The industry is surging while stock prices are bottoming out. Has the third turning point for innovative drugs finally arrived? - 36Kr

China’s innovative drug sector hit a breakthrough in 1H 2026, with 81 outbound licensing deals totaling about $110 billion.

Large global partnerships were led by Chinese drugmakers, signaling stronger BD overseas and rising international recognition.

Domestic progress also advanced, including China’s first bispecific antibody ADC and AI-discovered drug clinical milestones.

The momentum is driving a structural rally in innovative drugs, CXO, and traditional Chinese medicine stocks, alongside sector revaluation.