HRS9531
Hengrui’s HRS9531 NDA is accepted in China, marking the first homegrown GLP-1/GIP dual agonist for obesity. Clinical data shows strong weight loss and safety, challenging Eli Lilly’s tirzepatide in China’s fast-growing market.
Oral GLP-1
China surges in the oral GLP-1 race: 25+ assets (HRS-7535, HDM1002) and key Merck, Madrigal & AstraZeneca deals set up a 2026–27 shakeup. Novo’s oral semaglutide nears approval (16.6% WL), Lilly’s orforglipron shows mixed Phase 3 (12% WL in obesity, 10.5% WL + 1.8% HbA1c in T2D), Pfizer exits.
China Pharma
China’s pharma industry transformed (2015–2024) into a global hub with 4,382 drug candidates, $9.26B in BsAb deals, and 2025 FDA approvals like Sunvozertinib, Taletrectinib, and Penpulimab. With $130.4B in PD-1/VEGF and other deals, plus CGT advances, it’s reshaping pharma.