集采、寒冬、裁员、相信……20个行业关键词，你PICK哪一个？
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关键词：
裁员
资讯来源：E药经理人 + 订阅账号
发布时间：
2022-08-26
几天前，“活下来”刷爆了朋友圈，“惊动”了二级市场，道出了无数企业当下的心声和对未来忧虑。
最近一段时间，E药经理人采访多位业内资深人士，想知道这几年，在他们的眼中，哪个关键词印象最深、给行业带来的影响最大，亦或是最能代表当前的情境。
收到的回复中，我们整理出了被提及最多的20个关键词。有“三医联动”“集采”这样的关键性政策，也有“差异化”“聚焦”这样的行业热点。有趣的是，如果从中抽出最为“感性”的几个词，组成一句话，似乎真的可以描绘出当下的感受：在“寒冬”里“活下来”，“相信”明天会更好。
从今天起，我们会在E药经理人的微信文章中发起“制胜医药新周期·十大关键词”投票活动，在当前的20个关键词中，评选出十个最能代表当下医药行业发展的关键词，并将于9月17日晚举行的
2022中国医药企业家科学家投资家大会“中国医药创新发展之夜”
发榜，
邀请十位企业家、科学家、投资家展开讨论与分享。
<span/><span/></span></span></section><section style="margin-left: 16px;margin-right: 16px;margin-bottom: 24px;"><span style="font-size: 16px;"/></section><section style="margin-left: 16px;margin-right: 16px;margin-bottom: 24px;"><span style="font-size: 16px;"/></section><section style="box-sizing: border-box;font-style: normal;font-weight: 400;text-align: justify;font-size: 16px;margin-left: 16px;margin-right: 16px;margin-bottom: 24px;"><section powered-by="xiumi.us" style="text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;margin: 10px 0px 20px;box-sizing: border-box;"><section style="display: inline-block;vertical-align: top;width: auto;flex: 0 0 0%;height: auto;align-self: stretch;box-sizing: border-box;"><section powered-by="xiumi.us" style="text-align: right;box-sizing: border-box;"><br/></section></section><section style="display: inline-block;vertical-align: top;width: auto;align-self: stretch;flex: 0 0 auto;min-width: 5%;max-width: 100%;height: auto;background-color: rgb(244, 228, 100);padding: 9px 19px 0px;box-sizing: border-box;"><section powered-by="xiumi.us" style="margin: 0px;text-align: center;box-sizing: border-box;"><section style="font-size: 17px;color: rgb(15, 41, 76);padding: 0px;box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><span style="font-size: 16px;"><strong style="box-sizing: border-box;"><strong arial="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><span style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;">活下来</span></strong></strong></span></p></section></section></section><section style="display: inline-block;vertical-align: top;width: auto;flex: 0 0 0%;height: auto;align-self: stretch;box-sizing: border-box;"><section powered-by="xiumi.us" style="transform: perspective(0px);transform-style: flat;box-sizing: border-box;"><section style="text-align: right;transform: rotateX(180deg) rotateY(180deg);box-sizing: border-box;"><section style="display: inline-block;width: 0px;height: 0px;vertical-align: top;overflow: hidden;border-style: solid;border-width: 46px 10px 0px 0px;border-color: rgba(255, 255, 255, 0) rgb(244, 228, 100) rgb(62, 62, 62) rgb(62, 62, 62);box-sizing: border-box;"><svg style="float:left;line-height:0;width:0;vertical-align:top;" viewbox="0 0 1 1"/></section></section></section></section><section style="display: inline-block;vertical-align: bottom;width: 25%;align-self: flex-end;border-bottom: 1px solid rgb(62, 62, 62);border-bottom-right-radius: 0px;box-sizing: border-box;"><section powered-by="xiumi.us" style="text-align: justify;box-sizing: border-box;"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"/></p></section></section></section><section powered-by="xiumi.us" style="text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;margin: 10px 0px;box-sizing: border-box;"><section style="display: inline-block;width: 100%;vertical-align: top;align-self: flex-start;flex: 0 0 auto;background-color: rgb(225, 244, 254);padding: 31px;box-sizing: border-box;"><section powered-by="xiumi.us" style="text-align: justify;box-sizing: border-box;"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><span arial="" gb="" helvetica="" initial="" inline="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="font-size: 16px;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei="">一场寒风，席卷了全球范围内的各个生物科技赛道。降温仍在持续。融资事件和融资金额持续下降，拿不出突破性的数据、成果，根本无法从投资人那里拿到一分钱。曾经手头宽裕的企业，可以大把花钱，但如今恨不得把一分钱掰成两半花。就在近日，连华为的任正非都喊出了这句口号“活下来”。“把活下来作为最主要纲领，边缘业务全线收缩和关闭，把寒气传递给每个人。”</span></p></section><section powered-by="xiumi.us" style="text-align: justify;box-sizing: border-box;"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"/></p></section><section powered-by="xiumi.us" style="margin: 0px;text-align: center;box-sizing: border-box;"><section style="background-color: rgb(15, 41, 76);height: 1px;box-sizing: border-box;"><svg style="float:left;line-height:0;width:0;vertical-align:top;" viewbox="0 0 1 1"/></section></section></section></section></section><section arial="" break-word="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px 16px 24px;padding: 0px;max-width: 100%;box-sizing: border-box;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><section powered-by="xiumi.us" style="margin: 10px 0px 20px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 9px 19px 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;vertical-align: top;width: auto;align-self: stretch;flex: 0 0 auto;min-width: 5%;height: auto;background-color: rgb(244, 228, 100);"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: center;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;font-size: 17px;color: rgb(15, 41, 76);"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word 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style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: right;transform: rotateX(180deg) rotateY(180deg);overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;width: 0px;height: 0px;vertical-align: top;overflow: hidden;border-style: solid;border-width: 46px 10px 0px 0px;border-color: rgba(255, 255, 255, 0) rgb(244, 228, 100) rgb(62, 62, 62) rgb(62, 62, 62);"><svg style="float:left;line-height:0;width:0;vertical-align:top;" viewbox="0 0 1 1"/></section></section></section></section><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;vertical-align: bottom;width: 144.5px;align-self: flex-end;border-bottom: 1px solid rgb(62, 62, 62);border-bottom-right-radius: 0px;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><br style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"/></p></section></section></section><section powered-by="xiumi.us" style="margin: 10px 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 31px;max-width: 100%;box-sizing: border-box;display: inline-block;width: 578px;vertical-align: top;align-self: flex-start;flex: 0 0 auto;background-color: rgb(225, 244, 254);overflow-wrap: break-word !important;"><section powered-by="xiumi.us"><p> 十八大以来，医药卫生体制改革的不断深化，深刻影响行业发展格局。尤其是“三明医改”模式作为样本向全国推广以来，国家设立医保局，充分发挥医保体系的战略采购作用，以集采作为突破口，推动公立医院改革和药品流通体制机制改革，使三医联动整体发挥效力。医改带来的政策变化和医疗体系的改变促使医药市场重构，加速行业洗牌。面向人民健康、以临床价值为导向的医药创新生态系统初步构建，引领行业整体向创新升级发展。</p></section><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><br style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"/></p></section><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: center;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;background-color: rgb(15, 41, 76);height: 1px;overflow-wrap: break-word !important;"><svg 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0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: center;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;font-size: 17px;color: rgb(15, 41, 76);"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"><span style="font-size: 16px;"><strong style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"><strong arial="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><span style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;">数字化医疗</span></strong></strong></span></p></section></section></section><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;display: inline-block;vertical-align: top;width: auto;flex: 0 0 0%;height: auto;align-self: stretch;overflow-wrap: break-word !important;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;transform: perspective(0px);transform-style: flat;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: right;transform: rotateX(180deg) rotateY(180deg);overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;width: 0px;height: 0px;vertical-align: top;overflow: hidden;border-style: solid;border-width: 46px 10px 0px 0px;border-color: rgba(255, 255, 255, 0) rgb(244, 228, 100) rgb(62, 62, 62) rgb(62, 62, 62);"><svg style="float:left;line-height:0;width:0;vertical-align:top;" viewbox="0 0 1 1"/></section></section></section></section><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;vertical-align: bottom;width: 144.5px;align-self: flex-end;border-bottom: 1px solid rgb(62, 62, 62);border-bottom-right-radius: 0px;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><br style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"/></p></section></section></section><section powered-by="xiumi.us" style="margin: 10px 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 31px;max-width: 100%;box-sizing: border-box;display: inline-block;width: 578px;vertical-align: top;align-self: flex-start;flex: 0 0 auto;background-color: rgb(225, 244, 254);overflow-wrap: break-word !important;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><span arial="" gb="" helvetica="" initial="" inline="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="font-size: 16px;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei="">数字化正在为医疗健康行业带来前所未有的新增量机会，主要来源于新技术和新服务带来的全新供给、医疗场景的多元化迁移、注重价值的精细化管理。在数字技术、政策变革、消费升级三大驱动力的推动下，各大医药龙头企业纷纷开启了数字化转型进程，医健产业与数字世界进入了深度耦合的阶段，中国数字健康产业或将进入快速发展的阶段。</span></p></section><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><br style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"/></p></section><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: center;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;background-color: rgb(15, 41, 76);height: 1px;overflow-wrap: break-word !important;"><svg style="float:left;line-height:0;width:0;vertical-align:top;" viewbox="0 0 1 1"/></section></section></section></section></section><section arial="" break-word="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px 16px 24px;padding: 0px;max-width: 100%;box-sizing: border-box;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><section powered-by="xiumi.us" style="margin: 10px 0px 20px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 9px 19px 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;vertical-align: top;width: auto;align-self: stretch;flex: 0 0 auto;min-width: 5%;height: auto;background-color: rgb(244, 228, 100);"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: center;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;font-size: 17px;color: rgb(15, 41, 76);"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"><span style="font-size: 16px;"><strong style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"><strong arial="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><span style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;">国际化</span></strong></strong></span></p></section></section></section><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;display: inline-block;vertical-align: top;width: auto;flex: 0 0 0%;height: auto;align-self: stretch;overflow-wrap: break-word !important;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;transform: perspective(0px);transform-style: flat;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: right;transform: rotateX(180deg) rotateY(180deg);overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;width: 0px;height: 0px;vertical-align: top;overflow: hidden;border-style: solid;border-width: 46px 10px 0px 0px;border-color: rgba(255, 255, 255, 0) rgb(244, 228, 100) rgb(62, 62, 62) rgb(62, 62, 62);"><svg style="float:left;line-height:0;width:0;vertical-align:top;" viewbox="0 0 1 1"/></section></section></section></section><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;vertical-align: bottom;width: 144.5px;align-self: flex-end;border-bottom: 1px solid rgb(62, 62, 62);border-bottom-right-radius: 0px;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><br style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"/></p></section></section></section><section powered-by="xiumi.us" style="margin: 10px 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 31px;max-width: 100%;box-sizing: border-box;display: inline-block;width: 578px;vertical-align: top;align-self: flex-start;flex: 0 0 auto;background-color: rgb(225, 244, 254);overflow-wrap: break-word !important;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><span style="font-size: 16px;">对中国生物医药领域来说，一个新时代正在加速到来。在传统原料药、仿制药走出国门的背景下，我国本土制药企正从呈现“百舸争流”“百花齐放”的局面。但出海并非一帆风顺，企业需要对目标国家市场注册监管、商业及竞争、准入、投资及税收环境等需要有全面深入的理解。</span></p><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><span style="font-size: 16px;"><br/></span></p></section><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: center;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;background-color: rgb(15, 41, 76);height: 1px;overflow-wrap: break-word !important;"><svg style="float:left;line-height:0;width:0;vertical-align:top;" viewbox="0 0 1 1"/></section></section></section></section></section><section arial="" break-word="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px 16px 24px;padding: 0px;max-width: 100%;box-sizing: border-box;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><section powered-by="xiumi.us" style="margin: 10px 0px 20px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 9px 19px 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;vertical-align: top;width: auto;align-self: stretch;flex: 0 0 auto;min-width: 5%;height: auto;background-color: rgb(244, 228, 100);"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: center;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;font-size: 17px;color: rgb(15, 41, 76);"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"><span style="font-size: 16px;"><strong style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"><strong arial="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><span style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;">基本药物目录更新</span></strong></strong></span></p></section></section></section><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;display: inline-block;vertical-align: top;width: auto;flex: 0 0 0%;height: auto;align-self: stretch;overflow-wrap: break-word !important;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;transform: perspective(0px);transform-style: flat;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: right;transform: rotateX(180deg) rotateY(180deg);overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;width: 0px;height: 0px;vertical-align: top;overflow: hidden;border-style: solid;border-width: 46px 10px 0px 0px;border-color: rgba(255, 255, 255, 0) rgb(244, 228, 100) rgb(62, 62, 62) rgb(62, 62, 62);"><svg style="float:left;line-height:0;width:0;vertical-align:top;" viewbox="0 0 1 1"/></section></section></section></section><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;vertical-align: bottom;width: 144.5px;align-self: flex-end;border-bottom: 1px solid rgb(62, 62, 62);border-bottom-right-radius: 0px;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><br style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"/></p></section></section></section><section powered-by="xiumi.us" style="margin: 10px 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 31px;max-width: 100%;box-sizing: border-box;display: inline-block;width: 578px;vertical-align: top;align-self: flex-start;flex: 0 0 auto;background-color: rgb(225, 244, 254);overflow-wrap: break-word !important;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><span arial="" gb="" helvetica="" initial="" inline="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="font-size: 16px;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei="">《国家基本药物目录》最初只有307种，经过2012年、2018年调整之后，目前品种数量达685种。而有消息称，可能在2022年出台的新版目录数量或将扩容至千种。这对药企十分具有吸引力。如今很多药企都转型布局县域市场，倘若能进入基药目录，基层市场唾手可得。但原则上3年调整一次的《国家基本药物目录》迟迟未出，不失为2022年悬在医药人心头的一桩大事。</span></p></section><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><br style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"/></p></section><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: center;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;background-color: rgb(15, 41, 76);height: 1px;overflow-wrap: break-word !important;"><svg style="float:left;line-height:0;width:0;vertical-align:top;" viewbox="0 0 1 1"/></section></section></section></section></section><section arial="" break-word="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px 16px 24px;padding: 0px;max-width: 100%;box-sizing: border-box;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><section powered-by="xiumi.us" style="margin: 10px 0px 20px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 9px 19px 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;vertical-align: top;width: auto;align-self: stretch;flex: 0 0 auto;min-width: 5%;height: auto;background-color: rgb(244, 228, 100);"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: center;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;font-size: 17px;color: rgb(15, 41, 76);"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"><span style="font-size: 16px;"><strong style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"><strong arial="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><span style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;">中药“守正创新”</span></strong></strong></span></p></section></section></section><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;display: inline-block;vertical-align: top;width: auto;flex: 0 0 0%;height: auto;align-self: stretch;overflow-wrap: break-word !important;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;transform: perspective(0px);transform-style: flat;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: right;transform: rotateX(180deg) rotateY(180deg);overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;width: 0px;height: 0px;vertical-align: top;overflow: hidden;border-style: solid;border-width: 46px 10px 0px 0px;border-color: rgba(255, 255, 255, 0) rgb(244, 228, 100) rgb(62, 62, 62) rgb(62, 62, 62);"><svg style="float:left;line-height:0;width:0;vertical-align:top;" viewbox="0 0 1 1"/></section></section></section></section><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;vertical-align: bottom;width: 144.5px;align-self: flex-end;border-bottom: 1px solid rgb(62, 62, 62);border-bottom-right-radius: 0px;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><br style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"/></p></section></section></section><section powered-by="xiumi.us" style="margin: 10px 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 31px;max-width: 100%;box-sizing: border-box;display: inline-block;width: 578px;vertical-align: top;align-self: flex-start;flex: 0 0 auto;background-color: rgb(225, 244, 254);overflow-wrap: break-word !important;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><span arial="" gb="" helvetica="" initial="" inline="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="font-size: 16px;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei="">无论业界对中医药存在何种争议，政策的股股春风，几乎让所有人感到，中药产业正在迎来新的暖春。但一边是新版《药品注册管理办法》的发布，为中药创新找到一双更适合“脚”的“鞋”，《“十四五”中医药发展规划》为行业指明方向、大开政策红利；另一边却是Biotech对中药创新的鲜有问津，投资者对中药企业捂紧口袋，以及中药纳入集采带来的行业担忧。中药产业一时间陷入了“热症”与“寒症”同在的局面。业界不禁思考，对于中药守正创新的这张“方子”到底该怎么开？</span></p></section><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><br style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"/></p></section><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: center;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;background-color: rgb(15, 41, 76);height: 1px;overflow-wrap: break-word !important;"><svg style="float:left;line-height:0;width:0;vertical-align:top;" viewbox="0 0 1 1"/></section></section></section></section></section><section arial="" break-word="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px 16px 24px;padding: 0px;max-width: 100%;box-sizing: border-box;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><section powered-by="xiumi.us" style="margin: 10px 0px 20px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 9px 19px 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;vertical-align: top;width: auto;align-self: stretch;flex: 0 0 auto;min-width: 5%;height: auto;background-color: rgb(244, 228, 100);"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: center;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;font-size: 17px;color: rgb(15, 41, 76);"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"><span style="font-size: 16px;"><strong style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"><strong arial="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><span style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;">裁员</span></strong></strong></span></p></section></section></section><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;display: inline-block;vertical-align: top;width: auto;flex: 0 0 0%;height: auto;align-self: stretch;overflow-wrap: break-word !important;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;transform: perspective(0px);transform-style: flat;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: right;transform: rotateX(180deg) rotateY(180deg);overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;width: 0px;height: 0px;vertical-align: top;overflow: hidden;border-style: solid;border-width: 46px 10px 0px 0px;border-color: rgba(255, 255, 255, 0) rgb(244, 228, 100) rgb(62, 62, 62) rgb(62, 62, 62);"><svg style="float:left;line-height:0;width:0;vertical-align:top;" viewbox="0 0 1 1"/></section></section></section></section><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;vertical-align: bottom;width: 144.5px;align-self: flex-end;border-bottom: 1px solid rgb(62, 62, 62);border-bottom-right-radius: 0px;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><br style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"/></p></section></section></section><section powered-by="xiumi.us" style="margin: 10px 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 31px;max-width: 100%;box-sizing: border-box;display: inline-block;width: 578px;vertical-align: top;align-self: flex-start;flex: 0 0 auto;background-color: rgb(225, 244, 254);overflow-wrap: break-word !important;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><span style="font-size: 16px;">受医药市场环境变化、药品研发受挫、兼并重组失利等影响，2021年以来，已经有数十家以上的欧美公司宣布裁员，其中不乏默沙东、葛兰素、赛诺菲、诺华等耳熟能详的大型跨国药企，也有一些新兴的强势医药产业公司，像 Healthcare、Brookdale、ALERIS等。国内同此凉热，据统计，过去一年上市公司中有超过100家药企进行了不同程度的裁员，裁员总人数近4万。进入2022年之后，药企裁员消息依旧此起彼伏。</span></p><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><br/></p></section><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: center;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;background-color: rgb(15, 41, 76);height: 1px;overflow-wrap: break-word !important;"><svg style="float:left;line-height:0;width:0;vertical-align:top;" viewbox="0 0 1 1"/></section></section></section></section></section><section arial="" break-word="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px 16px 24px;padding: 0px;max-width: 100%;box-sizing: border-box;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><section powered-by="xiumi.us" style="margin: 10px 0px 20px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 9px 19px 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;vertical-align: top;width: auto;align-self: stretch;flex: 0 0 auto;min-width: 5%;height: auto;background-color: rgb(244, 228, 100);"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: center;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;font-size: 17px;color: rgb(15, 41, 76);"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"><span style="font-size: 16px;"><strong style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"><strong arial="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><span style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;">差异化创新</span></strong></strong></span></p></section></section></section><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;display: inline-block;vertical-align: top;width: auto;flex: 0 0 0%;height: auto;align-self: stretch;overflow-wrap: break-word !important;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;transform: perspective(0px);transform-style: flat;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: right;transform: rotateX(180deg) rotateY(180deg);overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;width: 0px;height: 0px;vertical-align: top;overflow: hidden;border-style: solid;border-width: 46px 10px 0px 0px;border-color: rgba(255, 255, 255, 0) rgb(244, 228, 100) rgb(62, 62, 62) rgb(62, 62, 62);"><svg style="float:left;line-height:0;width:0;vertical-align:top;" viewbox="0 0 1 1"/></section></section></section></section><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;vertical-align: bottom;width: 144.5px;align-self: flex-end;border-bottom: 1px solid rgb(62, 62, 62);border-bottom-right-radius: 0px;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><br style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"/></p></section></section></section><section powered-by="xiumi.us" style="margin: 10px 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 31px;max-width: 100%;box-sizing: border-box;display: inline-block;width: 578px;vertical-align: top;align-self: flex-start;flex: 0 0 auto;background-color: rgb(225, 244, 254);overflow-wrap: break-word !important;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;">随着集采全国推开之后的品种扩围，仿药的价格持续下跌，传统药企“压力山大”。国内药企纷纷下场，布局新药研发，力争创新转型。而现状却是扎堆于确定性较高的靶点，研发同质化严重，赛道趋于拥挤。如何做出差异化？不管是First-In-Class、Me-Better还是并购或license in，企业都在思考，应如何做好充分的调研与评估，找出适合自己的发展道路。</p><p arial="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px 0px 24px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><span style="font-size: 16px;"/></p></section><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: center;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;background-color: rgb(15, 41, 76);height: 1px;overflow-wrap: break-word !important;"><svg style="float:left;line-height:0;width:0;vertical-align:top;" viewbox="0 0 1 1"/></section></section></section></section></section><section arial="" break-word="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px 16px 24px;padding: 0px;max-width: 100%;box-sizing: border-box;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><section powered-by="xiumi.us" style="margin: 10px 0px 20px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 9px 19px 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;vertical-align: top;width: auto;align-self: stretch;flex: 0 0 auto;min-width: 5%;height: auto;background-color: rgb(244, 228, 100);"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: center;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;font-size: 17px;color: rgb(15, 41, 76);"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"><span style="font-size: 16px;"><strong style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"><strong arial="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><span style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;">国产替代</span></strong></strong></span></p></section></section></section><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;display: inline-block;vertical-align: top;width: auto;flex: 0 0 0%;height: auto;align-self: stretch;overflow-wrap: break-word !important;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;transform: perspective(0px);transform-style: flat;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: right;transform: rotateX(180deg) rotateY(180deg);overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;width: 0px;height: 0px;vertical-align: top;overflow: hidden;border-style: solid;border-width: 46px 10px 0px 0px;border-color: rgba(255, 255, 255, 0) rgb(244, 228, 100) rgb(62, 62, 62) rgb(62, 62, 62);"><svg style="float:left;line-height:0;width:0;vertical-align:top;" viewbox="0 0 1 1"/></section></section></section></section><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;vertical-align: bottom;width: 144.5px;align-self: flex-end;border-bottom: 1px solid rgb(62, 62, 62);border-bottom-right-radius: 0px;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><br style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"/></p></section></section></section><section powered-by="xiumi.us" style="margin: 10px 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 31px;max-width: 100%;box-sizing: border-box;display: inline-block;width: 578px;vertical-align: top;align-self: flex-start;flex: 0 0 auto;background-color: rgb(225, 244, 254);overflow-wrap: break-word !important;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><span arial="" gb="" helvetica="" initial="" inline="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="font-size: 16px;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei="">我国生物制药核心工艺装备的国产化占比较低，关键装备、关键环节的话语权扔掌握在国外供应链手上。这必然会导致在生物制药的生产工艺上，存在“卡脖子”现象，对进口产品的依赖度过高。“国产替代”是国内产业链的发展方向，也是必然要解决的问题。</span></p></section><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><br style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"/></p></section><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: center;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;background-color: rgb(15, 41, 76);height: 1px;overflow-wrap: break-word !important;"><svg style="float:left;line-height:0;width:0;vertical-align:top;" viewbox="0 0 1 1"/></section></section></section></section></section><section arial="" break-word="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px 16px 24px;padding: 0px;max-width: 100%;box-sizing: border-box;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><section powered-by="xiumi.us" style="margin: 10px 0px 20px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 9px 19px 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;vertical-align: top;width: auto;align-self: stretch;flex: 0 0 auto;min-width: 5%;height: auto;background-color: rgb(244, 228, 100);"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: center;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;font-size: 17px;color: rgb(15, 41, 76);"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"><span style="font-size: 16px;"><strong style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"><strong arial="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><span style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;">逆全球化</span></strong></strong></span></p></section></section></section><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;display: inline-block;vertical-align: top;width: auto;flex: 0 0 0%;height: auto;align-self: stretch;overflow-wrap: break-word !important;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;transform: perspective(0px);transform-style: flat;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: right;transform: rotateX(180deg) rotateY(180deg);overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;width: 0px;height: 0px;vertical-align: top;overflow: hidden;border-style: solid;border-width: 46px 10px 0px 0px;border-color: rgba(255, 255, 255, 0) rgb(244, 228, 100) rgb(62, 62, 62) rgb(62, 62, 62);"><svg style="float:left;line-height:0;width:0;vertical-align:top;" viewbox="0 0 1 1"/></section></section></section></section><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;vertical-align: bottom;width: 144.5px;align-self: flex-end;border-bottom: 1px solid rgb(62, 62, 62);border-bottom-right-radius: 0px;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><br style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"/></p></section></section></section><section powered-by="xiumi.us" style="margin: 10px 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 31px;max-width: 100%;box-sizing: border-box;display: inline-block;width: 578px;vertical-align: top;align-self: flex-start;flex: 0 0 auto;background-color: rgb(225, 244, 254);overflow-wrap: break-word !important;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><span arial="" gb="" helvetica="" initial="" inline="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="font-size: 16px;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei="">正当中国药企加速迈入国际化的征程起航之时，自新冠肺炎疫情发生以来，很多经济学家就做出了“逆全球化”加速的判断。进入2022年后，从疫情持续，到战争爆发，再到《外国公司问责法案》的出台，都不同程度加剧了对产业的影响。与很多行业相比，医药的国际化程度本身就比较高。研发需要国际化，产品需要走向国际。“逆全球化”现象的产生与加剧，一定程度上已经对“引进”和“出海”带来了阻力。</span></p></section><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><br style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"/></p></section><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: center;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;background-color: rgb(15, 41, 76);height: 1px;overflow-wrap: break-word !important;"><svg style="float:left;line-height:0;width:0;vertical-align:top;" viewbox="0 0 1 1"/></section></section></section></section></section><section arial="" break-word="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px 16px 24px;padding: 0px;max-width: 100%;box-sizing: border-box;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><section powered-by="xiumi.us" style="margin: 10px 0px 20px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 9px 19px 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;vertical-align: top;width: auto;align-self: stretch;flex: 0 0 auto;min-width: 5%;height: auto;background-color: rgb(244, 228, 100);"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: center;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;font-size: 17px;color: rgb(15, 41, 76);"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"><span style="font-size: 16px;"><strong style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"><strong arial="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><span style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;">中概股回流</span></strong></strong></span></p></section></section></section><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;display: inline-block;vertical-align: top;width: auto;flex: 0 0 0%;height: auto;align-self: stretch;overflow-wrap: break-word !important;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;transform: perspective(0px);transform-style: flat;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: right;transform: rotateX(180deg) rotateY(180deg);overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;width: 0px;height: 0px;vertical-align: top;overflow: hidden;border-style: solid;border-width: 46px 10px 0px 0px;border-color: rgba(255, 255, 255, 0) rgb(244, 228, 100) rgb(62, 62, 62) rgb(62, 62, 62);"><svg style="float:left;line-height:0;width:0;vertical-align:top;" viewbox="0 0 1 1"/></section></section></section></section><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;vertical-align: bottom;width: 144.5px;align-self: flex-end;border-bottom: 1px solid rgb(62, 62, 62);border-bottom-right-radius: 0px;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><br style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"/></p></section></section></section><section powered-by="xiumi.us" style="margin: 10px 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 31px;max-width: 100%;box-sizing: border-box;display: inline-block;width: 578px;vertical-align: top;align-self: flex-start;flex: 0 0 auto;background-color: rgb(225, 244, 254);overflow-wrap: break-word !important;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><span style="font-size: 16px;"/>2022年3月，SEC将首批5家公司纳入依据《外国公司问责法案》的“初步识别名单”，引发市场恐慌。中美监管制度叠加港交所不断优化发行制度，推动中概股回港上市，根据港交所公布的数据，目前已有29只中概股以不同形式回归港股。在中美就中概审计问题尚未达成共识的背景下，美股中概回港上市或成主流趋势。</p></section><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><br/></p></section><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: center;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;background-color: rgb(15, 41, 76);height: 1px;overflow-wrap: break-word !important;"><svg style="float:left;line-height:0;width:0;vertical-align:top;" viewbox="0 0 1 1"/></section></section></section></section></section><section arial="" break-word="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px 16px 24px;padding: 0px;max-width: 100%;box-sizing: border-box;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><section powered-by="xiumi.us" style="margin: 10px 0px 20px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 9px 19px 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;vertical-align: top;width: auto;align-self: stretch;flex: 0 0 auto;min-width: 5%;height: auto;background-color: rgb(244, 228, 100);"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: center;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;font-size: 17px;color: rgb(15, 41, 76);"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"><span style="font-size: 16px;"><strong style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"><strong arial="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><span style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;"><strong arial="" center="" gb="" helvetica="" initial="" neue="" none="" normal="" rgb="" sans="" sans-serif="" sc="" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;color: rgb(15, 41, 76);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><strong arial="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><span style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;">新冠疫苗与特效药</span></strong></strong></span></strong></strong></span></p></section></section></section><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;display: inline-block;vertical-align: top;width: auto;flex: 0 0 0%;height: auto;align-self: stretch;overflow-wrap: break-word !important;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;transform: perspective(0px);transform-style: flat;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: right;transform: rotateX(180deg) rotateY(180deg);overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;width: 0px;height: 0px;vertical-align: top;overflow: hidden;border-style: solid;border-width: 46px 10px 0px 0px;border-color: rgba(255, 255, 255, 0) rgb(244, 228, 100) rgb(62, 62, 62) rgb(62, 62, 62);"><svg style="float:left;line-height:0;width:0;vertical-align:top;" viewbox="0 0 1 1"/></section></section></section></section><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;vertical-align: bottom;width: 144.5px;align-self: flex-end;border-bottom: 1px solid rgb(62, 62, 62);border-bottom-right-radius: 0px;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><br style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"/></p></section></section></section><section powered-by="xiumi.us" style="margin: 10px 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 31px;max-width: 100%;box-sizing: border-box;display: inline-block;width: 578px;vertical-align: top;align-self: flex-start;flex: 0 0 auto;background-color: rgb(225, 244, 254);overflow-wrap: break-word !important;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;">自2020年新冠疫情全面暴发以来，无论是新闻热度、投融资风向，从来不差“新冠”的一席之地。从防护口罩到疫苗，再到特效药，资本市场的热浪从未停息。但是随着进入“后疫情时代”，新冠的大潮逐渐褪去，谁在裸泳这个答案已经快要显现。</p><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><br/></p></section><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: center;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;background-color: rgb(15, 41, 76);height: 1px;overflow-wrap: break-word !important;"><svg style="float:left;line-height:0;width:0;vertical-align:top;" viewbox="0 0 1 1"/></section></section></section></section></section><section arial="" break-word="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px 16px 24px;padding: 0px;max-width: 100%;box-sizing: border-box;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><section powered-by="xiumi.us" style="margin: 10px 0px 20px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 9px 19px 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;vertical-align: top;width: auto;align-self: stretch;flex: 0 0 auto;min-width: 5%;height: auto;background-color: rgb(244, 228, 100);"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: center;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;font-size: 17px;color: rgb(15, 41, 76);"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"><span style="font-size: 16px;"><strong style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"><strong arial="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><span style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;"><strong arial="" center="" gb="" helvetica="" initial="" neue="" none="" normal="" rgb="" sans="" sans-serif="" sc="" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;color: rgb(15, 41, 76);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><strong arial="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><span style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;">破发潮与资本寒冬</span></strong></strong></span></strong></strong></span></p></section></section></section><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;display: inline-block;vertical-align: top;width: auto;flex: 0 0 0%;height: auto;align-self: stretch;overflow-wrap: break-word !important;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;transform: perspective(0px);transform-style: flat;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: right;transform: rotateX(180deg) rotateY(180deg);overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;width: 0px;height: 0px;vertical-align: top;overflow: hidden;border-style: solid;border-width: 46px 10px 0px 0px;border-color: rgba(255, 255, 255, 0) rgb(244, 228, 100) rgb(62, 62, 62) rgb(62, 62, 62);"><svg style="float:left;line-height:0;width:0;vertical-align:top;" viewbox="0 0 1 1"/></section></section></section></section><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;vertical-align: bottom;width: 144.5px;align-self: flex-end;border-bottom: 1px solid rgb(62, 62, 62);border-bottom-right-radius: 0px;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><br style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"/></p></section></section></section><section powered-by="xiumi.us" style="margin: 10px 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 31px;max-width: 100%;box-sizing: border-box;display: inline-block;width: 578px;vertical-align: top;align-self: flex-start;flex: 0 0 auto;background-color: rgb(225, 244, 254);overflow-wrap: break-word !important;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;">新股破发似乎成了常态，生物医药板块更是频频“中招”。2021年登陆科创板的新股中，有12支在上市第一天盘中破发。除二级市场外，投融资也并不乐观。有数据显示，2022上半年全国医疗健康领域投融资事件共632起。其中一级市场投融资事件583起，投融资金额671亿元；IPO事件30起，募资金额357亿元；二级市场再融资事件19起，再融资金额124亿元。整体看，一级市场投融资事件数，2022年上半年同比降低46.7%，环比降低45.9%。IPO事件数同比降低45.5%，环比降低55.2%。二级市场再融资事件数，同比减少57.8%，环比减少29.6%。</p><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><br style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;"/></p></section><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: center;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;background-color: rgb(15, 41, 76);height: 1px;overflow-wrap: break-word !important;"><svg style="float:left;line-height:0;width:0;vertical-align:top;" viewbox="0 0 1 1"/></section></section></section></section></section><section arial="" break-word="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px 16px 24px;padding: 0px;max-width: 100%;box-sizing: border-box;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><section powered-by="xiumi.us" style="margin: 10px 0px 20px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 9px 19px 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;vertical-align: top;width: auto;align-self: stretch;flex: 0 0 auto;min-width: 5%;height: auto;background-color: rgb(244, 228, 100);"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: center;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;font-size: 17px;color: rgb(15, 41, 76);"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"><span style="font-size: 16px;"><strong style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"><strong arial="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><span style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;"><strong arial="" center="" gb="" helvetica="" initial="" neue="" none="" normal="" rgb="" sans="" sans-serif="" sc="" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;color: rgb(15, 41, 76);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><strong arial="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><span style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;">收购</span></strong></strong></span></strong></strong></span></p></section></section></section><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;display: inline-block;vertical-align: top;width: auto;flex: 0 0 0%;height: auto;align-self: stretch;overflow-wrap: break-word !important;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;transform: perspective(0px);transform-style: flat;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: right;transform: rotateX(180deg) rotateY(180deg);overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;width: 0px;height: 0px;vertical-align: top;overflow: hidden;border-style: solid;border-width: 46px 10px 0px 0px;border-color: rgba(255, 255, 255, 0) rgb(244, 228, 100) rgb(62, 62, 62) rgb(62, 62, 62);"><svg style="float:left;line-height:0;width:0;vertical-align:top;" viewbox="0 0 1 1"/></section></section></section></section><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;vertical-align: bottom;width: 144.5px;align-self: flex-end;border-bottom: 1px solid rgb(62, 62, 62);border-bottom-right-radius: 0px;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><br style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"/></p></section></section></section><section powered-by="xiumi.us" style="margin: 10px 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 31px;max-width: 100%;box-sizing: border-box;display: inline-block;width: 578px;vertical-align: top;align-self: flex-start;flex: 0 0 auto;background-color: rgb(225, 244, 254);overflow-wrap: break-word !important;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><span style="font-size: 16px;">从天境到基石，今年上半年，曾经风光无两的biotech被收购的消息便不断传来。过去，愿意“委身于”大药厂的本土Biotech屈指可数。不过，随着生物制药公司在二级市场破发成为常态，IPO之路越走越难，与此同时融资也进入寒冬。一些现金流充沛的药企也许能挨过这个低谷，或是挺到产品商业化缓解财务困境。但还有更多的账上没钱的Biotech，选择卖管线或是卖公司，让自己活的更好。</span></p></section><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><br style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;"/></p></section><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: center;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;background-color: rgb(15, 41, 76);height: 1px;overflow-wrap: break-word !important;"><svg style="float:left;line-height:0;width:0;vertical-align:top;" viewbox="0 0 1 1"/></section></section></section></section></section><section arial="" break-word="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px 16px 24px;padding: 0px;max-width: 100%;box-sizing: border-box;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><section powered-by="xiumi.us" style="margin: 10px 0px 20px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 9px 19px 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;vertical-align: top;width: auto;align-self: stretch;flex: 0 0 auto;min-width: 5%;height: auto;background-color: rgb(244, 228, 100);"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: center;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;font-size: 17px;color: rgb(15, 41, 76);"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"><span style="font-size: 16px;"><strong style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"><strong arial="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><span style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;"><strong arial="" center="" gb="" helvetica="" initial="" neue="" none="" normal="" rgb="" sans="" sans-serif="" sc="" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;color: rgb(15, 41, 76);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><strong arial="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><span style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;">盈利</span></strong></strong></span></strong></strong></span></p></section></section></section><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;display: inline-block;vertical-align: top;width: auto;flex: 0 0 0%;height: auto;align-self: stretch;overflow-wrap: break-word !important;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;transform: perspective(0px);transform-style: flat;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: right;transform: rotateX(180deg) rotateY(180deg);overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;width: 0px;height: 0px;vertical-align: top;overflow: hidden;border-style: solid;border-width: 46px 10px 0px 0px;border-color: rgba(255, 255, 255, 0) rgb(244, 228, 100) rgb(62, 62, 62) rgb(62, 62, 62);"><svg style="float:left;line-height:0;width:0;vertical-align:top;" viewbox="0 0 1 1"/></section></section></section></section><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;vertical-align: bottom;width: 144.5px;align-self: flex-end;border-bottom: 1px solid rgb(62, 62, 62);border-bottom-right-radius: 0px;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><br style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"/></p></section></section></section><section powered-by="xiumi.us" style="margin: 10px 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 31px;max-width: 100%;box-sizing: border-box;display: inline-block;width: 578px;vertical-align: top;align-self: flex-start;flex: 0 0 auto;background-color: rgb(225, 244, 254);overflow-wrap: break-word !important;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><span arial="" gb="" helvetica="" initial="" inline="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="font-size: 16px;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei="">四年前，港股18A一举开启未盈利Biotech上市热潮，最早一批Biotech也在核心产品面市后迎来了收获季。但现实情况是，尽管Biotech们都在努力地做好商业化，想要扭亏为盈，但绝大多数企业的自我造血依然还在路上。</span></p></section><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><br style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;"/></p></section><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: center;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;background-color: rgb(15, 41, 76);height: 1px;overflow-wrap: break-word !important;"><svg style="float:left;line-height:0;width:0;vertical-align:top;" viewbox="0 0 1 1"/></section></section></section></section></section><section arial="" break-word="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px 16px 24px;padding: 0px;max-width: 100%;box-sizing: border-box;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><section powered-by="xiumi.us" style="margin: 10px 0px 20px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 9px 19px 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;vertical-align: top;width: auto;align-self: stretch;flex: 0 0 auto;min-width: 5%;height: auto;background-color: rgb(244, 228, 100);"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: center;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;font-size: 17px;color: rgb(15, 41, 76);"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"><span style="font-size: 16px;"><strong style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"><strong arial="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><span style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;"><strong arial="" center="" gb="" helvetica="" initial="" neue="" none="" normal="" rgb="" sans="" sans-serif="" sc="" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;color: rgb(15, 41, 76);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><strong arial="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><span style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;">医保目录调整</span></strong></strong></span></strong></strong></span></p></section></section></section><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;display: inline-block;vertical-align: top;width: auto;flex: 0 0 0%;height: auto;align-self: stretch;overflow-wrap: break-word !important;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;transform: perspective(0px);transform-style: flat;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: right;transform: rotateX(180deg) rotateY(180deg);overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;width: 0px;height: 0px;vertical-align: top;overflow: hidden;border-style: solid;border-width: 46px 10px 0px 0px;border-color: rgba(255, 255, 255, 0) rgb(244, 228, 100) rgb(62, 62, 62) rgb(62, 62, 62);"><svg style="float:left;line-height:0;width:0;vertical-align:top;" viewbox="0 0 1 1"/></section></section></section></section><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;vertical-align: bottom;width: 144.5px;align-self: flex-end;border-bottom: 1px solid rgb(62, 62, 62);border-bottom-right-radius: 0px;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><br style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"/></p></section></section></section><section powered-by="xiumi.us" style="margin: 10px 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 31px;max-width: 100%;box-sizing: border-box;display: inline-block;width: 578px;vertical-align: top;align-self: flex-start;flex: 0 0 auto;background-color: rgb(225, 244, 254);overflow-wrap: break-word !important;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p>2021年12月3日，2021年国家医保目录调整结果出炉，于2022年1月1日执行，其中7种罕见病用药获纳入，覆盖包括多发性硬化症、B型血友病等多项罕见病适应症。其中诺西那生钠注射液作为渤健生物旗下的两款入围药品之一，因此前国内定价70万元一针而备受关注。近日一直有传闻将会在9月前公布医保目录入围名单，今年的调整将依然备受关注。</p></section><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><br style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;"/></p></section><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: center;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;background-color: rgb(15, 41, 76);height: 1px;overflow-wrap: break-word !important;"><svg style="float:left;line-height:0;width:0;vertical-align:top;" viewbox="0 0 1 1"/></section></section></section></section></section><section arial="" break-word="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px 16px 24px;padding: 0px;max-width: 100%;box-sizing: border-box;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><section powered-by="xiumi.us" style="margin: 10px 0px 20px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 9px 19px 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;vertical-align: top;width: auto;align-self: stretch;flex: 0 0 auto;min-width: 5%;height: auto;background-color: rgb(244, 228, 100);"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: center;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;font-size: 17px;color: rgb(15, 41, 76);"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"><span style="font-size: 16px;"><strong style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"><strong arial="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><span style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;"><strong arial="" center="" gb="" helvetica="" initial="" neue="" none="" normal="" rgb="" sans="" sans-serif="" sc="" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;color: rgb(15, 41, 76);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><strong arial="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><span style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;">传统药企创新转型</span></strong></strong></span></strong></strong></span></p></section></section></section><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;display: inline-block;vertical-align: top;width: auto;flex: 0 0 0%;height: auto;align-self: stretch;overflow-wrap: break-word !important;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;transform: perspective(0px);transform-style: flat;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: right;transform: rotateX(180deg) rotateY(180deg);overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;width: 0px;height: 0px;vertical-align: top;overflow: hidden;border-style: solid;border-width: 46px 10px 0px 0px;border-color: rgba(255, 255, 255, 0) rgb(244, 228, 100) rgb(62, 62, 62) rgb(62, 62, 62);"><svg style="float:left;line-height:0;width:0;vertical-align:top;" viewbox="0 0 1 1"/></section></section></section></section><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;vertical-align: bottom;width: 144.5px;align-self: flex-end;border-bottom: 1px solid rgb(62, 62, 62);border-bottom-right-radius: 0px;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><br style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"/></p></section></section></section><section powered-by="xiumi.us" style="margin: 10px 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 31px;max-width: 100%;box-sizing: border-box;display: inline-block;width: 578px;vertical-align: top;align-self: flex-start;flex: 0 0 auto;background-color: rgb(225, 244, 254);overflow-wrap: break-word !important;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><span style="font-size: 16px;"> </span>从一致性评价，到国谈、集采，政策导向下的未来局势愈发明朗。做研发、搞创新、转型升级，成为很多传统药企的必由之路。虽然这条路并不好走，但我们始终坚信，一定会有越来越多的传统药企，在不断地探索、进取中完成转型升级，实现华丽蜕变。</p><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><span style="font-size: 16px;"/></p></section><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><br style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;"/></p></section><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: center;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;background-color: rgb(15, 41, 76);height: 1px;overflow-wrap: break-word !important;"><svg style="float:left;line-height:0;width:0;vertical-align:top;" viewbox="0 0 1 1"/></section></section></section></section></section><section arial="" break-word="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px 16px 24px;padding: 0px;max-width: 100%;box-sizing: border-box;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><section powered-by="xiumi.us" style="margin: 10px 0px 20px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 9px 19px 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;vertical-align: top;width: auto;align-self: stretch;flex: 0 0 auto;min-width: 5%;height: auto;background-color: rgb(244, 228, 100);"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: center;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;font-size: 17px;color: rgb(15, 41, 76);"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"><span style="font-size: 16px;"><strong style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"><strong arial="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><span style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;"><strong arial="" center="" gb="" helvetica="" initial="" neue="" none="" normal="" rgb="" sans="" sans-serif="" sc="" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;color: rgb(15, 41, 76);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><strong arial="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><span style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;">集采</span></strong></strong></span></strong></strong></span></p></section></section></section><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;display: inline-block;vertical-align: top;width: auto;flex: 0 0 0%;height: auto;align-self: stretch;overflow-wrap: break-word !important;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;transform: perspective(0px);transform-style: flat;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: right;transform: rotateX(180deg) rotateY(180deg);overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;width: 0px;height: 0px;vertical-align: top;overflow: hidden;border-style: solid;border-width: 46px 10px 0px 0px;border-color: rgba(255, 255, 255, 0) rgb(244, 228, 100) rgb(62, 62, 62) rgb(62, 62, 62);"><svg style="float:left;line-height:0;width:0;vertical-align:top;" viewbox="0 0 1 1"/></section></section></section></section><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;vertical-align: bottom;width: 144.5px;align-self: flex-end;border-bottom: 1px solid rgb(62, 62, 62);border-bottom-right-radius: 0px;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><br style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"/></p></section></section></section><section powered-by="xiumi.us" style="margin: 10px 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;"><section style="margin: 0px;padding: 31px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;width: 578px;vertical-align: top;align-self: flex-start;flex: 0 0 auto;background-color: rgb(225, 244, 254);"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><span style="font-size: 16px;"> </span>“再现地板价”、“砍到脚后跟”、“靶向药卖不过钟薛高”……七批集采金陵落幕，就在很多媒体继续“扮演”药企哀鸿者角色的时候，企业自身却早已开始痛定思痛，适应了这一“新常态”。对于传统药企来说，每一次集采，似乎都给企业留下了悲喜各异的回忆。虽然生存焦虑仍在持续，但降本增效、调整营销、重视研发、转型升级，已成为企业战略调整的主流声音。作为医药产业发展向前不可逾越的阶段性政策，对深处其中的药企而言，集采是挑战更是机遇。</p></section><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><br style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;"/></p></section><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: center;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;background-color: rgb(15, 41, 76);height: 1px;"><br/></section></section></section></section></section><section arial="" break-word="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px 16px 24px;padding: 0px;max-width: 100%;box-sizing: border-box;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><section powered-by="xiumi.us" style="margin: 10px 0px 20px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 9px 19px 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;vertical-align: top;width: auto;align-self: stretch;flex: 0 0 auto;min-width: 5%;height: auto;background-color: rgb(244, 228, 100);"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: center;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;font-size: 17px;color: rgb(15, 41, 76);"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"><span style="font-size: 16px;"><strong style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"><strong arial="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><span style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;"><strong arial="" center="" gb="" helvetica="" initial="" neue="" none="" normal="" rgb="" sans="" sans-serif="" sc="" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;color: rgb(15, 41, 76);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><strong arial="" gb="" helvetica="" initial="" justify="" neue="" none="" normal="" sans="" sans-serif="" sc="" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " ui="" yahei=""><span style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box !important;">行业新周期</span></strong></strong></span></strong></strong></span></p></section></section></section><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;display: inline-block;vertical-align: top;width: auto;flex: 0 0 0%;height: auto;align-self: stretch;overflow-wrap: break-word !important;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;transform: perspective(0px);transform-style: flat;overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box;text-align: right;transform: rotateX(180deg) rotateY(180deg);overflow-wrap: break-word !important;"><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;width: 0px;height: 0px;vertical-align: top;overflow: hidden;border-style: solid;border-width: 46px 10px 0px 0px;border-color: rgba(255, 255, 255, 0) rgb(244, 228, 100) rgb(62, 62, 62) rgb(62, 62, 62);"><svg style="float:left;line-height:0;width:0;vertical-align:top;" viewbox="0 0 1 1"/></section></section></section></section><section style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;vertical-align: bottom;width: 144.5px;align-self: flex-end;border-bottom: 1px solid rgb(62, 62, 62);border-bottom-right-radius: 0px;"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><br style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;"/></p></section></section></section><section powered-by="xiumi.us" style="margin: 10px 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;"><section style="margin: 0px;padding: 31px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;display: inline-block;width: 578px;vertical-align: top;align-self: flex-start;flex: 0 0 auto;background-color: rgb(225, 244, 254);"><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;text-align: justify;"><p style="margin: 0px;padding: 0px;clear: both;min-height: 1em;max-width: 100%;overflow-wrap: break-word !important;box-sizing: border-box;white-space: normal;"><span style="font-family: 微软雅黑;font-size: 12pt;">中国医药创新在经历了国家重大新药创制、药监改革、港交所</span><span style="font-family: 微软雅黑;font-size: 12pt;">18A和科创板等政策环境连续催化后，快速结束了第一个发展周期。</span><span style="font-family: 微软雅黑;font-size: 12pt;">其重要标志是Me-too的红利时代消失，具体而言Me-too在中国的基础能力建设已经完成，大部分Biotech公司都基本具备Me-too和Fast-follow能力，Me-too能力导致其产品不那么稀缺甚至是过剩的，意味着所谓“中国特色”的创新药时代已经结束，未来中国创新药标准就是国际标准，不存在中国特色标准，是否能够研发出具有国际竞争力的产品是核心能力。</span></p></section><section powered-by="xiumi.us" style="margin: 0px;padding: 0px;max-width: 100%;overflow-wrap: 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