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By using the website www.bellevue.ch, you confirm that you have read, understood and accepted the general information provided by the Bellevue Group AG as well as these legal provisions. These may be subject to change and the use of the site may be restricted or terminated at any time without prior notice.

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The information, products, data, services, tools and documents contained or described on this site ("website content") are for information purposes only and constitute neither an advertisement or recommendation nor an offer or solicitation (to buy) or redemption (sell) investment instruments, to effect any transaction or to enter into any legal relations.

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The financial products mentioned on this site are not suitable for all investors. The information contained on this site does not constitute a financial, legal, fiscal or any other recommendation. Investment or other decisions should not be made solely on the basis of this document. In particular, you should not enter into any investment before you have read the corresponding fund agreement or legal prospectus, the annual and semi-annual reports, the articles of association (as far as they are applicable), as well as all other documents, as required in accordance with local legislation or the regulations applied in the legal jurisdictions or countries in which the corresponding investment fund has been licensed or approved for public offer or sale to the public.

In order to determine whether the investment in shares of a certain investment fund meets your specific requirements and matches your envisaged risks, we recommend that you contact an independent financial adviser. Furthermore, we recommend that you consult an independent tax adviser in order to obtain information on the tax regulations relating to a specific investment in your legal jurisdiction and with regard to your personal circumstances. In particular tax treatment depends on individual circumstances and may be subject to change.

As the funds are recognised (ie. registered) but not authorised in the UK, the UK Financial Services Authority's financial services compensation scheme does not apply to investments in the fund but the Financial Services Authority regulated firm approving this document for the purposes of UK regulation has taken reasonable steps to satisfy itself that Bellevue will deal in an honest and reliable way and is so satisfied.

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Past performance is not an indication or guarantee of the future performance of the investment. The value of investments may be subject to fluctuations and, under certain circumstances, investors may not get back the full amount invested. The performance data are calculated without taking account of commissions and costs that result from subscriptions and redemptions and commissions and costs have a negative impact on performance. Changes in foreign-exchange rates may also cause the value of investments to go up or down.

Target group of the sites 

The sites are intended exclusively for use by legal entities and natural persons having their registered office or residing in countries in which the investment funds or the related subfunds or share classes of the Bellevue Group have been properly licensed or approved for public offer or sale in accordance with the applicable local legislation. The funds are currently registered for public distribution offer in the following countries: Luxembourg, Switzerland, Germany, Austria, Spain and Portugal. In all other countries, the funds may, if any, via "Private Placement" according to the local applicable laws.

It is explicitly stated, that alternative fund products are not allowed for public distribution in any country and that they may only and exclusively be solicited to institutional and qualified private investors according to the applicable local laws of each country.

The information and services provided on the sites are not intended for offer to or use by legal entities or natural persons in legal jurisdictions or countries in which the offer or use thereof would violate local legislation or legal provisions, or in which business units forming part of Bellevue Group would be subject to registration requirements in such jurisdictions or countries. Legal entities or natural persons to which such prohibitions apply must not access or use these sites.

The Bellevue funds have NOT been licensed for public offer or sale to the public in the United States in accordance with the US Investment Company Act of 1940 or the US Securities Act of 1933, or in Canada, Japan, Taiwan, Malaysia, Hong Kong or Israel in accordance with the laws in force in those countries. Therefore, particular importance is attached to ensuring that these sites are not intended for legal entities or natural persons, who have their registered office or who reside in such countries, their territories or dependencies or who, on account of their citizenship or similar status, are subject to the law of one of these countries.

Fund documents Luxembourg Fund

Bellevue SICAV: The Bellevue Funds (Lux) SICAV is admitted for public offering and distribution in Switzerland . Representative agent in Switzerland   Waystone Fund Services (Switzerland) SA, Avenue Villamont 17, CH-1005 Lausanne and paying agent in Switzerland: DZ PRIVATBANK (Schweiz) AG Münsterhof 12, PO Box, CH-8022 Zürich. Austria: Paying and information agent: Zeidler Legal Process Outsourcing Limited., 19-22 Lower Baggot Street, Dublin 2, D02 X658, Ireland. Germany: information agent: Zeidler Legal Process Outsourcing Limited., 19-22 Lower Baggot Street, Dublin 2, D02 X658, Ireland. Spain: The Bellevue Funds (Lux) SICAV is registered with the CNMV under the number 938. Paying and information agent: atl Capital, Calle de Montalbán 9, ES-28014 Madrid.  Prospectus, Key Investor Information Document (“KID”), the articles of association as well as the annual and semi - annual reports of the Bellevue Funds under Luxembourg law are available free of charge from the above mentioned representative, paying, facilities and information agents as well as from Bellevue Asset Management AG, Theaterstrasse 12, CH-8001 Zurich.

Bellevue Asset Management (Deutschland) GmbH: You can obtain the sales prospectus, the annual reports and the german key investor information documents free of charge from Bellevue Asset Management (Deutschland) GmbH, and also from banks and financial advisers. Paying agent in Switzerland is DZ PRIVATBANK (Schweiz) AG, Münsterhof 12, PO Box, CH-8022 Zurich. The swiss agent is IPConcept (Schweiz) AG, In Gassen 6, PO Box, CH-8022 Zurich. In Switzerland you can obtain sales prospectus, the annual reports and the german key investor information documents free of charge from the agent and also from the paying agent. 

Fund documents Bellevue Entrepreneur Switzerland

Prospectus, Key Investor Information Document („KID“), fund contract as well as the annual and semi - annual reports of the Bellevue Fund under Swiss law are available free of charge from: Switzerland : PMG Fonds Management AG, Dammstrasse 23, 6300 Zug or Bellevue Asset Management AG, Theaterstrasse 12, CH-8001 Zurich.

Fund documents Bellevue Funds and Bellevue Healthcare Strategy

Prospectus, Key Investor Information Document („KID“), fund contract as well as the annual and semi - annual reports of the Bellevue Medtech and Services fund established under Swiss law in the category "Other Funds for Traditional Investments" are available free of charge from : Switzerland : Swisscanto Fondsleitung AG, Bahnhofstrasse 9 , CH - 8001 Zürich or Bellevue Asset Management AG, Theaterstrasse 12, CH-8001 Zurich.

Fund documents StarCapital Multi Income and StarCapital Dynamic Bonds

Prospectus, the key information document ("PRIIP-KID"), the management regulations and the semi-annual and annual report are available free of charge in German from Bellevue Asset Management (Deutschland) GmbH, your advisor or intermediary, the paying agents, the relevant custodian bank or from the management company IPConcept (Luxembourg) S.A. (société anonyme), 4, rue Thomas Edison, L-1445 Luxembourg, Luxembourg, https://www.ipconcept.com. For information on opportunities and risks as well as tax information, please refer to the current detailed sales prospectus. Further information on investor rights can be found on the Management Company's website (https://www.ipconcept.com). The management company may decide to cancel the arrangements it has made for the distribution of the units of its collective investment undertakings in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.

Fund documents Bellevue Option Premium fund

Prospectus, the key information document ("PRIIP-KID"), and the semi-annual and annual reports are available free of charge in German from Bellevue Asset Management (Deutschland) GmbH, your advisor or intermediary, the paying agents, the responsible depositary (UBS Europe SE, Bockenheimer Landstrasse 2-4, D-60306 Frankfurt am Main) or from the management company Universal-Investment-Gesellschaft mbH, Theodor-Heuss-Allee 70, D-60486 Frankfurt am Main, https://www.universal-investment.com. For information on opportunities and risks as well as tax information, please refer to the current detailed sales prospectus. Further information on investor rights can be found on the Management Company's website (https://www.universal-investment.com). The management company may decide to cancel the arrangements it has made for the distribution of the units of its collective investment undertakings in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.

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More info
The Asian pharmaceutical industry is increasingly developing into an important driver of the global healthcare sector. In particular, exciting opportunities are emerging in China: the innovative strength of the biotech scene has grown significantly in recent years. The number of novel molecules originating from China has risen sharply – clear evidence that the country has evolved from a latecomer to a serious innovator. This innovative strength is making Chinese companies increasingly attractive to international partners. Many of the products under development have the potential to be best-in-class, are cost-efficient, and provide global pharmaceutical companies with opportunities to strengthen their own portfolios.

Pharma powerhouses on the rise in East Asia: China and Japan are accelerating innovation and global impact

The Asian pharmaceutical industry is increasingly developing into an important driver of the global healthcare sector. In particular, exciting opportunities are emerging in China: the innovative strength of the biotech scene has grown significantly in recent years. The number of novel molecules originating from China has risen sharply – clear evidence that the country has evolved from a latecomer to a serious innovator. This innovative strength is making Chinese companies increasingly attractive to international partners. Many of the products under development have the potential to be best-in-class, are cost-efficient, and provide global pharmaceutical companies with opportunities to strengthen their own portfolios.
11.09.2025 - Bellevue Asset Management
#Healthcare Regional

  • China's share of innovative molecules in international comparison

  • China’s biopharma out-licensing activities (in USD bn)

Source: IQVIA, Pharmcube, Bellevue Asset Management

China’s deep pool of young, highly educated professionals is a decisive advantage, too, as it helps to accelerate drug development progress and has enabled the country to narrow the innovation gap to the West from ten to a mere four years or so. Biotech company Akeso serves as a good example here: Its flagship drug, ivonescimab, a bispecific PD-1/VEGF antibody for lung cancer, is currently in Phase III trials and could become the first in class and also best in class, with multi-billion peak sales potential.

The Chinese healthcare market is developing very dynamically. Following the pricing reforms, growth is taking center stage, drug pipelines are strong, and new markets are being developed, sales impacted by volume-based procurement (VBP) is no longer a material concern. China's pharmaceutical contract development and manufacturing industry (CDMOs) offers the most production capacity in the world and is now a global leader in biologics, cell and gene therapies. Online pharmacies are rapidly gaining ground in China thanks to efficient and transparent platforms as well as government support.

Japan’s pharma industry stands out for its excellence in innovation and strong partnerships with Western pharmaceutical giants. Chugai has partnered with Eli Lilly and is a leader in the GLP-1 space with orforgliprone, a weight-loss pill for patients with obesity and type 2 diabetes. Daiichi Sankyo is collaborating with AstraZeneca and has profiled itself as a specialist for antibody-drug conjugates. It discovered Enhertu, a blockbuster drug for patients with breast cancer, and has other ADC assets in the pipeline, including lung cancer ADCs. Otsuka is working closely with Novartis and has generated steady value growth from drug licensing agreements, for example for Kisqali in the treatment of breast cancer and Pluvicto in the treatment of prostate cancer.

A weak dollar represents an additional tailwind for East Asia’s healthcare industry. This is evident in the form of cheaper imports, which boost company income statements, and lower service costs on dollar-denominated debt. The general environment is attracting foreign investors and has enhanced company funding options.

Conclusion
China is an enticing investment proposition in view of its strong dynamics, cost advantages and growing innovative power, while Japan stands out for its cutting-edge R&D pipelines and global partnerships. These two countries offer a strong foundation for sustained growth and have made Asia a driving force of the global pharmaceutical industry.

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