回顾2018-2020年，中国创新药产业进入了收获期，每年都有近10款国产新药获批上市、超过200个国产IND受理，国产新药销售额持续快速增长。但与此同时，5轮创新药医保谈判，降价是主旋律，市场和产业都对创新药的未来产生了一定的担忧。市场一方面看到中国创新药产业崛起，甚至能在一些前沿靶点领域能够超越欧美实现技术输出海外授权，但另一方面又担忧政策的超预期价格压制可能会动摇产业的长期商业模式。展望2021年，我们以“成长和分化”作为点题，价格并未改变产业的底层逻辑，医保局一直在鼓励创新，而非单纯的压制。未来5-10年，创新药赛道有望出现一批超级成长股，但相应的公司分化、产品分化、估值分化也会随之出现，而我们要做的，是选出未来的一批创新龙头。

本报告期内，两市医药生物行业共有36 家上市公司的股东净减持37.33 亿元，其中8 家增持8.23 亿元,28 家减持45.57 亿元。截止2021 年1 月4 日，我们跟踪的医药生物行业355 家上市公司中有60 家公布了2020 年年报业绩预告。其中，业绩预告类型为预增、略增、扭亏的家数分别为16 家、7 家、7 家。

2020 年国内新冠肺炎疫苗、四价流感疫苗等多品种获批上市。2020 年12月31 日北京所的新冠病毒灭活疫苗获附条件批准上市，成为第一支国产新冠病毒疫苗。此外，2020 年四价流感病毒疫苗、人用狂犬病疫苗（Vero细胞）等多个大品种获批上市。

本监测报告内容覆盖智能制造装备总体产业，包括智能测控装置、关键基础零部件、智能化高端装备和重大集成智能装备等智能制造装备的细分产业；以关键制造环节的智能化为核心，以端到端数据流为基础，和以网通互联为支撑。包括智能产品、智能生产、智能工厂、智能物流、各类智能机器人等。

NIPT was first discovered by Sequenom Inc., in 2010 when they launched the SensiGene Fetal RHD Genotyping laboratory-developed test to detect circulating cff-DNA from maternal blood. NIPT is rapidly commercializing due to the advancement of non-invasive technologies associated with it. The exponential growth of the NIPT market is supported by various factors, such as reimbursement policies, insurance coverage, high incidence rate of Down’s syndrome, no risk of miscarriage with NIPT, and shifting trend toward childbirth at advanced maternal age (35 years or above). However, low cost-effectiveness and inconsistent insurance coverage are hindering the market growth in some parts of the globe, mainly in the developing and under-developed nations of the world. Further, NIPT is also used for fetal sex determination and fetal rhesus D status determination in some parts of Europe. As of 2015, NIPT was offered in 60 countries throughout six continents.

Rising focus on genomics over the past few years, coupled with the advancements in the field of molecular biology, has played an instrumental role in early diagnosis followed by the effective treatment of various diseases. The paradigm shift toward specific treatment along with the growing adoption of precision medicine has escalated the demand for genomic-based medicine by various end users. The incorporation of clinical biomarkers in breast cancer diagnostics aids in the identification of different biomarkers associated with the tumor grade and different cancer subtypes, which specifically reflects an individual’s health status accompanies and risk associated with breast cancer. The use of biomarker-based tests for identification of prognosis and recurrence of breast cancer has high predictive accuracy, minimally invasive, reproducible, and measurable, and is also widely accepted by the physicians and patients. In addition to this, breast cancer diagnostics based on clinical biomarkers have been extensively used for the evaluation of potential drug therapies. With the advancements in the field of biochemistry and medicine followed by omics, the clinical biomarkers appear to hold great potential for transforming medical practices into personalized medicine.

With increasing evidence surfacing from the Human Microbiome Project, the coevolution of the hostmicrobiome superorganism and the unperturbed microbial component of the dyad has appeared to render sustainable host health. This coevolution has been proved by a consistently growing body of science to have a significant role in shaping evolving phenotypes in humans. The microbiota ecosystems develop, restricted to their epithelial niches by the host immune system, concomitantly with the host chronological development, providing early modulation of physiological host development and functions for nutrition, immunity, and resistance to pathogens at all ages. As a result of these findings, the human microbiome has often been dubbed as the “second genome”, attracting massive investment and research potential. Followed by globally relevant activities that have delved deeper into understanding the role of the microbiome on human health, the symbiosis between the human host and the microbiome, now deemed as the human holobiont, has emerged as the next frontier of embedding precision care into health regimens.

The umbilical cord blood stem cell market is a part of the stem cell market. Umbilical cord blood stem cells are collected from blood of umbilical cord and placenta after pregnancy. This blood has the potential to produce all essential components of blood, similar to stem cell derived from bone marrow and other sources. The market is segmented into three parts - storage service (public and private cord blood banks), therapeutics (Oncology, CVD, and diabetes), and application (stem cell transplant, and regenerative medicines).