-43rd-annual-j-p-morgan-healthcare-conference/

(2) - https://dealbreaker.com/2025/01/three-key-takeaways-from-the-43rd-annual-j-p-morgan-healthcare-conference?

(3) - https://www.cancerresearchhorizons.com/news-and-events/our-articles/jpm-2025-key-takeaways-largest-healthcare-investment-conference