This model is not only an extension of channels but also a deep symbiosis.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OOBJ354dq_LLFEJXp1DCz9uy_Wxna46s3v4YSZ3emRREYAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OOBJ354dq_LLFEJXp1DCz9uy_Wxna46s3v4YSZ3emRREYAA/641"/>
Image/Visual China
In the current medical environment, multinational pharmaceutical companies (MNCs) are undergoing a profound role transformation: shifting from &#34;building teams to charge ahead&#34; to &#34;authorizing local giants to harvest.&#34; MNCs are accelerating the authorization of mature or specific products to Chinese commercial giants and platform-based pharmaceutical companies. This model is not only an extension of channels but also a deep symbiosis based on research and development, distribution boundaries, and complex financial accounting mechanisms. The core logic of cooperation is very clear—multinational pharmaceutical companies provide original research technology and products, while Chinese companies provide nationwide logistics networks and hospital access capabilities. Existing cooperation cases indicate that the cooperation model between both parties has evolved from simple &#34;channel distribution&#34; to a strategic symbiosis based on deep trust, resource exchange, and precise accounting. This &#34;commercial relay&#34; not only allows foreign giants like Roche and Sanofi to achieve asset lightening but also provides local giants like China Resources and Heng Rui with considerable growth space in the full-channel expansion. Finance &amp; Health has summarized four typical cooperation models and their representative cases based on publicly available information.
No.1
Distribution Model: Utilizing &#34;Capillary&#34; Level Networks
The core boundary of this type of cooperation is that multinational pharmaceutical companies retain the &#34;high ground&#34;—research and development and global supply, while local commercial giants take on the &#34;end&#34;—nationwide distribution. Its financial logic is mainly based on logistics service fees under economies of scale. · Roche × China Resources Pharmaceutical The core demand of both parties is to maximize the market potential of trastuzumab emtansine through resource complementarity. As the world's first antibody-drug conjugate (ADC) for solid tumors, Roche's Herceptin® (trastuzumab emtansine) was approved in China in January 2020 and is the first ADC drug approved for the treatment of HER2-positive breast cancer in the country. In 2022, Herceptin® successfully passed the national medical insurance negotiation. Roche provides high clinical value drug supply with innovative research and development as its core advantage; China Resources Pharmaceutical utilizes its 31 provincial distribution centers and hundreds of branches across the country to handle network bidding and hospital access approvals. This is the second deep handshake between the two parties following the successful cooperation on SuFuDa. In 2023, China Resources pushed the flu drug SuFuDa to its peak, with public terminal sales reaching 731 million yuan in the first three quarters of 2025 alone. The touchpoint of the three-party cooperation lies in leading global ADC and oncology drugs, with Roche currently in a period of rapid product line iteration; China Resources Pharmaceutical is one of the top three pharmaceutical distribution giants in China, possessing the strongest hospital access capabilities in third and fourth-tier cities. · Sanofi × Shanghai Pharmaceuticals Holding Sanofi has reached a strategic cooperation with Shanghai Pharmaceuticals Holding, which provides Sanofi with nationwide all-channel CSO services, that is, the overall outsourcing of sales functions, aiming to achieve rapid coverage and compliant operation of products through the vast network of state-owned enterprises. The channel capabilities of Shanghai Pharmaceuticals Holding complement Sanofi's localized research and development results, accelerating the landing of innovative drugs
Shanghai Pharmaceuticals Holding utilizes its channel advantage, covering more than 70,000 terminal medical institutions nationwide, to help Sanofi's products (including drugs in the fields of immunology, cardiovascular, metabolism, etc.) quickly enter hospitals and grassroots markets. Through this cooperation, Sanofi can significantly streamline its sales team costs, avoid compliance risks, and leverage Shanghai Pharmaceuticals Holding's understanding of policies as a state-owned enterprise and government resources to solve the &#34;difficulties in entering hospitals&#34; issue, allowing it to focus on its core innovative drug research and marketing strategies.
Novartis × Sinopharm Holding In 2021, the two parties signed a strategic cooperation agreement for the &#34;Qilin Project&#34; to jointly promote the market access and penetration of four core drugs from Novartis. Subsequently, in November 2022, the two parties signed a strategic cooperation agreement, and starting from January 1, 2023, Sinopharm Holding officially took over the commercial promotion rights of Novartis's star drugs Gleevec® (Imatinib) and Enryo (Delarubicin dispersible tablets) in the Chinese market. This means that Novartis will no longer be directly responsible for the sales promotion of these two mature blockbuster drugs in China, but will rely entirely on Sinopharm Holding's channel network. In 2025, the cooperation between the two parties will further upgrade. In addition to continuing the cooperation on oncology drugs, the two parties will also extend their reach into the cardiovascular field. Novartis and Sinopharm Holding will jointly create a &#34;Cardiovascular Health Service Center&#34; to promote a &#34;value retail&#34; model. This is a full-chain commercialization outsourcing. Novartis retains product ownership but completely &#34;outsources&#34; market promotion, distribution, and even some patient service functions to Sinopharm Holding. Sinopharm Holding will utilize its nationwide logistics and terminal network to revitalize the lifecycle of these mature products.
No.2
Asset Buyout Model: Complete &#34;Operational Outsourcing&#34;
This is the most thorough cooperation model at the boundary, where local enterprises often undertake all functions of the &#34;business unit,&#34; financially represented as &#34;asset buyout.&#34;
Eli Lilly × Yiteng Pharmaceutical Eli Lilly transferred the ownership and operational rights of its assets in China for the drugs Trulicity and Verzenio to Yiteng. Eli Lilly has packaged and sold the ownership, operational rights, and the Suzhou production base of its two major antibiotic brands, Trulicity and Verzenio, to Yiteng Pharmaceutical. Through this cooperation, Eli Lilly becomes a contract manufacturer, only responsible for supplying goods according to standards from overseas factories; Yiteng is independently responsible for the marketing strategy, government affairs, and channels for the product in China. Prior to this, Yiteng was merely Eli Lilly's agent. After the transaction is completed, Yiteng directly owns the production rights, sales rights, and brand operation rights of the product, completing the transition from a Contract Sales Organization (CSO) to a pharmaceutical company (Pharma). Yiteng Pharmaceutical is a professional CSO in China, adept at operating classic original drugs after patent expiration. The cooperation between the two parties adopts a model of &#34;upfront payment + milestone payments + supply profits.&#34; Yiteng pays a substantial upfront payment to acquire operational rights, and subsequently pays milestone payments based on sales targets. The total price reaches $375 million (approximately 2.5 billion RMB), which includes a $75 million upfront payment and a $300 million delivery balance. Eli Lilly earns risk-free profits through stable supply prices, while Yiteng has pricing power and residual profit disposition rights within policy allowances
No.3
Collaboration of E-commerce Platforms: The Power of Traffic
Such collaborations are provided by multinational pharmaceutical companies offering &#34;prescription sources,&#34; while e-commerce platforms provide &#34;fulfillment chains.&#34; Financial revenue sharing tends to follow the traffic deduction logic of the internet industry. · Eisai × JD Health Eisai's new insomnia drug, Lemborexant, was exclusively launched on JD Health. Eisai is responsible for clinical medication guidelines and genuine product traceability; JD is responsible for online triage, prescription transfer, and DTP (Direct-to-Patient) delivery. JD Health has approximately 218 million active users in 2025. The revenue sharing between the two parties is very internet-oriented, adopting a &#34;platform deduction (CPS) + logistics fee&#34; model. JD extracts a technical service fee (commission) based on the actual online transaction amount, while Eisai pays for cold chain delivery on a per-order basis. In addition, both parties often establish a joint marketing fund (JBP) to reimburse expenses based on traffic conversion effects. · Novo Nordisk × Meituan Pharma Novo Nordisk utilizes Meituan for the instant distribution of metabolic drugs such as Semaglutide. Novo Nordisk is responsible for compliance medical content output and professional patient education. Meituan is responsible for 24-hour instant delivery fulfillment. According to Meituan's financial report, as of the end of the third quarter of 2025, Meituan's annual transaction user count has exceeded 800 million. The financial revenue sharing adopts a &#34;channel fee + digital marketing fee&#34; model. Novo Nordisk pays Meituan marketing fees for precise audience medical content push; terminal sales are charged by Meituan on a per-order basis

159316

159615

159859

Multinational pharmaceutical companies are changing their roles by authorizing local enterprises to distribute products, forming a deeply symbiotic cooperation model. MNCs provide R&D technology and products, while Chinese companies are responsible for nationwide logistics and marketing. This model has evolved from simple distribution to strategic cooperation based on trust and resource exchange, promoting growth for both parties. The collaboration case between Roche and CHINARES PHARMA demonstrates the success of this model, as both sides maximize market potential through resource complementarity

腾讯新闻 - 财经

E Fund Hang Seng SCHK Innovative Drug ETF

China Southern Hang Seng Biotech ETF(QDII)

Tianhong CNI BIOMEDICINE ETF

ICBCCS SSE STAR Biology and Medicine ETF

Minsheng Royal CSI Biotechnology Theme ETF

E Fund CSI 300 Health Care ETF

ChinaAMC SSE Health Care ETF Initiating Fund

CHINARES PHARMA

Penghua SSE STAR Biology and Medicine ETF

Hwabao WP CSI Medical Service ETF

Bosera Hang Seng Health Care ETF(QDII)

Guotai SSE STAR Brand Name Drug ETF

E Fund CSI Biotechnology Theme ETF

Founder Fubon CSI Medicine and Medical Device Innovation ETF

Maxwealth CSI All Share Medical Apparatus and Instruments ETF

Ping An CSI Medicine and Medical Device Innovation ETF

GF CSI HK Innovative Drugs Industry ETF(QDII)

ChinaAMC SSE STAR Biology and Medicine ETF

ChinaAMC Hang Seng Biotechnology Technology ETF(QDII)

Yinhua CSI Innovative Drugs Industry ETF

China Merchants CSI Biotechnology Theme ETF

Bosera Hang Seng SCHK Innovative Drug Select ETF

ChinaAMC CSI Biotechnology Theme ETF

ChinaAMC CSI All Share Health Care Devices ETF

China Universal 800 Health Care ETF

Huaan Hang Seng Biotech ETF

New Competitive Model: Foreign Companies Produce Products, Local Enterprises Provide Channels