Orbiepharm: China's Pet Pharmaceutical Innovation Leader Files for IPO to Become a Global R&D Hub
Online, a video blogger documented the journey of their golden retriever, a companion of over ten years, as it battled heart failure. Thanks to new veterinary medications, the dog was able to maintain a high quality of life.
Pets also require dedicated medications, yet in China today, veterinary-specific drugs remain scarce—much like the reality of human pharmaceuticals depicted in a film released two years ago. In recent years, one company has emerged as a dark horse in the pet medication market, traditionally dominated by multinational corporations such as Zoetis (formerly Pfizer Animal Health), Boehringer Ingelheim, and Elanco. Leveraging outstanding innovation, efficacy, and safety, this company has rapidly risen to prominence. This enterprise is Beijing Orbiepharm Co., Ltd. (hereinafter referred to as “Orbiepharm”).
Orbiepharm has become a landmark enterprise in domestic pet drug innovation. In the current pet pharmaceutical market, which is dominated by multinational giants, how has Orbiepharm successfully built a national brand? How has it leveraged its R&D capabilities to establish core competitiveness? What is the size of the opportunity in the pet pharmaceutical market? Recently, VCBeat conducted an exclusive interview with Dr. Li Jing, founder and chairman of Orbiepharm and a medicinal chemist. Dr. Li’s patriotism, along with his unique perspective and profound insights into the market and the pharmaceutical industry, left a deep impression.
Dr. Li Jing, Founder and Chairman of Orbiepharm and Medicinal Chemist
The global pet pharmaceutical market has already reached tens of billions of US dollars. The rapidly growing Chinese market, in particular, has drawn significant attention. With over 100 million pets in China, a figure comparable to that of the United States, the world’s largest pet market, China’s pet healthcare sector is maintaining an annual growth rate of more than 40%. However, the market size for pet-specific drugs remains below RMB 8 billion, less than 1/50th of that in the United States. Consequently, amid the broader environment where the human pharmaceutical and medical device markets are undergoing the trials of volume-based procurement, this rapidly expanding potential market, valued at hundreds of billions of yuan, is attracting numerous human pharmaceutical companies from both domestic and international arenas, as well as a steady influx of investment institutions.
Orbiepharm’s strategic layout in innovative proprietary veterinary medicines began a decade ago. In 2016,The company obtained the new drug certificate for Vetacoxib Chewable Tablets, a Category 1.1 chemical veterinary drug for pets, achieving a breakthrough from zero in China’s original pet chemical drugs.This has propelled China to possess a “Best in Class” product within the global $1.8 billion pet pain management market. To date, Beijing Orbiepharm Co., Ltd. has laid out R&D pipelines for eight original drugs across the fields of parasiticide, pain management, dermatology, and antibiotics; among these, two have already been launched, and one has completed the new drug review process and is awaiting certification.
Meanwhile, Orbiepharm is actively deploying new formulations and new combination drugs in the pet sector under the 505(b)(2) pathway. Orbiepharm has developed a soft chew formulation technology platform that makes pharmaceutical excipients resemble beef jerky treats.Becoming one of the very few companies to master this technology, following pharmaceutical giants such as Boehringer Ingelheim and Merck & Co.
Given that the top two best-selling pet medications globally are both soft chew formulations, Orbiepharm has leveraged its proprietary soft chew technology platform to develop products with high palatability and breakthrough drug release rates. These innovations have increased the voluntary intake rate of existing common pet tablets from approximately 40% to 80–90%, significantly enhancing the convenience of administering medication to pets. Aligning with future trends in oral veterinary formulations, this achievement once again positions Orbiepharm as a leader in driving a technological revolution in R&D among domestic pet pharmaceutical companies. Currently, Orbiepharm has deployed nearly twenty 505(b)(2) drug candidates based on its soft chew formulation technology, providing a viable pathway to expand its product portfolio with high technical barriers, low costs, and short development cycles, thereby strengthening its competitiveness and market share.
Furthermore, to address the urgent unmet needs in China’s dedicated veterinary pharmaceutical market, Orbiepharm has actively deployed its strategy for first-to-market generic drugs. Pimobendan Chewable Tablets, a specialized treatment for heart failure in pets, obtained the Class II New Veterinary Drug Certificate and production approval in 2019, securing a leading position in the high-demand market for geriatric pet diseases. Additionally, the company has laid out a pipeline comprising six original drugs and multiple innovative dosage forms under the 505(b)(2) regulatory pathway across key therapeutic areas for pets, including parasiticide control, antibiotics, dermatology, and pain management.
Orbiepharm’s Approved and Pipeline Innovative Drugs
Dr. Li Jing is a serial entrepreneur who served as a Principal Scientist at Pfizer’s U.S. R&D headquarters for eight years, possessing profound expertise in drug development and a broad international perspective. After returning to China, Dr. Li successively co-founded Orbiepharm, Pharmadl, and Bencao Capital. These enterprises share a common characteristic:Dare to be the first in the world; if we do it, we will build an internationally leading enterprise.
A decade ago, Dr. Li Jing observed that while the overseas pet economy had grown into a market worth hundreds of billions and pharmaceutical giants such as Pfizer, Merck & Co., and Sanofi were actively expanding into the veterinary medicine sector, China’s domestic pet pharmaceutical industry remained virtually undeveloped. Determined to change this landscape, he resolved to enter the market with the aim of providing China with globally leading veterinary drugs.
Dr. Li Jing offers unique insights into the development of China’s pet pharmaceutical industry, believing that it presents both opportunities and challenges.Innovation is the only way forward.
China’s pet economy has grown nearly tenfold over the past nine years, a pace and scale rarely seen across economic sectors. With similar pet populations, comparable breed compositions, consistent disease incidence rates, and analogous market-driven mechanisms to those in the United States, all reference data suggest that the Chinese pet healthcare market is poised to reach a magnitude comparable to that of the U.S.
With the development and maturation of domestic pet healthcare conditions, the demand for pet pharmaceuticals is exploding. At the current growth rate of 40%, pet drug sales are expected to rise from less than RMB 8 billion currently to RMB 30 billion by 2024. Even so, this figure would only amount to one-sixth of the U.S. market size. In the medium to long term, China will enter a period of rapid surge in demand for pet pharmaceuticals. Currently, there is a severe shortage of pet drug varieties, and the lengthy registration cycle for imported drugs undoubtedly provides significant development opportunities for Chinese pet pharmaceutical companies.
At the same time, Dr. Li Jing also pointed out that the challenges in the pet pharmaceutical market are no less than those in the human pharmaceutical industry.
First, the processes, content, and standards for veterinary drug development are nearly identical to those for human pharmaceuticals. Moreover, the diversity of pet species, along with differences in therapeutic targets and metabolic pathways between humans and animals, increase the difficulty and uncertainty of drug development. Therefore, a company’s financial resources and R&D capabilities are key to success.
Secondly, the incidence of diseases in pets is entirely different from that in humans, and the disease spectrum is also evolving. The ability to accurately grasp the demand for pet medications and the future competitive landscape is a prerequisite for corporate success.
Furthermore, the pet pharmaceutical market is a semi-consumer sector that places a high premium on brand reputation and product quality. Consequently, relying solely on low-priced generic drugs to capture market share is unlikely to resonate with consumers, making it impossible to achieve significant scale or establish a strong market position. Therefore, the viable path forward lies in developing innovative drugs that offer greater safety, higher efficacy, and more convenient administration. Only innovative products with international competitiveness can ensure that enterprises achieve robust growth and strength in both domestic and global markets.
Dr. Li Jing clearly defined an innovation-driven path for corporate development at the inception of Orbiepharm, formulating a three-step development strategy: the first step isBecame a leader in blue-ocean markets such as pet pain management and chronic geriatric diseases in 2020; Step 2 isBecame a strong competitor in the field of commonly used medications, including anthelmintics, antibiotics, and dermatological drugs, in 2023; the third step is to achieve overseas registration or licensing of 3–5 innovative drugs by 2025, thereby entering the international market,Building One of the World’s Leading R&D Centers for Innovative Pet Pharmaceuticals。
Orbiepharm's Partially Launched Products
To date, Beijing Orbiepharm Co., Ltd. has obtained 6 clinical trial approvals, 5 new veterinary drug certificates, and 12 production approvals. It has successfully achieved its strategic plan to become a leader in blue-ocean markets such as pet pain management and chronic geriatric diseases. The company has established GMP-compliant production workshops for six dosage forms—tablets, soft chews, ointments, drops (anthelmintics), oral solutions, and inhalation anesthetics—boasting the most comprehensive range of dosage forms among domestic pet-specific pharmaceutical production bases, thereby laying a solid foundation for achieving its next-phase strategic objectives.
Dr. Li Jing believes that R&D is a long-term endeavor, and only by continuously developing competitive innovative products and enhancing the team’s capabilities can we seize significant opportunities in the pet pharmaceutical market. Orbiepharm will continue to increase its investment in R&D and market expansion, capitalizing on rare opportunities in the market, technology, and financing. Following the completion of its latest round of financing, more than 90% of the newly raised funds will be allocated to product R&D. The company is committed to scaling up its operations and striving to rank among the top three global companies in innovative pet medicines, thereby establishing a Chinese pet pharmaceutical company with international competitiveness.