As a National Day tribute, Neusoft Medical announced NMPA approvals for two new 8cm photon-counting CT scanners, the NeuPhotonix E317 and E319. Along with the previously launched NeuViz P10, they form China's first complete three-model photon-counting CT product family, breaking foreign dominance in high-end medical imaging. The tiered lineup caters to diverse healthcare needs, from municipal hospitals to national research centers, delivering ultra-high-resolution, low-dose, and multi-energy imaging. With commercial deployments underway and strategic hospital partnerships established, Neusoft Medical scales new heights, transitioning from a 'zero to one' breakthrough to a comprehensive, full-matrix domestic solution.

On September 30, 2026, Good Mood, a leading digital mental health service provider in China, closed a new funding round of nearly RMB 300 million. The round drew investors including Imeik, CCMC, Wuxi Binhu Industrial Investment Development Group, Shandong Development, and Unifuture Capital. The proceeds will be used mainly for AI product development and application, the buildout of a mental health service system, and international business expansion.

Linuo Pharmaceutical Packaging, China's leading daily-use heat-resistant glass producer and the world's second-largest, filed a Hong Kong IPO prospectus in September 2026, nearly five years after its A-share listing. Its new growth driver is semiconductor glass substrates: in June 2026, its pilot kiln was ignited and samples submitted for testing, targeting a chip packaging materials market projected to grow from RMB 100 million in 2026 to RMB 13.2 billion by 2030. Backed by Linuo Group's industrial experience, the company has expanded from core kiln technologies into daily-use and pharmaceutical glass and now semiconductors, forming a "three-glass" matrix covering heat-resistant glass, pharmaceutical packaging, and semiconductor substrates. With technical expertise, AI-enabled manufacturing, and a rising share of high-value-added products, it aims to diversify its business and unlock a third growth curve.

Shenzhen Shenyi Technology, founded in May 2025, focuses on "AI + brain science," productizing brain-computer interface (BCI) technology for real-world use. It closed an angel round of over RMB 10 million led by Leaguer Venture Capital. Founder Gu Xiangkun advocates "ask about the scenario first, then choose the technology": as sleep and emotion management need long-term intervention and surgery sees low acceptance, Shenyi chose a non-invasive route to reach more people. Its two-way "acquisition–understanding–intervention" loop captures EEG signals via self-developed modules, analyzes brain states and disease features with AI algorithms, then applies neuromodulation, completing a "perception–understanding–intervention–feedback" cycle. Shenyi is exploring productization in sleep improvement, depression treatment, and deep-brain modulation, addressing the industry's fragmented single-point technologies and scaling brain health technology systematically.

GensKey’s self-developed mNGS kit has received a Class III medical device registration certificate from China’s National Medical Products Administration (NMPA), marking China’s first Class III registration for pathogen metagenomic testing and the first mNGS infectious pathogen diagnostic kit approved by a national regulator worldwide. The U.S. FDA has yet to approve any mNGS diagnostic kit, while the EU has not completed approval of any broad-spectrum infectious pathogen mNGS sequencing kit. China’s lead reflects strong clinical demand and rapid technological iteration. With mNGS and tNGS still at low penetration but high growth, clinical needs are accelerating standardization, regulatory approval and reimbursement. As a key tool for severe and complex infections, mNGS has historically relied on centralized laboratories with limited standardization. The new Class III approval could reshape the market and unlock a billion-yuan incremental opportunity.

Xiao Jia, a quadriplegic designer with a C4 spinal cord injury, has become one of the first patients to test NeuroXess's fully implanted, fully wireless brain-computer interface (BCI) system. By combining brain signals with artificial intelligence and 3D printing, he successfully designed and produced a collectible figurine using only his thoughts—without moving a muscle. The BCI captured his mental sketches and prompts, which were processed by an AI model to generate design concepts, ultimately printed as a physical figurine. The system also enables smart environment control through AI-powered smart glasses, allowing users to operate hospital beds, lights, and appliances through brain signals. NeuroXess envisions this technology as a shift from simple device control to a comprehensive platform linking human intention with AI and physical manufacturing, offering new possibilities for patients with severe mobility impairments.

A novel blood-based liquid biopsy test developed by Geneseeq utilizing the MERCURY platform demonstrates exceptional promise in distinguishing benign from malignant kidney masses prior to surgery. Published in Molecular Biomedicine, the study involving 488 patients achieved an accuracy of 94.6% and an AUC of 0.95. By integrating multi-omics features from cell-free DNA—including copy number variations, methylation patterns, and nucleosome footprints—the test effectively differentiates kidney cancer from benign lesions, even in challenging cases with low tumor DNA fractions or conflicting imaging results. This advancement offers a critical tool for urologists to prevent unnecessary surgeries for benign growths while ensuring timely intervention for malignant cases.

In 2026, China's rapidly expanding psoriasis treatment market witnessed an unprecedented wave of clinical milestones and regulatory approvals driven by domestic pharmaceutical companies. Key developments include Zhongmei Huadong's positive Phase III results for MC2-01 cream, Ascletis Pharma's successful Phase I trial for the oral IL-17A inhibitor ASC50, and multiple new drug approvals from companies such as Livzon Mabpharm, Shanghai Huaota, Akeso, Jushi Bio, and Sunshine Guojian. These advancements, spanning targeted biologics, oral small molecules, and treatments for severe subtypes like generalized pustular psoriasis, mark a pivotal moment in expanding the sophistication and accessibility of psoriasis care in China.

September 2026 witnessed a wave of breakthroughs in China's biopharma sector, aligning with the government's '15th Five-Year Plan' to elevate R&D globally by 2030. EFUNG Capital's portfolio companies led the momentum, highlighted by IASO Biotechnology completing full enrollment for its Phase III CAR-T cell therapy trial. The month featured significant capital inflows, multiple regulatory approvals—including TinoMab's world-first single-dose anti-RSV monoclonal antibody—and expanded commercial footholds. These milestones demonstrate China's rapid transition from bench to bedside and its accelerating role in reshaping global treatment paradigms.

Livzon Pharmaceutical Group has obtained a Supplementary Drug Application Approval Certificate from China's NMPA for its new 11.25 mg three-month formulation of Leuprorelin Acetate Microspheres for Injection. Utilizing an independently developed poly DL-lactide excipient, the long-acting therapy reduces dosing frequency to once every 12 weeks for treating breast cancer, prostate cancer, and central precocious puberty, offering smoother drug release and improved patient convenience.

On September 18, 2026, the NMPA approved Xinhuanghe Pharma's Budesonide and Formoterol Fumarate Powder for Inhalation (II) for marketing. As China's first approved generic of the product, the approval breaks a foreign monopoly of more than two decades and marks a domestic drugmaker's breakthrough at the "Everest" of dry powder inhalation. Xinhuanghe Pharma's predecessor traces back to Jiufu Pharmaceutical, founded in 1923, which was later folded into Shanghai Pharmaceuticals (SPH) and acquired and renamed by Chenpon in 2014. Amid an industry transition, Chairman Peng Zhaohua chose dry powder inhalation — a technically demanding drug-device combination — over low-cost generics and the hot biologics track. After prolonged investment and R&D breakthroughs across API, formulation, and device, the company has revived a veteran drugmaker and brought patients a high-value domestic alternative.

South Korea’s “cadaver skin injection” Re2O, derived from donated human skin tissue, has sparked ethical and safety concerns in China, bringing extracellular matrix (ECM) into focus. After decellularization, ECM retains biological activity and is widely used in tissue repair. Related medical devices are approved in China, but facial wrinkle reduction is prohibited. Identified as an aging biomarker in 2025, ECM is gaining new applications in medical aesthetics amid advances in microparticulate technology. China’s ECM industry is growing rapidly, with firms such as Shengzhi Runhe and Medgen Life Sciences raising multiple financing rounds and expanding from R&D to mass production. Major medical aesthetics and pharmaceutical companies are also investing in the field, driving ECM toward commercialization.

Dr. Friedemann Janus, Senior Vice President of Bayer's Pharmaceuticals Division, said China's innovative drugs are embedding deeply into the global system, with about a third of drugs in development originating from China. Multinational pharma's China strategy has shifted from license-in of mature pipeline assets to early engagement with biotech teams to grasp their innovation logic. Bayer, which sees China as a key source of high-quality innovation, has built a network linking startups with global capital and R&D experts via Co.Lab sites in Shanghai and Beijing, a venture capital alliance, and global roadshows during 2024–2025. Janus believes China's pharma industry has moved past "Me-too" and "Fast-Follow" toward "Best-in-Class." The core issue now is how multinational pharma can embed even earlier in China's innovation ecosystem and drive local innovation into global R&D, business development, and commercialization — a fundamental elevation of China's global pharma position.

Innovative drug R&D insurance is an emerging track in China's pharma industry, sharing drugmakers' R&D failure risk via financial tools. PICC P&C, with Taiping P&C and Sunshine P&C, recently issued the first life-science R&D insurance policy in Beijing — a breakthrough for China. It distinguishes clinical liability insurance (third-party liability) from R&D loss insurance (drugmakers' own losses). Overseas, Clinical Trial Funding Insurance (CTFI) is key: it reimburses incurred costs when a trial misses its primary endpoints, shifting risk from drugmakers to insurers. MCI (Medical & Commercial International) and peers underwrite Phase I, Phase II, and select small Phase III trials with USD 3–35 million budgets, covering small molecules and antibodies but not gene therapies. This gives domestic drugmakers a risk-hedging tool, signaling deeper integration of tech finance and biomedicine.

On September 21, 2026, Beijing Port became the first in China to fully digitize customs clearance for imported drugs, issuing the nation’s first electronic “Import Drug Customs Clearance Slip.” The reform replaces paper-based counter processing with an online workflow covering application, review, electronic seal generation, and self-printing. QR codes enable real-time verification. Processing time has been reduced to minutes, with documents issued within seconds, cutting labor and time costs. The reform improves cross-border trade efficiency, accelerates imports of urgently needed rare disease drugs and key APIs, and supports the biopharmaceutical industry. Combined with Beijing Port’s “Green First” inspection service, it further expedites product market entry and enhances efficiency across the pharmaceutical import supply chain.

A wave of 'pharma second-gens'—mostly in their early 30s with elite global educations and diverse professional backgrounds—are stepping into leadership roles at multi-billion-dollar Chinese pharmaceutical companies. From Joincare’s Zhu Linlin and CSPC’s Cai Lei to MicroPort’s Brian Chang and Hualan Biological Bacterin’s An Wenjue, these heirs are driving strategic pivots toward innovation, internationalization, and capital-driven growth. Their rise coincides with industry-wide shifts away from generic drugs amid pricing pressures, as they leverage expertise in R&D, M&A, and global business development to navigate a new era of biopharma competition.

As the first Chinese company to obtain a Class III medical device registration certificate for AI in IVD, Aimagine Care is using its self-developed large language model and rapid fine-tuning capabilities to expand beyond blood testing equipment. It aims to build an AI-driven laboratory ecosystem covering testing, research, education, operations, and regulatory compliance. The path to full intelligence comprises four stages: foundational, advanced, derivative, and regulatory. The foundational stage covers automated workflows, result interpretation, and risk alerts, while the advanced stage focuses on intelligent testing pathways and project coordination. However, even highly automated biochemical and immunological lines have yet to achieve end-to-end automation, underscoring the long-term challenge of advancing from process automation to comprehensive laboratory intelligence.

On September 15, Neusoft Corporation launched Tianyi AI 3.0 at the 2026 Medical Artificial Intelligence Conference (MAIC 2026), marking medical AI's entry into a third stage — "Business Intelligence" — beyond "access" and "scenario coverage." Addressing medical AI's dilemma of being clever yet hard to deploy, Tianyi AI 3.0 aims to make AI truly "get things done" — a qualitative shift from answering questions to understanding business, organizing capabilities, and collaboratively completing entire workflows. Built on a "two hubs, two drivers, and one foundation" architecture, it breaks the function-oriented limits of traditional hospital information systems, shifting to intent-centric operation that connects systems and orchestrates intelligent capabilities — solving complex tasks, embedding AI into how healthcare operations run and evolve, and advancing intelligent deployment and efficiency.

Facing shrinking margins in hospital markets due to price cuts from volume-based procurement, intense competition, and delayed hospital payments, China’s leading medtech companies—including Mindray, United Imaging, and WEGO—are aggressively entering the home medical device sector. Once reliant on high-margin institutional sales, these firms are now launching consumer-focused products such as wearable monitors, oxygen concentrators, CGM systems, and medical-grade hearing aids. While they bring strong R&D capabilities and clinical integration advantages, they face fierce competition and lack experience in e-commerce and direct-to-consumer branding in an already saturated and price-sensitive home healthcare market.

At the 2026 World Conference on Lung Cancer (WCLC), Chinese innovative drugs achieved a major breakthrough. Akeso’s ivonescimab outperformed pembrolizumab (Keytruda) in the HARMONi-2 Phase III trial. Median overall survival (OS) reached 30.8 months versus 22.6 months with Keytruda, with a 27% reduction in the risk of death. The result represents the first positive OS benefit reported by an innovative therapy against Keytruda in a randomized, double-blind, controlled Phase III trial, marking a milestone for China’s bispecific antibody sector. International experts noted that the benefit was mainly observed in patients with high PD-L1 expression and squamous cell carcinoma, recommending cautious interpretation in clinical practice. Alongside advances from other Chinese drugmakers across major lung cancer approaches, the data highlight the growing global competitiveness of China’s innovative drug industry.

On September 28, 2026, Shanghai SciBrunch and MSD announced a global exclusive licensing agreement for SPR2015, a preclinical oral KRAS G12D (ON) inhibitor. Under the agreement, SciBrunch grants MSD exclusive worldwide rights to develop, manufacture, and commercialize SPR2015. The deal includes a $400 million upfront payment and milestone payments, with a potential total value of up to $2.13 billion. SPR2015 is a potent and selective molecular glue inhibitor targeting KRAS G12D, the most common KRAS mutation in human tumors. Preclinical studies showed significant antitumor activity across multiple models while maintaining favorable selectivity for wild-type KRAS. The collaboration validates SciBrunch’s R&D capabilities in RAS-targeted therapies and strengthens MSD’s precision medicine pipeline, with potential applications in pancreatic, colorectal, and lung cancers.

Dr. Friedemann Janus, Senior Vice President of Bayer's Pharmaceuticals Division, said China's innovative drugs are embedding deeply into the global system, with about a third of drugs in development originating from China. Multinational pharma's China strategy has shifted from license-in of mature pipeline assets to early engagement with biotech teams to grasp their innovation logic. Bayer, which sees China as a key source of high-quality innovation, has built a network linking startups with global capital and R&D experts via Co.Lab sites in Shanghai and Beijing, a venture capital alliance, and global roadshows during 2024–2025. Janus believes China's pharma industry has moved past "Me-too" and "Fast-Follow" toward "Best-in-Class." The core issue now is how multinational pharma can embed even earlier in China's innovation ecosystem and drive local innovation into global R&D, business development, and commercialization — a fundamental elevation of China's global pharma position.

China’s Center for Drug Evaluation (CDE) has nominated two MASH drug candidates for breakthrough therapy designation: Zhongsheng Pharmaceutical’s ZSP1601 tablets and GSK’s injectable Efimosfermin alfa. ZSP1601, a first-in-class pan-phosphodiesterase (PDE) inhibitor, has entered Phase III trials after showing significant pathological improvement in Phase IIb. At 48 weeks, response rates were 64.9% (100 mg) and 57.6% (50 mg), versus 32.5% for placebo. The drug demonstrated anti-fibrotic effects, reduced liver fat, and improved liver enzymes, with a favorable safety profile. Efimosfermin alfa, a long-acting FGF21 analog administered monthly by subcutaneous injection, is designed to reduce liver fat, improve inflammation, and reverse fibrosis. GSK acquired rights to the drug for up to USD 2 billion and has registered the Phase III ZENITH-2 trial in China following positive Phase II results showing significant histological response in patients with F2/F3 MASH.

On September 22, Suzhou BoomRay announced an exclusive global licensing agreement with Novartis for one of its preclinical radioligand therapy (RLT) assets. BoomRay is eligible to receive up to USD 900 million (approximately RMB 6 billion), including upfront and milestone payments, plus sales royalties. This marks Novartis’s second licensing of an early-stage RLT asset from China this year, following its January acquisition of assets from Hunan PepLib. Despite strong RLT sales, including over USD 1.9 billion in 2025 revenue from Pluvicto, Novartis continues to seek external collaborations to expand its next-generation pipeline targeting novel antigens, ligands, and radionuclides. Founded in 2018, BoomRay has developed an RLT platform covering multiple targets. The deal highlights the global licensing potential of Chinese biotech RLT assets and the growing focus of multinational pharmaceutical companies on early-stage RLT opportunities.

At CCOS 2026, Zhang Jian, vice president of Alcon China, said innovation value must be reflected in responding to real clinical needs and benefiting patients. As China's ophthalmic demands shift from basic "blindness treatment" toward high-definition, personalized, all-scenario visual quality, competition now extends to clinical application capability, professional education, and local innovation. Alcon is redefining its value in China by deepening the integration of global innovation with local clinical practice. It showcased products including the Clareon intraocular lens, the Constellation system, and the ARGOS biometer, and is advancing the rollout of Unity VCS — marking a shift from single devices to systematic clinical solutions, and aiming to complete innovation's "last mile" through continuous clinical validation to genuinely improve patient outcomes.

On September 3, 2026, HUTCHMED announced a worldwide license agreement with GSK for HMPL-A830, its first-in-class KRAS-EGFR dual-targeting antibody-targeted conjugate (ATTC), granting GSK exclusive development and commercialization rights outside Greater China. The drug pairs an anti-EGFR antibody with a KRAS inhibitor payload to dually block signaling pathways, aiming to improve efficacy and tolerability in KRAS-mutant colorectal, pancreatic, and lung cancers. HUTCHMED will receive a USD 110 million upfront payment plus up to USD 1.185 billion in milestones and royalties, retaining Greater China rights; GSK also secured priority negotiation rights for another early-stage ATTC. A global Phase I study led by HUTCHMED is expected in H2 2026, with GSK leading overseas development and commercialization — a milestone for precision oncology addressing unmet need for safe, durable regimens.

Hansoh Pharmaceutical Group has submitted a China marketing application for risvutatug rezetecan (HS-20093), a fully human B7-H3 ADC with a topoisomerase inhibitor payload, for platinum-refractory small cell lung cancer (SCLC). The filing is supported by positive Phase III ARTEMIS-008 results announced in July 2026, which met its primary overall survival endpoint and significantly improved survival versus topotecan, with consistent progression-free survival benefits. Safety remained consistent with prior studies. This is the first positive Phase III result showing a B7-H3 ADC can significantly improve overall survival. In December 2023, Hansoh granted GSK exclusive rights to develop and commercialize the drug outside Greater China, where GSK is conducting Phase III trials. As SCLC accounts for about 15% of lung cancers and has limited second-line options, HS-20093 could address a significant unmet medical need.

On September 1, 2026, Medtronic announced a strategic partnership with Chinese surgical robotics company Cornerstone Robotics, investing approximately $700 million for distribution rights of the Sentire® robotic-assisted laparoscopic surgery system outside the U.S. The Sentire platform features fully in-house developed core technologies, including the world’s first 5mm wristed instruments, 8mm 4K 3D fluorescence imaging, and proprietary force-feedback and direct-drive control systems. This investment complements Medtronic’s existing Hugo™ system, creating a dual-platform strategy that addresses diverse surgical specialties and economic markets. With regulatory approvals already secured in China (NMPA), Europe (CE), and Singapore (HSA), the deal accelerates Medtronic’s global surgical robotics rollout amid intensifying competition and strategic pressure on its traditional surgical device business.

Dizal Pharmaceutical listed on Shanghai's STAR Market in 2021, raising about RMB 2.1 billion, and filed an H-share application with the Hong Kong Stock Exchange in August 2026, pursuing an A+H dual listing. Formerly AstraZeneca's early-stage drug discovery unit in Asia, it was spun off in 2017 with preclinical assets and funding from AstraZeneca, led by CEO Zhang Xiaolin, PhD. At its STAR listing, only two candidates were in late-stage development; in August 2023, Zegfrovy (sunvozertinib) became China's first innovative drug for EGFR exon 20 insertion-mutant NSCLC, lifting H1 2026 revenue to RMB 523 million. After filing its Hong Kong prospectus, Dizal signed a record-breaking license agreement with AstraZeneca effective August 31, securing a USD 600 million upfront (about RMB 4 billion) and other payments. The company is not yet overall profitable, with multiple pipelines awaiting clinical validation.

Changzhou Pharmaceutical Factory Co., Ltd., a subsidiary of Shanghai Pharmaceuticals Holding Co., Ltd. (601607.SH), has obtained approval from China's National Medical Products Administration (NMPA) to manufacture ruxolitinib phosphate tablets under three drug registration certificates. The approved indications cover the treatment of myelofibrosis and graft-versus-host disease (GVHD), expanding treatment options for Chinese patients with rare blood disorders. Ruxolitinib, originally co-developed by Incyte Corporation and Novartis AG, was first approved by the U.S. FDA in 2011. This domestic production approval marks a significant milestone for SPH, strengthening its portfolio of specialized therapies for rare diseases and improving patient access to effective treatments for complex hematologic conditions.