【行业报告】中国-医疗保健行业-中国医疗保健：PD1与PD-L1行业-2019.5.3-109页.pdf

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Asia Pacific Equity Research 03 May 2019

China Healthcare Sector

Biotech 101: China’s PD1/PD-L1 Sector

Within China’s Pharmaceutical industry, we believe early signs of a shift from Healthcare

volume-driven to innovation-driven growth are emerging. We expect this AC Ling Wang

trend to intensify, driven by favorable regulatory policies and improved (852) 2800 8599

patient access to innovative drugs. We believe leading this wave is the market ling.wang@

for biologics oncology treatment/the emerging PD- 1/PD-L1 monoclonal Bloomberg JPMA LWANG <GO>

antibody (mAB) market. We see this space growing 28% p.a to Rmb79.9bn Leon Chik, CFA

(or US$11.6bn) revenues by 2030; big enough for multiple winners riding this (852) 2800-8590

wave. We expand our coverage of the biologics space; initiating c

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