China's Medical Innovation Takes Center Stage: 2024 VBEF Healthcare Industry Innovation Product List Unveiled

In the healthcare sector, China is witnessing the emergence of innovations and practices with distinct local characteristics and world-class influence.

In 2023, 34 domestically produced Class 1 new drugs were approved in China, representing a 156% increase from 2022 and setting a new historical record. Additionally, 61 innovative medical devices received regulatory approval, also reaching an all-time high. In terms of global expansion, nearly 70 license-out deals for innovative drugs were executed in China in 2023, with the total disclosed transaction value exceeding $35 billion, marking another historical peak. Meanwhile, China’s medical device exports reached $18.418 billion, with significant acceleration in the overseas growth of high-value medical devices.

The surge in innovative medical products and their robust expansion into overseas markets signify that Chinese medical innovation enterprises are continuously exploring cutting-edge technological frontiers. They have developed unique industry insights and corresponding proprietary products, gradually shedding the label of “low-priced, low-tech import substitutes.” This also demonstrates that many of China’s medical products now possess the competitiveness to stand on equal footing with the world’s strongest rivals.

Over the past decade, VCBeat has remained focused on innovative development within the healthcare industry. During the 8th Future Healthcare Ecosystem Expo, we also released our first industry-facing report."Healthcare Industry Innovation Product List,"Showcasing China’s Innovative Strength in the Healthcare Industry to the World.

This list aims to discover and showcase representatives of China’s, and even the global, healthcare industry.Technologically advanced, highly suitable for domestic substitution, addressing unmet clinical needs, globally competitive, and demonstrating prominent industry leadership.innovative healthcare products and solutions. In the healthcare industry, innovative products are not limited to a single category; we also extend our focus to supply chain innovations, which are inextricably linked to the development of the medical industry.

As of the registration deadline on March 31, more than 500 medical innovation enterprises had submitted applications for innovative projects, covering sectors such as medical devices (including IVD), pharmaceuticals, and healthcare supply chains. Terms like “China’s first” and “global debut” appeared with high frequency.

This ranking evaluates participating innovative products fromTechnological Innovation, Clinical and Application Value, Market Potential, Industry InfluenceWeighted evaluation based on growth potential and annual performance across four primary indicators and a total of 12 secondary indicators, following a process that includes self-nomination by enterprises, review by the VBEF Review Committee, cross-review by supporting institutions, and final approval by the Expert Committee, spanning four major sectors (Biopharmaceuticals and Biological Products, High-End Intelligent Manufacturing and Medical Devices, Digital Innovation Technologies and Supply Chain Empowerment Products, Healthcare Industry Chain) selected a total of 200 representative innovative medical products and solutions.

Among them,Up to 80% of the products and solutions are global firsts/pioneering medical products.. China's medical innovation capabilities are being unleashed in a concentrated manner at this moment.

In this regard, we extend our sincere gratitude to all stakeholders in the industry for their strong support of the list. Below is the complete 2024 VBEF “Healthcare Industry Innovation Product List”:

From following to keeping pace, and then to leading; from assembly and component manufacturing to mastering core technologies—this is the momentum of indigenous innovation in China that we have witnessed, and it will also define the narrative direction of the Chinese story in the healthcare industry. At this feast named “Innovation,” we pay tribute to all the innovations and stories unfolding on Chinese soil.