制度优化有三块内容：区分借壳上市和反向收购，估值包容性与商誉监管，培养耐心资本

中国银行的硬钱包收款方案率先在深圳出租车行业试点，首单试点由银联商务拓展商户并提供受理服务

• China's pharmaceutical industry has seen domestic new drugs benefit from price reductions due to mature national health insurance negotiation rules, but this has impacted corporate profits and investment in innovation. Dual reporting in China and the U.S. is becoming standard for companies developing innovative projects, with BeiGene's Zanubrutinib and Legend Biotech's Cilta-cel achieving significant sales in international markets.
• The National Healthcare Security Administration issued a draft aiming to encourage high-quality innovation by establishing a pricing mechanism for newly listed chemical drugs, requiring companies to submit a self-assessment form before declaring listing prices. This approach aims to prioritize genuine innovation and guide enterprises towards focusing on clinical value in drug development.
• Concerns exist about the impact of domestic drug price reductions on global pricing systems and the motivation for continued investment in innovation. The "Draft for Solicitation of Opinions" proposes quantitative rules for pricing innovative drugs, emphasizing clinical value but faces criticism regarding its potential interference with market economy principles and the autonomy of pharmaceutical companies in setting drug prices.

【本文系数据通用户提前专享】创新药定价机制牵一发动全身，甚至影响到全球药物市场

创新药定价机制牵一发动全身，甚至影响到全球药物市场

当前财政形势已发生重大变化：一是财政收入“两个比重”下滑现象有所突出，二是现有分税制对于政府间的财政分配功能转弱，控债务与稳增长是重点关切

深化发卡、收单、转接清算各环节供给侧结构性改革，强化银行卡产业协同，整合各方资源，共建可持续的商业模式；统筹做好风险防控与服务优化，促进银行卡市场规范发展

需从研发、转化、准入、生产、使用、支付多环节对生物医药创新给予全链条支持，努力营造鼓励生物医药创新的制度环境

上海市政协民建界别提交有关争取国家创新生物医药申报评审、上市审批权限落地上海相关提案，同时建议在支付、进院方面给予国产创新药更多支持

• After a tightening of IPOs in China's A-share market, mergers and acquisitions (M&A) have become the primary exit channel for PE/VC investments, surpassing IPO exits in 2023.
• Despite regulatory support and increased M&A activity, the market has not seen a resurgence to previous highs due to lessons learned from past frenzies and a shift towards more rational industry-driven M&A strategies.
• The future of M&A is expected to focus on industrial logic and growth rather than being a remedy for failed IPOs or boosting market value, with regulatory adjustments suggested to facilitate "A+A" mergers and improve valuation methods.

【本文系数据通用户提前专享】“IPO卧倒、并购吃饱”——A股历史上反复上演的“跷跷板”效应减弱，并购狂热或难再现

“IPO卧倒、并购吃饱”——A股历史上反复上演的“跷跷板”效应减弱，并购狂热或难再现

需从研发、转化、准入、生产、使用、支付多环节对生物医药创新给予全链条的支持，努力营造一个鼓励生物医药创新的制度环境，推动产业高质量发展

• The UK's Medicines and Healthcare products Regulatory Agency granted conditional marketing authorization for the CRISPR/Cas9 gene-editing therapy Exa-cel (brand name: Casgevy) on November 16, 2023, for treating sickle cell anemia and transfusion-dependent beta-thalassemia. This marks the first approved gene-editing treatment aimed at curing diseases by knocking out genes, with clinical trial effectiveness data over 95%.
• The launch of this therapy is seen as a significant boost to the field of gene editing, but it also brings mixed feelings among Chinese pharmaceutical entrepreneurs who believe China could have been at the forefront. The He Jiankui scandal in 2018, involving the creation of genetically edited babies, led to stringent regulations and halted many ongoing projects in China.
• While the shadow of He Jiankui's case is fading and more Chinese companies are entering clinical trials for gene-editing therapies, challenges remain such as patent barriers set by foreign competitors and strict domestic policies on human genetic resources. Additionally, there are concerns about ethical boundaries regarding inheritable human gene editing and debates over how to balance innovation with safety and affordability.

曾引发科学界伦理大讨论的基因编辑技术终于从实验室走向临床，如何成为领跑者？

曾引发科学界伦理大讨论的基因编辑技术终于从实验室走向临床，如何成为领跑者？

世界银行于2023年正式启动新营商环境指标项目，这将是中国营商环境以评促改的又一重要契机。从完善中国营商环境配套法治体系的角度出发，应如何准确把握新指标背后的法治内涵？

货币短缺和远距离大额支付推动了交子的出现，但中国历史上的纸币发展是“国家纸币”的道路，西方近代走的则是“信用货币”道路

“没有发达的商保体系，实际上阻碍了我们整个健康服务的进展。”王印祥谈道。而在现有的以公立医疗单位为主导的医疗市场下，保险公司开发商业医疗保险所需要的数据掌握在各家公立医院中，险企往往难以获得，出现制约