Yi Nuoqing of Hillhouse Capital: Focusing on Innovation to Empower Chinese Innovative Drugs on the Global Stage

“Hillhouse not only provides long-term capital to support corporate growth, but also serves as a vital link by allocating resources and building a biopharmaceutical ecosystem,” said Yi Nuoqing, Co-Chief Investment Officer and Partner at Hillhouse Capital, at the Drug Information Association (DIA) Annual Meeting and Exhibition on October 28.

The 2020 DIA Annual Meeting was held in Suzhou from October 27 to October 30. During the four-day event, leaders from global regulatory agencies, academic experts, industry pioneers, and capital market leaders convened to share new insights on R&D innovation in pharmaceuticals and healthcare, striving to enhance human health and well-being.

Attendees of the opening ceremony included Mr. Xu Jinghe, Deputy Director of the National Medical Products Administration; Mr. Xue Bin, Director of the China International Exchange Center for Food and Drug Inspection; Dr. Tan Lingshi, Global Board Chair of DIA; Dr. Li Zhengqing, Chair of the DIA China Annual Meeting; Ms. Wang Tongyan, Managing Director of DIA China; and Dr. Theresa Mullin, Deputy Director of the Center for Drug Evaluation and Research at the U.S. FDA. Academician Wang Chen, President of the Chinese Academy of Medical Sciences and Peking Union Medical College, participated online.

During the panel discussion titled “Chinese Innovative Drugs Go Global: The Impact of Chinese Innovative Drugs on Global Drug Development,” Yi Nuoqing stated that investment institutions have played a leveraging and catalytic role in the development of the biopharmaceutical industry. On one hand, they provide long-term capital to support corporate growth; on the other hand, they serve as an intermediary link, allocating optimal resources for enterprises and aggregating all biomedical-related resources.

Hillhouse has been engaged in early-stage investment for a long time, with BeiGene as a representative portfolio company. Hillhouse began investing in BeiGene in 2014 and has participated in eight funding rounds to date, making it the only investor in China to have supported BeiGene throughout its entire journey. Beyond providing financial support, Hillhouse has assisted the startup in talent acquisition, resource integration, and compensation design, bringing together top-tier professionals. Reportedly, BeiGene’s valuation was approximately $120 million in 2014; it has since grown into an industry giant with a valuation of $27.4 billion. As of June this year, BeiGene’s employee count has increased from 130 in 2014 to 4,200.

“As described in the poem ‘Ode to Long Song,’ ‘In spring, nature bestows its bounty, and all things shine with vitality.’ With the spring sun shining upon the earth and all things reviving and growing, China’s biopharmaceutical industry is also poised for robust development.” Yi Nuoqing believes that China has entered a period of significant dividends marked by an surge of outstanding scientists and engineers. As a bridge, investment institutions introduce talent into the biopharmaceutical sector, thereby driving industry advancement. It is hoped that more enterprises will strive to achieve the world’s most advanced or optimal solutions, establishing their foundation in China while expanding globally.

It is reported that Hillhouse Capital established a dedicated Hillhouse Zone at the conference, with 11 portfolio companies, including BeiGene, Genor Biopharma, and InnoCare Pharma, making a group appearance at the DIA. Hillhouse has invested in nearly 200 companies worldwide in the global healthcare industry, including over 100 Chinese enterprises, with total investment exceeding RMB 150 billion and the combined market capitalization of its portfolio companies surpassing RMB 2.5 trillion. Hillhouse has established comprehensive coverage across innovative drugs, medical devices, healthcare services, pharmaceutical outsourcing, and pharmaceutical retail, helping more Chinese companies expand into the global market.