Insights
We provide comprehensive advisory services to global healthtech companies, international investors, and institutions seeking to understand, assess, and enter the complex Chinese healthcare market.
CONTACT US 
In DepthInsightInnovation
One approved, six on the way: is the pVAD market already becoming crowded in its first year of commercialization? It should be noted that in invasive artificial hearts, higher flow support is not always better. Instead, multiple dimensions such as product size, support duration, and perfusion sealing technology need to be considered to provide tailored solutions for corresponding patients. For instance, the Impella series includes several models such as Impella CP, Impella 5.0, and Impella 2.5, offering different levels of maximum flow support at 3.7L/min, 5L/min, and 2.5L/min respectively, to meet the needs of different patients.
9min read
Read More 
2025 Innovative Drug & Supply Chain Innovation White Paper
We stand today at a pivotal moment in the era of biopharmaceuticals. Accelerating global health demands, deepening convergence of cutting-edge technologies, and dramatic restructuring of the industrial landscape are shaping our collective future—and China is integrating into this wave of innovation with unprecedented momentum. In 2025, following a period of rational consolidation, China's innovative drug and supply chain industry has entered a phase of value reorientation and structural reinvention. This year has thus become a defining chapter in which Chinese innovation repositions itself within the global healthcare ecosystem.
2025 Digital Health Innovation White Paper
In 2025, the digital health industry demonstrated vigorous growth driven by technological innovation and robust capital support. Breakthroughs in two core fields—artificial intelligence and brain-computer interfaces—have been particularly significant, injecting strong momentum into the sector's development.
2025 Healthcare AI Industry Report: Exploring Value Measurement and Payment to Overcome the Challenges of Medical AI
From deep learning to large language models, the widespread adoption of AI has already transformed the revenue structures of many leading companies, becoming a key driver of innovation and productivity. Yet, the medical field appears largely disconnected from this wave. Despite multiple waves of underlying technological change and thousands of enterprises striving tirelessly, none have managed to achieve large-scale profitability. Does the healthcare sector truly have a demand for AI? Is the bottleneck in data, computing power, or algorithms? What can we expect in the short and long term? And where does the key to commercial breakthrough lie?
In Depth
The Real Ledger Behind 60 Billion Pipeline BD: Do Pharmaceutical Companies Actually Receive Less Than 5%? In the first three months of 2026, the total amount of China's innovative drug out-licensing transactions exceeded $60 billion, triggering industry repercussions and a surge of limit-up trading in A-share innovative drug stocks. However, in BD transactions, upfront payments account for only 2% to 5%, with subsequent milestone payments deeply tied to clinical and commercialization progress. The payment rate is extremely low, with preclinical milestone fulfillment rates at about 55%, dropping to 12% in Phase III clinical trials, and further declining to around 5% in the commercialization stage. Most high-value BD deals only realize meager upfront payments. Nevertheless, changes are underway. In the first quarter of 2026, the total amount of upfront payments from China’s innovative drug overseas BD reached $3.3 billion, a year-on-year increase of 267%. The average per-deal amount also significantly rose, and numerous milestone payment events occurred, such as multiple payments received by Bio-Thera Solutions. Does this signify that China’s innovative drug overseas BD is transitioning into a new phase characterized by "high upfront payments and milestone-driven" terms?
11min read
Read More 
In Depth
An Innovative High-Priced Skin Drug Sells Like Hotcakes on E-Commerce Platforms! The Potential of the Dermatological Drug Market is Huge. In March 2026, CMS launched its innovative dermatological drug, **Prolutex® Ruxolitinib Phosphate Cream**, which set a sales record for self-paid innovative drugs in China upon its market debut. On the first day of its launch on Jingdong Health, over 5,000 units were sold, and within a month, sales exceeded 10,000 units. The explosive popularity stemmed from CMS's transformation. In 2018, CMS announced its transition to an innovative pharmaceutical company, and in 2022, it partnered with Incyte Corporation to acquire the rights to Ruxolitinib Cream in Greater China and Southeast Asia. The success of Ruxolitinib Phosphate Cream as a blockbuster product lies in its precise selection. As a topical targeted JAK inhibitor, it accurately blocks abnormal immune signaling, reduces the area of vitiligo lesions, restores skin color, and demonstrates good tolerability. After 24 weeks of treatment, the F-VASI75 response rate reached 49.5%. It also gained recognition in the *Chinese Expert Consensus on Vitiligo Diagnosis and Treatment (2024 Edition)*.
8min read
Read More 
In Depth
Is Medical AGI Coming? Can It Help Humans Live to 120? By the end of the "14th Five-Year Plan," China's average life expectancy will rise to over 79 years, and the "15th Five-Year Plan" outline proposes to increase the average life expectancy to 80 years over the next five years. Advances in medical technology are a direct driving force for extending life expectancy. In a dialogue between Wang Shirui, founder of Future Doctor, and Kevin Kelly, it was predicted that medical AGI might extend human lifespan to 120 years. Artificial General Intelligence (AGI) is the ultimate goal of AI development, but its realization faces two major challenges: the level of intelligence and human-like consciousness, which are fraught with uncertainty. Wang Shirui believes that medical AGI has clear objectives and iterative paths and will be achieved before general AGI. It possesses the professional personality of doctors, adheres to medical ethics, can integrate into clinical scenarios, and self-iterate. The current healthcare industry faces pain points such as scarce high-quality resources and insufficient capacity for diagnosing and treating complex diseases. Medical AGI could be key to solving these problems. The high level of societal participation in AI and favorable national policies have created a favorable environment for the technological exploration and application of medical AGI.
10min read
Read More 
Expert Interview
After billions of dollars, how will China-produced IL-4Rα play its cards? Clinical results show that, compared with conventional therapy and immunotherapy, Stapokibart, as a biologic, directly targets the core drivers of type 2 inflammation (IL-4 and IL-13). Provides a new precise treatment pathway for patients with moderate to severe allergic rhinitis. By targeting allergic rhinitis, Stapokibart has avoided direct competition with Dupilumab and found a differentiated market for itself.
8min read
Read More 
Policy
China's National Healthcare Security Administration Implements New Regulations: Precisely Cracking Down on Inducement-based Insurance Fraud with "Free Rice, Flour, and Oil," Solving DRG/DIP Supervision Challenges On April 1, 2026, the seventh order of the National Healthcare Security Administration, "Detailed Rules for the Implementation of the Regulations on the Supervision and Administration of the Use of Medical Security Funds," will officially come into effect. The "Detailed Rules" consist of five chapters and 46 articles, providing stronger legal basis for fund supervision. Since the implementation of the "Regulations" nearly five years ago, the healthcare security departments have recovered approximately 120 billion yuan of medical insurance funds, with intelligent supervision recovering 9.5 billion yuan in fund losses, but some problems still remain. The "Detailed Rules" smooth out the "last mile" of implementing the "Regulations," precisely cracking down on fraud and deception related to insurance claims. It focuses on tackling fraudulent practices such as "vehicle pick-up and drop-off, fee reduction or exemption, and giving away rice, flour, and oil." Clear regulations are provided for fraudulent behaviors by different entities, including designated medical institutions, individuals, drug traffickers, and insured persons. It particularly emphasizes combating the resale of "recycled drugs," stating that drug traceability codes can serve as evidence for law enforcement. Additionally, it elaborates on scenarios of individual fraud.
5min read
Read More 
In Depth
OpenEvidence is by no means the endgame for domestically produced medical AI in China. U.S. Tech Companies Continue to Break Records in Healthcare AI Funding: Abridge Raises $300 Million, Tala Health Secures $100 Million Super Seed Round, Open Evidence Receives $250 Million from Thrive Capital and DST Global; Financial Advisors Not Disclosed. Funds to Be Used for Business Expansion, Valuation Growth, etc. Abridge Focuses on AI-Powered Clinical Documentation Automation Platform, Addressing the Pain Points of Physicians in Medical Record Keeping; In China, Companies Such as Fuxin Innovation Have Similar Technologies with Slightly Superior Capabilities. Tala Health Concentrates on Full-Process Healthcare Navigation, Its Platform Covers the Entire Patient Journey from Initial Diagnosis to Recovery; In China, Companies Like WeDoctor Emphasize Full-Process Medical Coordination and Chronic Disease Closed-Loop Management. The Development of China’s Healthcare IT Companies Remains Lackluster, With Winning Health and B-Soft Experiencing Losses and Declining Market Value; Many Startups Seek to "Localize" the U.S. Model for Quick Monetization.
8min read
Read More