Industry Notes

Industry Notes / Pharma / Chapter 19 of 20 · Timeline

Tech line: from dye works to platform firms

Paradigm shifts decide who still eats the next profit pool

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  1. Dye / API works
    European origin: chemical spillover into drugs
  2. Small-molecule golden age
    US catches up; profit pool anchors on commercial insurance
  3. Biologics wave
    Antibodies and recombinant proteins rewrite valuation
  4. Platforms & AI
    ADC, bispecifics, cell/gene, AI discovery—shovel sellers steadier
  5. 2026 signal
    ~$100 bn-class stakes into in vivo CAR-T; China posts some global FIH proofs

Pharma history is five paradigm shifts, not endless price rises. Capital is now staking autoimmune in vivo CAR-T/TCE and next-gen ADCs; China leads some non-viral first-in-human proofs—with still-tiny evidence.

Source：调研正文第 6–8 章产业史与平台技术代际

Research notes, not investment advice.