价值界定与衡量：中美创新对话｜CHIC

The 12th China Healthcare Investment Conference (CHIC) will be held on March 23–24, 2026 at Ritz-Carlton Shanghai Pudong Hotel.

How do investors and innovators define, measure, and communicate the societal value of an innovative medicine for different global stakeholders in the US and China?

As novel therapeutics reshape global healthcare, the frameworks we use to assess value have never mattered more in a rapidly evolving policy landscape — from the Inflation Reduction Act in the US to ongoing HTA reforms in China. This panel brings together leading voices from venture capital, equity research, academia, and biotech innovation across the US and China for a candid cross-border dialogue on one of biopharma's most pressing challenges.

The following experts will participate in this panel titled "Defining and Measuring Value: A US-China Dialogue on Innovations"：

Richard Xie, Senior Health Economist, RA Capital

Dajun Yang, Chairman of the Board, Executive Director & CEO, Ascentage

Sheng Han, Vice Director, International Research Center of Medicinal Administration, Peking University

Meng Li, Health Economist, Stifel

Panelists will open with an introduction to Generalized Cost-Effectiveness Analysis (GCEA) — a framework for capturing the full societal value of medicines — and explore its applications through both a US and Chinese lens: from RA Capital's application of GCEA in portfolio strategy, to Stifel's integration of health economics into equity research, to Peking University's efforts to strengthen China's HTA framework with real-world evidence, to Ascentage Pharma's experience navigating health economic modeling in drug development and pricing.

The session will close with a forward-looking discussion on what novel elements of value should be advanced in China, and how innovators, health economists, and policymakers can work together to build frameworks that better serve patients and society.

Dajun Yang, Chairman of the Board, Executive Director & CEO, Ascentage, will deliver a keynote speech titled "Chasing World-class Innovation" before this panel.