AbbVie: Deepen and expand cooperation with Chinese companies to incubate more first-class drugs in China

Release time:Sep 18, 2024 13:30 PM

In recent years, while foreign-funded pharmaceutical companies have continued to increase their investment in China, they have also been promoting the optimization and upgrading of the domestic pharmaceutical industry chain. The exchanges and cooperation between multinational pharmaceutical companies and domestic companies have gradually become an important channel for domestic companies to share and absorb experience and resources.

AbbVie, a world-renowned pharmaceutical company, recently launched the "China Cooperation Day" event in Shanghai again. Unlike previous events, this "China Cooperation Day" was the first offline event.

Dr. Nicholas Donohue spoke at AbbVie's "China Collaboration Day" event

"China Cooperation Day provides a platform for our Chinese partners to gain an in-depth understanding of our corporate strategy, and also provides us with an excellent platform to discuss potential areas of cooperation with many industry leaders." Dr. Nicholas Donohue, AbbVie's global executive vice president, chief business and strategy officer, introduced that AbbVie has held the "China Cooperation Day" event every year since 2021. Through the "China Cooperation Day", AbbVie is committed to deepening and expanding its cooperative relationship with the Chinese biopharmaceutical industry chain, including the participation and cooperation with industry scholars, biotechnology companies and venture capitalists.

"AbbVie highly values and deeply recognizes the value of collaboration with Chinese partners. With our strong global network, we share international expertise with Chinese partners and help them connect with global resources," emphasized Dr. Nicholas Donohue.

It is reported that the offline event of "China Cooperation Day" organized by AbbVie was held at the St. Regis Hotel in Jing'an, Shanghai. AbbVie shared the company's strategy, target treatment areas and cooperation methods, etc., hoping to work with more potential partners in China's industrial chain, capital chain, innovation chain, etc. to accelerate the global development of China's innovative drugs and medical industries, and continuously launch innovative therapies through win-win cooperation.

As the world's second largest pharmaceutical market, China's huge market size and growth potential have attracted the attention of global pharmaceutical giants. With the rapid development of the industry, the research and development capabilities of my country's biopharmaceutical companies have continued to increase, and the cooperation between domestic innovative pharmaceutical companies and multinational pharmaceutical companies has accelerated.

"The rapidly changing Chinese market is a major opportunity for AbbVie and any other global biopharmaceutical company. There are more and more exciting business opportunities for Chinese biotech companies." Dr. Nicholas Donohoe said that from the perspective of the entire industry, licensing agreements from China have increased significantly. "At AbbVie, more than 17% of the agreements we signed this year were signed with Chinese companies. I believe that we will see more and more cooperation opportunities for first-class drugs to emerge from China and trade these assets with global biopharmaceutical companies such as AbbVie."

According to reports, on June 13 this year, AbbVie and Chinese biopharmaceutical company Mingji Biopharma announced the signing of a licensing agreement to jointly develop FG-M701. FG-M701 is a next-generation TL1A antibody for the treatment of inflammatory bowel disease that is in the preclinical development stage. Compared with the first-generation TL1A antibody, FG-M701 has undergone unique engineering transformation and has the potential to become the best functional properties in its class. This cooperation is also seen by the industry as AbbVie's determination to find more cooperation projects in its deep research and treatment fields, which will also help promote the scientific research and commercial transformation of Chinese innovative drugs around the world.

Fu Pengcheng delivered a speech at AbbVie's "China Cooperation Day" event

"The Chinese pharmaceutical market is of vital importance to AbbVie," said Fu Pengcheng, senior vice president of AbbVie's intercontinental region. Driven by an aging society and residents' growing concern for healthcare, the Chinese pharmaceutical market has entered a new stage of development. AbbVie is a leading global biopharmaceutical company committed to supporting Chinese patients and bringing its first-class innovative drugs to China as soon as possible. AbbVie plans to launch more than 40 new products and indications in the Chinese market by 2030.

According to statistics, since 2013, the number of AbbVie's products in the Chinese market has expanded from 5 to more than 20, covering multiple therapeutic areas such as immunology, oncology, ophthalmology, neuroscience and aesthetics.

As China's innovation capabilities continue to grow, its contribution to global pharmaceutical research and development has gradually increased, and the review of innovative drugs and medical devices has been significantly accelerated. These positive changes have also strengthened the confidence of multinational pharmaceutical companies to deepen their presence in the Chinese market, attracting them to continue to deepen their layout in China.

Fu Pengcheng introduced that in the past 11 years, the number of AbbVie employees in China has grown from about 400 to more than 2,600, including nearly 300 researchers and scientists. "China is currently actively involved in 85% of AbbVie's global multi-center Phase III clinical trials, and there are more than 90 ongoing and planned clinical trials."

"China is committed to creating an environment that encourages innovation, including a sound regulatory framework and intellectual property protection. If it continues this strategy, China will attract numerous multinational pharmaceutical companies to explore opportunities to provide innovation for Chinese patients," said Fu Pengcheng.

AbbVie: Deepen and expand cooperation with Chinese companies to incubate more first-class drugs in China

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