IL-17A, IL-4R, JAK, IL-23 and other target drug pipelines are rich, and some targets have been approved for domestic pipeline listing or application for listing. Related drugs are expected to be gradually localized in China's self-immune disease treatment.
Zhixing Finance APP learned that CSC released a research report saying that in recent years, relevant new drugs have emerged, and new targets or new mechanisms of action drugs have emerged in endless stream. The accelerated development of the self-immune market will promote the improvement and efficiency of the domestic innovative drug industry, and promote a large number of excellent pipelines to incubate advanced drugs that meet the clinical needs of patients. At present, domestic pharmaceutical companies have achieved preliminary research and development results in fields such as atopic dermatitis, psoriasis, and rheumatoid arthritis, and many drugs have entered the application for listing or Phase 3 clinical stage. IL-17A, IL-4R, JAK, IL-23 and other target drug pipelines are rich, and some targets have been approved for domestic pipeline listing or application for listing. Related drugs are expected to be gradually localized in China's self-immune disease treatment.
The main points of csc's view are as follows:
China's self-immune market is mainly focused on psoriasis and ankylosing spondylitis, and is expected to reach 24.7 billion US dollars by 2030. Among self-immune diseases, the prevalence rate of psoriasis is the highest, reaching 2.7%, ankylosing spondylitis is close to rheumatoid arthritis, and the prevalence rate of ulcerative colitis and Crohn's disease is lower. Type II inflammatory diseases are mainly atopic dermatitis and asthma.
Overseas commercialization of drugs drives the development of the domestic self-immune market, and state-owned enterprises have achieved initial research and development results. The commercialization success of IL-4R target dupilumab, IL17 target secukinumab, and IL23 target risankizumab has driven the development of the same target drugs in China. Most target drugs are domestically produced to fill the gap of import substitutions, and there is huge space for future development. At present, domestic pharmaceutical companies have achieved preliminary research and development results in fields such as atopic dermatitis, psoriasis, and rheumatoid arthritis, and many drugs have entered the application for listing or Phase 3 clinical stage.
The self-immune drug research and development pipeline is rich, and the speed of innovative drug development is fast. IL-17A, IL-4R, JAK, IL-23 and other target drug pipelines are rich, and some targets have been approved for domestic pipeline listing or application for listing. Related drugs are expected to be gradually localized in China's self-immune disease treatment. Companies with faster pipeline progress include Jiangsu Hengrui Pharmaceuticals, Innovent Bio, Remegen, Akeso, Sunshine Guojian Pharmaceutical, Zhixiang Jintai, Conyneur, Kangzhe, and Livzon Pharma.
The popular BD targets for self-immunity are TL1A and JAK. Innovations are the main factors for domestic overseas projects, and there are many generic drugs but the amount is relatively low. TL1A has been a popular target for self-immunity globally in recent years, with a total of four transactions with a total amount of more than 7 billion US dollars. The imported drug targets in China include BTK, PDE, and JAK. Domestic overseas projects include innovative drugs such as Jiangsu Hengrui's imatinib (JAK), Xian's SIM0278 (IL2R), and Gao Guang's TLL-041 (TYK2/JAK1), as well as biosimilar drugs such as golimumab, rituximab, and tocilizumab. Among the generic drug overseas projects, Bio-Thera Solutions has the most numerous projects.
Investment advice: The number of patients with self-immune diseases and type II inflammation is rapidly increasing, and the market size, although second only to tumor drugs, is still in an accelerating development period. Existing drugs still have huge room for improvement in terms of efficacy and safety. In recent years, relevant new drugs have emerged, and new targets or new mechanisms of action drugs have emerged in endless stream. The accelerated development of the self-immune market will promote the improvement and efficiency of the domestic innovative drug industry, and promote a large number of excellent pipelines to incubate advanced drugs that meet the clinical needs of patients.
On the target side: based on the company's clinical pipeline, research and development efficiency, and operation efficiency, we are bullish on Jiangsu Hengrui Pharmaceuticals (600276.SH), Innovent Bio (01801), Akeso (09926), Conyneur (02162), Zai Lab (09688), Hutchmed (China) (00013), Remegen (09995), Innocare (09969), and Sunshine Guojian Pharmaceutical.
Risk warning: Uncertainty risk of new drug research and development; new drug research and development is a technical innovation, with long research and development cycles, large investment, high risks, and low success rates. From laboratory research to new drug approval and marketing, there are many complex links such as pre-clinical research, clinical trials, new drug registration and marketing, and after-sales supervision. Each link may face failure risks; drugs developed successfully may have lower efficacy than similar products. Existing products or treatment methods also face the risk of being replaced by new therapies and technologies; commercialization risk; medical insurance control costs exceed expectations, resulting in innovation drug pricing not reaching expectations.