中国生命科学与医疗行业调研结果：2024年行业现状与展望

ChinaLSHCIndustrySurvey

2024StateofIndustryinChina

ChinaLifeSciences&HealthCareTeam

March2024

Content

.Framework

.Results–Questions&Deep-dive

•ChinaLSHCBusinessOutlook&Considerations

•RegulatoryandDigitalRevolution

•NewBusinessOpportunities&Challenges

.Concludinginsights

.Appendix

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2%

8%1%

20%

Industry

Sector

69%

19%

35%

Pharma

Chairman/CEO

SOE

MedicalDevices

ManagementLevel

C-suiteLevel

POE

HealthcareServices

OtherManagementLevel

JV

Distributor/Retailer

WOFE

Others

Veryconsistentfrom2023

Veryconsistentfrom2023

46%

15%

25%

38%

LessthanRMB100million

Lessthan5,000

No.ofEmployees

2023

RMB100millionto1billion

19%

5,000to10,000

RMB1billionto5billion

MorethanRMB5billion

66%

18%

Alignedwithsize,largercompanies

withrevenues>1Bare71companies,

in2023thatsegmenttotaled75

19%

ChinaLSHCIndustry2024OutlookSurvey-Framework

•Surveyperiod:15January2024to9February2024

•EngagedChina-basedLifeSciences&HealthCare(LSHC)sectoroperatorsandinvestors:124respondents

5%

39%

CompanyType

18%

39%

Slightlymoredomestic

companies,asPOE&

SOEthisyearare44%,

in2023just35%

Morethan10,000

RevenueSize

Similarsizerespondents

with42having>5k

employees,in2023there

were50respondents

Note:SOE–State-ownedEnterprise;POE–Private-ownedEnterprise;JV–JointVenture;WOFE–WollyForeign-ownedEnterprises

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ChinaLSHCBusiness

Outlook&Considerations

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OverallBusinessOutlook&Considerations

#1.Howdidyourcompanyperform(topline)in2023FY?

Annualfinancialperformanceisbetterthanplanned

Annualfinancialperformanceisinlinewithplans

Annualfinancialperformanceisworsethanplans

All

31%

13%

32%

29%

41%

47%

40%

46%

18%

Largecos

41%

11%

28%

28%

37%

38%

31%

52%

31%

SOE&POE

28%

22%

33%

31%

44%

53%

41%

34%

7%

WOFE

50%

8%

28%

16%

32%

56%

34%

61%

17%

LifeScience

32%

14%

28%

27%

42%

50%

41%

45%

19%

2023Survey

2022Survey

2024Survey

KeyInsights

•Overall:while60%saw2023resultsasplannedorbetter,asignificantimprovementsfrompreviousyear(~50%)yet40%hadaworsethanplannedperformancein2023–showingthatexpectationswerehighbutfailedtomaterialize.

•LargeandForeigncompanies(WOFE)aregainingbetterbusinessoutcomein2023FY–probablyresultingfromamorecautiousapproachtopastyear.Especiallyforforeignbusinesses,as50%reportedabetterperformancethanplanned

•Localcompanies(SOE/POE)seemedtohavehadhigherexpectationsfor2023–andwhichdidnotmaterialize.

•Surprisingly,lifesciencecompanies(86/124)arereportingfor73%eitherbeloworaboveexpectations2023results–showingthat2023wasfullofsurprises.

Note:Largecos–companywith2023revenueexceedRMB1billion;SOE–State-ownedEnterprise;POE–Private-ownedEnterprise;JV–JointVenture;WOFE–WollyForeign-ownedEnterprises;thereareafewresponsesareunknownforthe2022surveythereforethetotalsumof2022percentagemaynotbe100%

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EffectsfromtheVBPpoliciesorNRDLinclusion

AchievingnewproductlaunchesinChina

Increasedbusinessdevelopmentefforts(e.g.globalor

localdrivendeals)

Partneringwithlocal/domesticorganizationstoreachafastermarketpenetration

ChangesinHospitalaccessduringtheyearLocalizingyoursupplychaininChina

Increaseddirectpatientengagement

2023Survey

2024Survey

OverallBusinessOutlook&Considerations

#2.Your2023businessperformancewasmainlyimpactedby…

All

81%

63%

57%

40%

50%

40%

27%

38%

56%

23%

21%

11%

10%

Largecos

①

②

④

⑤

③

⑥

⑦

SOE&POE

①

③

②

⑤

④

⑥

⑦

WOFE

①

②

⑤

③

④

⑥

⑦

C-level

①

②

③

④

⑤

⑥

⑦

LifeScience

①

②

③

⑤

④

⑥

⑦

KeyInsights

•Pricingandtheoveralleconomicvaluecycleremainthetopimpactfactorsforallstakeholderssinceourlastyear’sstudy

•Successfulproductlaunchhasrisenofimportance,asthisisthenewbattlefieldtostayrelevantandalsogrowtopline

•Enhancedlocalizedbusinessdevelopmenteffortsandallocatedresources,togetherwithfindingabettermarketaccessthroughpartneringmodelsarecitedbynearlyhalfoftherespondents.Especiallyforeigncompaniesarekeentoexploresuchmodels.

•Interestingly,thelocalizationprogramsforexistingsupplychainsremainthesamefromprioryear.Carbonemissionaswellasglobalproductioncapacitiesandlocalmarketvolumesareyettoeventuallygeneratechanges.

Note:Largecos–companywith2023revenueexceedRMB1billion;SOE–State-ownedEnterprise;POE–Private-ownedEnterprise;JV–JointVenture;WOFE–WollyForeign-ownedEnterprises

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HighImportance

2023Survey

2024Survey

OverallBusinessOutlook&Considerations

#3.Withinyourorganizational&businessmodelwhicharethekeychangesimplementedin2023?

Marketingandsalesteamshavebeenadjustedasaresultofpoliciesandregulatoryimpact

MarketingandsalesteamshavebeenadjustedtoreflectnewchannelsGovernmentaffairsandrelationshavebecomemoreimportantthanbefore

R&DactivitiesinChinahavehadnewresourcesbeenallocated

SupplychainarrangementhavebeenreviewedandtriggerchangesgoingforwardEnhanced(created)andempowereda'digital'expertteambasedinChinaEnlargedthescopeofyoursharedservicecenterfunctionsinsideinChina

ArrangedsharedservicessupportfromoutsideChinalocations

All

79%

56%

72%

83%

64%

83%

59%

53%

50%

49%

35%

42%

27%

26%

15%

9%

KeyInsights

•Alignedwithsurveyresultsinpreviousyears:commercialteamorganizationandgovernmentaffairsremainthetopthreefactorstoallrespondents,butwealsonotethat

Newchannelteamre-settinghasnowbeencompletedthusdeclineinpriorities,andalsogovernmentaffairsarefullyembeddedandnolongerrequire‘special’emphasis(moreattention)

•R&Drelatedactivitiesandallocatedresourcesarerisingintheprioritylist,whiletheexpertteams(digital)havebeencoveredthusdeclineintermsofpriorities.

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LargecosSOE&POEWOFEC-level

OverallBusinessOutlook&Considerations

#3.Deep-divebystakeholdertypes

Marketingandsalesteamshavebeenadjusted

asaresultofpoliciesandregulatoryimpact

Marketingandsalesteamshavebeenadjusted

toreflectnewchannels

62%

54%

49%

39%

23%

6%

87%

80%

63%

70%

50%

31%

30%

20%

70%

65%

66%

47%

44%

44%

25%

9%

91%

75%

69%

57%

46%

33%

25%

16%

81%

73%

Governmentaffairsandrelationshavebecome

moreimportantthanbefore

R&DactivitiesinChinahavehadnewresources

beenallocated

Supplychainarrangementhavebeenreviewed

andtriggerchangesgoingforward

Enhanced(created)andempowereda'digital'

expertteambasedinChina

Enlargedthescopeofyoursharedservice

centerfunctionsinsideinChina

Arrangedsharedservicessupportfromoutside

Chinalocations

KeyInsights

•Policyandregulatorychangescontinuetoimpactsignificantlythecommercialteammodelstoallcategoriesofstakeholdersin2023,topictopinmindtoallc-levelandinparticularlywithinlargecompaniesandforeignplayers.SOE&POEaremuchlessconcerned&impactedbyeitherregulatoryandpolicychangesorexpandingintonewchannels(POE=manypre-commercialcompanies)

•Localplayers(SOE&POE)arefocusingonincreasingresourcesinR&Dactivities;andalsoexploringmoresharedservicearrangementtoenhanceefficienciesandreducecosts.

•C-levelrespondents,continuetohighlighttheimportanceandfocusongovernmentaffairsandtheircriticalroletosuccessinthelocalmarketplaceNote:Largecos–companywith2023revenueexceedRMB1billion;SOE–State-ownedEnterprise;POE–Private-ownedEnterprise;JV–JointVenture;WOFE–WollyForeign-ownedEnterprises

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17%

10%

11%

8%

48%

39%

33%

35%

39%

44%

38%

40%

17%

8%

6%

8%

48%

47%

33%

32%

13%

13%

6%

8%

38%

46%

33%

38%

18%

10%

11%

7%

Toplinerevenueplan2024considersagrowthof>10%

Toplinerevenueplan2024

considersagrowthbetween5-10%

Toplinerevenueplan2024considersasingle-digitgrowth<5%

Toprevenueplan2024isexpectedtodecline

OverallBusinessOutlook&Considerations

#4.HowdoyouforeseeyourChinabusinessoutlook2024?

AllLargecosSOE&POEWOFELifeScience

48%

66%

33%

22%

13%

5%

6%

7%

2024Survey

KeyInsights

2023Survey

•Whileca.90%ofallrespondentsareexpectingapositivegrowthin2024,yetthisisslightlybelowlastyear’soptimisticoutlook:theuncertaintiesintheglobalandChinaeconomyenvironmentaretheunderlyingcauses

•Notabletoseethatthoseexpectingarevenuedeclinein2024areupto11%from8%-nearly50%increase

•Largecompaniesoverallaretakingamuchmoreprudentoutlookfor2024–as17%alookingforsingledigitgrowthbelow5%

•Nearly50%ofForeignplayers(WOFE)respondentscontinuetoexpectadouble-digitgrowth>10%for2024(overallforeigncompaniesrespondentsarejustslightlymoreambitiousfor2024–as81%seengrowthhigherthan5%(79%in2023survey)

Note:Largecos–companywith2023revenueexceedRMB1billion;SOE–State-ownedEnterprise;POE–Private-ownedEnterprise;JV–JointVenture;WOFE–WollyForeign-ownedEnterprises

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OverallBusinessOutlook&Considerations

#5.HowisyourcurrentoverallbusinessoutlookforChinaforthenext3-5years?

Ouroutlookisbetterthanbefore,soourChinafocushasbeenfurtherelevatedwithinourGroup

TheChinaoutlookhasbecomelessclearandreadablethuswearebecomingmorecautiousallocatinginvestmenttoChina

Ouroutlookremainsthesameaspreviously,alsoChinahasto

competeinternallytoobtainitsrequiredinvestmentbudgetsfor

growth

DoingbusinessinChinaisperceivedareriskierwithlessreward

thanbefore,thuswearegettinglessresourcestodevelopour

Chinabusiness

WithinourGroup,othermarketshavebecomemoreappealingthusforourChinabusinesswearegettinglessresources

AllLargecos

45%①

33%②32%③

⑤

④

11%

9%

SOE&POE

①

③

②

⑤

④

WOFE

③

①

①

④

⑤

C-level

①

③

②

④

⑤

LifeScience

①

③

②

④

⑤

KeyInsights

•Comparingtolastyearssurveyresults:Wenoteanoverallstabilityandconsistencyinthelevelofperceptions.

AminorincreaseonChina’smarketimportancewithanincreaseto45%inthisyear(lastyear42%)

C-levelrespondentsremainconfidentintheChinamarketwith42%thinkChinaoutlookremainbrightin2024

Meanwhile,20%declareshiftinginvestment(11%)orhavinglessappeal(9%)toothermarketsslightlyincreasedfrom19%inlastyear.

•ForeigncompaniesarebecomingmorecautiousonthefutureopportunitiesinChinayearsbyyears,with47%statingthatChinamarkethasbecomeboth‘lessreadable’and‘lessglobal-priority’andonly25%considerChinaoutlookisbetterthanbefore

Note:Largecos–companywith2023revenueexceedRMB1billion;SOE–State-ownedEnterprise;POE–Private-ownedEnterprise;JV–JointVenture;WOFE–WollyForeign-ownedEnterprises

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52%57%②

①

②

②

CreateChinaspecificgovernancemodelthatdiffersfromothermarkets

Adjustingyourproductportfolioreflectingpriceconstraints&risks

generatedbyVBPandNRDLorthegeneralcompetitiveenvironmentinChina

50%

53%

①

②

①

①

⑤

ConsiderbuildChinalocalizedsystemordatahousereflectingthecompliancerisk

SearchforChinesebasedassetsforyourproductportfoliolocalizationambitions

Leveragespecificmeasuresandfavorablepoliciesinthespecialzones(e.g.,

GBA,HainanBoao,etc.)

Considerraisinglocalfinancialresourcesfromthirdparties(debt),orevengoingpublicwouldcapitalmarketrulesfacilitatethis

ContinuouslyinvestintoChinaESG/Carbonemissionreductionstrategy

④③⑤⑦

⑥

③⑤③⑥

⑦

③③⑤⑦

⑥

④③⑦

⑥

OverallBusinessOutlook&Considerations

#6.InyourlatestChinamarketstrategy,haveyouorareyouconsideringthefollowingactions?

All

LargecosSOE&POEWOFELifeScience

38%

37%

45%

35%

30%

17%

10%

16%

13%

New!

KeyInsights

2023Survey

2024Survey

•‘China-specificsolutions’continuedtoholdthefirstplaceintheChinamarketstrategyinthisyear,resultedfromthegradualcompletionoftheformingof‘China-feature’healthcaresystem

•Foreignandlocalplayersvaluethe‘VBP&NRDLimpact’alot(1stand2ndplacerespectively),theimportanceleveldiffersalotfromeachothers(72%vs.33%)–indicatethattheforeignplayersaresufferingmuchhigherpricingpressurethanlocalsforChinamarketaccess

•While38%ofallrespondentsbelievethatitisimportanttolocalizesystems&data,forforeignplayersthisisonlythe5thfrom7priorities

•Wenotealsoasubstantialincreaseinthepotentialtoraiselocallyfunds–nowtopinmindfor17%upfrom10%lastyear

•Finally,investingintoESG/carbonemissionsolutionsremainsatthebottomforallrespondents

Note:Largecos–companywith2023revenueexceedRMB1billion;SOE–State-ownedEnterprise;POE–Private-ownedEnterprise;JV–JointVenture;WOFE–WollyForeign-ownedEnterprises

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RegulatoryandDigitalRevolution

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Yes

No

NewImplementationsinRegulatoryAffairsandDigitalTechnology

#7.WiththestrengthenintherestrictionindataprivacyandexportinChina,hasyourorganizationbeenimpacted？

All

49%

58%

42%

51%

2024

2023

Largecos

45%

55%

49%

51%

2024

2023

SOE&POE

63%

71%

37%

29%

2024

2023

WOFE

25%

55%

75%

45%

2023

2024

C-level

46%

61%

54%

39%

2024

2023

KeyInsights

•Thedataprivacy&exportrestrictionimpactincreasedsubstantiallythisyear,from42%to51%,asnumerousdatatransferrelatedpoliciesandregulationswerepublishedandbecame(technically)effective

•Foreignplayersseetheimpactmoresignificantly,as75%thisyear,indicatetocontinueadjustingtheirChina-specificstrategytobetterfitinthefast-changingregulatorylandscape

•Fordomesticcompaniesshowingahigherappetiteof‘going-out’,thedataexportrestrictionsaregraduallyshowingimpactaswell

•Topmanagementrespondents(C-level)havenowfocusedtheirattentiontothistopicmuchmorethatinpastyear

Note:Largecos–companywith2023revenueexceedRMB1billion;SOE–State-ownedEnterprise;POE–Private-ownedEnterprise;JV–JointVenture;WOFE–WollyForeign-ownedEnterprises

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42%

41%

36%

All

26%

19%

WOFE

18%

11%

15%

14%

13%

11%

11%

8%

7%

LargecosSOE&POEC-level

ImpactedasresultinginincreasedoperatingcostsinChina

AllLargecosSOE&POEWOFEC-level

ImpactedasresultinginlessR&DortrialactivitiesbeingcarriedoutinChina

AllLargecosSOE&POEC-level

ImpactedasresultingindevelopingspecificChina-onlysolutions

NewImplementationsinRegulatoryAffairsandDigitalTechnology

#7.Deep-dive–amongthosewhosaid‘Yes’,theimpactwasfoundin…

63%

WOFE

KeyInsights

•Overall:Theimpactonoperationalcostshasdeclinedto36%respondents(downfrom>60%lastyear).Largestchangeresideswithdomesticcompanies(declinedalot)whileforeignplayers’impactcontinuestoberatherhighwithtwo-thirdsofallforeigncompanies

TheincreasedoperationcostforWOFEmayalsoduetothehighercostforChina-onlysolutionscomparedtoglobalsolutions

•TheR&Dandclinicaltrialactivitiesarelessimpactedbythenationwideregulatoryinitiatives–simplyduetotheinitiativesmorefocusonthepost-marketingeventsandpromotions

•Interestingly,theimpactonthedevelopmentof‘China-only’solutionhasbeenreducedinoverall–particularlytolocalplayers(from83%to7%).ThismightbeduetomostLSHCcompanieshavebecomemorewell-preparedforthedataissueinChinainrecentyears

Note:Largecos–companywith2023revenueexceedRMB1billion;SOE–State-ownedEnterprise;POE–Private-ownedEnterprise;JV–JointVenture;WOFE–WollyForeign-ownedEnterprises

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↓

↓

↓

↓

↓

↓

↓

↓

↔↓

NewImplementationsinRegulatoryAffairsandDigitalTechnology

#8.ConsideringChina'spacetotechnologychangesanddigitalpatientengagement,hasyourorganization…

AllocatedmoreresourcestomanageyourIT&datacomplianceframework

Changedyourtalentmodelfordigitalcompetencies(more

datatechnology)

Allocatedmoreresourcesfor2024tobuildmorecapabilitiesarounddata&ITsecurityforyourChinabusiness

DeployedlocalIT&datasolutionsthataredifferentfromtheglobaltools

BuiltaChina-baseddatahouseorinitiatedan‘in-China’datahostingstructureplan

All

48%

40%

38%↓

32%↓

24%New!

LargecosSOE&POEWOFEC-level

↔

①↔

②

②↔

④↓

⑤

①

②

③↓④↔

⑤

④↓

②

③↔

①

⑤

①↔

②

②↔

②

⑤

KeyInsightsRankstatus:Increase↓DecreaseNochange

•IT&datarelatedinvestmentscontinuetoattractalargerportionofthecompliancerelatedinvestments,with48%ofallrespondents–butisreducingforforeigncompanies(only4thpriorityoutof5)indicatingthattheybelievehavingarobustsystem&processinplacealready

•Competitionindigitaltalentshasescalatedin2024,elevatedbyallplayerstotheir2ndhighestpriority–thetalentwariscoretoin-marketcompetitivenessforallcompanies

•ForeignplayerscontinuetoreviewandoptforlocalIT&datasolutionsthateventuallyaredifferentfromglobaltools

•AChina-baseddatahouseiscitedbyonly24%ofallrespondents,andconsistentlyranking5thpriorityandlast

Note:Largecos–companywith2023revenueexceedRMB1billion;SOE–State-ownedEnterprise;POE–Private-ownedEnterprise;JV–JointVenture;WOFE–WollyForeign-ownedEnterprises

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NewImplementationsinRegulatoryAffairsandDigitalTechnology

#9.UndertheChinanationwideregulatoryinitiatives,haveyouandyourorganization…

All

Largecos

SOE&POE

WOFE

C-level

#9.1.Haveyouobservedmore

difficultpatientaccessfromAugust2023andonwards?

67%33%

68%32%

61%39%

66%34%

65%35%

KeyInsights

•Overtwo-thirdofrespondentsfeltharderpatientaccessunderthe

nationwideregulatoryinitiatives

•Interestingly,localplayer

respondentsfeltslightlyless

pressuresforthedifficultyin

patientaccesscomparedtoothers

#9.2.Hasyourrevenuesbeen

impactedinQ3andQ42023by10%ormore?

37%63%

28%72%

31%69%

38%63%

38%62%

KeyInsights

•Therevenueimpactwaslessthanexpectedwithonly37%felt

impacted

•Therevenueimpactwaslessinlargecosandlocalplayers

respondents

#9.3.Hasyournewpatient

enrollmentprogramsreducedbymorethan10%?

37%63%

34%66%

37%63%

31%69%

40%60%

YesNo

KeyInsights

•Thepatientenrollmentwaslessimpactedastheregulatory

initiativesmajorlyfocusonthe

illegalsalesandpromotionevents

•Foreignplayersusuallyhasastricterpatientcompliancerequirementhencefeltlessimpacted

#9.4.Hasyourmarketdirect

engagement(e.g.medicalevents,conferences,etc.)reducedbymorethan15%?

60%40%

66%34%

46%54%

81%19%

65%35%

KeyInsights

•Themarketeventsareimpactedthemost–manymedicaleventsandconferenceswereonholdorcancelledsincemid-2023

•Foreignplayerssellpatent

productsmostly,whichmay

involvemoremedicaleventstoexchangemedicalinformation

#9.5.HasyourOPEXbeenreducedby15%ormorein2023?

31%69%

30%70%

33%67%

31%69%

28%72%

KeyInsights

•TherewaslimitedimpactontheOPEX–sincethemajorimpactisontheexternaleventandaccess

•TopmanagementteamfelttheleastimpactontheOPEXreduce

Note:Largecos–companywith2023revenueexceedRMB1billion;SOE–State-ownedEnterprise;POE–Private-ownedEnterprise;JV–JointVenture;Ep–aWreodllytotriegnlo-ocwanl.dEnterprises

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Newdrugregistrationswillcontinuetoaccelerateandyourmarketaccessforinnovativeassetswillfurtherbefacilitated

Yourdirectmarketandpatientengagementwillneedfurtheradjustmentinthefuturetomeetthenewregulatoryandcompliancerequirements

Domesticcompanieswillgainafurtherpreferentialtreatmentinyourmarketsegments

59%

52%

52%

ThesteppingupeffortinapplyingAIanddigitaltechnologythroughout

yourbusinessvaluechain

Yourglobalsupplychainorganizationmightrequireanadjustmenttofurtherlocalize,increasedomesticsourcinginyourvaluechain

China'shealthadministrationwilltrytomotivateforeigncompaniesinlicensingandpartneringtransactionstofurtherlocalize

Yourimportsarelikelytoattracthigherdutiesorincreasedscrutinyontransferpricingarrangements

36%

35%

20%

NewImplementationsinRegulatoryAffairsandDigitalTechnology

#10.WithChina'sregulatoryenvironmentkeepadjusting,doyouthinkthat…

All

46%

Largecos

①

②

④

③

⑤

⑥

⑦

SOE&POEWOFE