RE:RE:RE:Big pharma is set to keep signing bigger deals in 2024March 18, 2024 - In November 2023, fruquintinib, a small-molecule anticancer drug developed by Chinese pharmaceutical company HUTCHMED, was approved by the U.S. Food and Drug Administration (FDA).
The year 2023 was also one where several significant breakthroughs were achieved, where an increasing share of large molecule drugs, known as biopharmaceuticals, entered the U.S. market. However China was not part of those who particpated in these large molecule breakthroughs.
Instead in November 2023, British pharmaceutical company AstraZeneca and Chinese company Eccogene entered into an exclusive license agreement for ECC5004, a low dose, small molecule, glucagon-like peptide 1 receptor agonist discovered by Eccogene for the treatment of obesity, diabetes, and other conditions.
The British pharmaceutical company also plans to assist 30 Shanghai enterprises to go global in 2024, promoting cross-border cooperation and exchanges in pharmaceutical innovation through two-way visits, however the IRA will only grant these small molecule innovations 9 years of market exclusivity, greatly curbing AstraZeneca's ability to make significant profits before these small molecule products reach "maximun fair value" as outlined by the inflation reduction act (IRA).