Over the past three years, Dr. Cheng Zengjiang, Founder of Tongxieyi, has engaged in multiple in-depth "soul dialogues" on stage with Dr. Zhu Yi, Founder, Chairman, and Chief Scientific Officer of Baili Tiantheng. One might say one dares to ask, the other dares to answer. Dr. Cheng's questions were sharp, Dr. Zhu's responses were packed with quotable gems, and the audience was thoroughly captivated.

 

In July 2026, at the main forum of the inaugural "Great Nation New Drugs" Global Conference (CPIC 2026) in Shanghai, as the two doctors once again took the stage for a dialogue, countless attendees wondered what they would discuss this time.

 

Just one month earlier, this bespectacled man from Sichuan, with his scholarly demeanor, had led his company to bring a drug called Lunkan Yilongtuo Monoclonal Antibody onto the world stage — the world's first and only approved bispecific ADC.

 

From receiving the approval on June 22 to having the drug reach nearly all provincial capitals across China and prescriptions being written by July 1, Baili Tiantheng accomplished this in less than ten days. In Dr. Cheng's words, this was "field-army speed."

 

When Cheng asked Zhu whether he resembled "Li Yunlong" from the TV series Drawing Sword, Zhu replied that he grew up in a factory compound in Neijiang, had led "fights" since childhood, and had the blood of a "competitive personality" flowing through his veins.

 

In the early 1990s, he set off for Beihai with just 300 yuan, made his first fortune in foreign trade and real estate, yet never lost his longing to return to the pharmaceutical industry. In 2014, when everyone said "you haven't even done ADC well, and you want to do bispecific?" — he insisted on betting on this path that no one dared to take, in Seattle. The hardest time came in 2021, when the company's cash flow was on the verge of breaking, and he even considered selling the company.

 

Today, all those dark moments have become footnotes to the story. In 2023, Baili Tiantheng reached a landmark $8.4 billion deal with BMS; in 2025, Zhu topped the list of Sichuan's richest; in June 2026, the drug was officially launched, and the company's market capitalization once again stood above the 100-billion-yuan mark.

 

From being ridiculed as an "outsider who doesn't understand innovative drugs," to declaring "whatever Keytruda can sell, we can sell too"; from betting everything on R&D, to training a 600-person commercial team until 1:30 in the morning — this dialogue on the stage of "Great Nation New Drugs" captured not just the launch of a single drug, but the journey of a founder and an innovative company.

 

Below is a transcript of the dialogue between Cheng Zengjiang and Zhu Yi at the conference:

 

Cheng Zengjiang: How long did it take from NDA submission to approval for Lunkan Yilongtuo Monoclonal Antibody?

 

Zhu Yi: Seven months — faster than expected.

 

Cheng: How long did it take from approval to reaching hospitals?

 

Zhu: The approval document was dated June 22. We received it a day or two later, and by July 1, Lunkan Yilongtuo had reached almost all provincial capitals and prescriptions were being written.

 

Cheng: That's truly field-army speed.

 

Zhu: We were well prepared. Also, I'm naturally impatient by nature, so when it comes to patient treatment, I want things to move quickly.

 

Cheng: If approval is like conquering territory, and commercialization is like holding it — which is harder?

 

Zhu: The difficulties are different. Innovative R&D truly demands talent, capability, and determination. But commercialization requires operating within regulatory frameworks and knowing how to follow the rules — because it's a more organized activity, and organization and management become critically important. So they present different kinds of challenges.

 

Cheng: In terms of personality, does commercialization better suit your abilities? Because R&D allows for romanticism, while sales requires a combat-ready approach — and you have that style and character.

 

Zhu: I grew up in a factory compound. I led fights since childhood. I really enjoy activities with that "group battle" flavor.

 

Cheng: When it comes time to sell the product, do you feel an infinite surge of energy within you, ready to be unleashed?

 

Zhu: I'm quiet when I'm not on the field, but once I'm in the game, I get fired up. There's a term — "competitive personality." After receiving the approval, by July 1, I had conducted nine training sessions for our 600-person commercial team. The latest one went until 1:30 in the morning. I personally trained them — a major focus was how to commercialize such a groundbreaking drug in the new landscape.

 

Cheng: When you were doing those trainings, how did it feel different from when you were doing clinical development?

 

Zhu: During clinical development, it was more about getting things done. The excitement of R&D comes earlier; the later stages are more about regulatory procedures. But this time, with commercialization, I suddenly realized I had to lead thousands of troops to capture territory and win battles. Sales require a sense of excitement — it doesn't need a huge burst at the start, but rather a steady accumulation of small victories that build momentum and energy.

 

Cheng: The last mile of getting drugs into hospitals is very difficult. Lunkan Yilongtuo isn't yet covered by insurance — how do you scale up?

 

Zhu: In recent years, everyone has been talking about the difficulty of getting innovative drugs into hospitals. But in my view, the situation has improved. For example, products can be placed in DTP pharmacies — after the hospital writes the prescription, patients can pick up their medication outside the hospital. The self-pay market provides a good pathway and ensures patient access.

 

Cheng: In the past, you relied on mathematical and physics-based thinking for R&D. What kind of thinking do you use for commercialization?

 

Zhu: The first thing I told our sales team during training was that we must have a strong patient focus. ADC oncology drugs inevitably have side effects. We need to find the right doctors and the right patients. Patient responses to the drug follow a normal distribution, so we should identify the subset that derives the greatest benefit — this also gives doctors an opportunity to become familiar with the drug. For patients with lower tolerance to side effects, it's best not to start them on the drug immediately. Additionally, we need to understand the drug's risk window — how to identify it, how to communicate it to physicians, and how to manage adverse reactions within that window.

 

Cheng: Pharmaceutical sales representatives can hardly enter hospitals these days. How do you influence doctors and patients?

 

Zhu: This is a very interesting question. The practice of "carrying cash" in pharmaceutical sales has historical reasons and context. At one point, we promoted the concept of "using drugs to support healthcare," but later realized that logic was flawed. When that inertia collides with the anti-corruption campaign in healthcare, people become fearful. I told our sales team: can we, should we, and are we in a position to return to promotion in the sunlight? If we are fully compliant, if I were a doctor, I would definitely change my perception of pharmaceutical representatives. Once we explained this clearly, our team became very confident in establishing connections with doctors, earning respect, and doctors are willing to learn about the latest treatment options.

 

Cheng: Is Lunkan Yilongtuo expected to receive FDA approval in 2029?

 

Zhu: That's BMS's projection. Based on the data I've seen, I tend to believe it.

 

Cheng: What's your forecast for the global peak sales of Lunkan Yilongtuo?

 

Zhu: Originally, we said Keytruda can sell $20 billion, so Lunkan Yilongtuo can also sell $20 billion. Now Keytruda can sell $30 billion, and Lunkan Yilongtuo can too. Whatever Keytruda can sell, we can sell.

 

Cheng: That would make it the new blockbuster king.

 

Zhu: I believe Lunkan Yilongtuo is a mega-blockbuster. Based on our existing data, including ongoing deep-dive research into the dual-target mechanism, I am very confident that Lunkan Yilongtuo has the potential to become a blockbuster.

 

Cheng: Does that mean Baili Tiantheng's development model is the MNC blockbuster model — developing one blockbuster after another?

 

Zhu: Developing a blockbuster drug, a mega-blockbuster, requires tremendous R&D effort, but luck also plays a role. So far, we've been very lucky, and we've also worked very hard. Our team is excellent and talented. But whether we'll have the luck to produce another blockbuster — we hope so.

 

Cheng: Can luck be sustained through BD collaborations?

 

Zhu: To be honest, if I had another Lunkan Yilongtuo, I would never license it out — I would develop it myself.

 

Cheng: So you won't have many out-licensing BD deals in the future?

 

Zhu: Baili Tiantheng's goal is to become an MNC. Our core is to do good R&D and bring innovative drugs to patients worldwide through efficient means. If we see an innovative drug in the ecosystem and we have the capital, we should license it in whenever possible.

 

Cheng: So licensing-in is going to be an important focus for Baili Tiantheng in the future?

 

Zhu: Yes.

 

Cheng: Do you plan to lower the price to enter the national reimbursement list?

 

Zhu: Without a doubt. Our product has just launched, but we do see that many patients truly need it.

 

Cheng: If Lunkan Yilongtuo receives approval overseas in 2029, but the domestic price has already been significantly reduced — what happens to the overseas market pricing?

 

Zhu: We are actually doing risk management. Simply put, future U.S. drug supply will be manufactured in the U.S.

 

Cheng: Some say you're making a huge gamble. Baili Tiantheng currently has 17 innovative drugs in clinical stages and is conducting over 100 clinical trials globally. What if you lose?

 

Zhu: No one wants to lose — everyone wants to win. But the question is, in such a high-risk industry as innovative drugs, do you have the courage to take the bet?

 

Cheng: You've poured so much money into this. If luck doesn't hold and you fail, do you feel fear?

 

Zhu: I've never done anything against my conscience, so I believe luck follows one's character — it follows the virtues accumulated by one's forebears.

 

Cheng: There are currently four similar drugs in development in China targeting the same pathway as Lunkan Yilongtuo. How do you see this?

 

Zhu: The design of antibody drugs is different. Others can follow, but the question is whether they can do it well — are they me-better, me-best, or me-worse?

 

Cheng: You've been very lucky these past few years. Could this make you overconfident, arbitrary, a one-man show, or autocratic?

 

Zhu: I'd love for luck to push me into that kind of ecstatic state — but unfortunately, I haven't reached that stage yet.

 

Cheng: You'll have to retire eventually. Will Baili Tiantheng always rely on your wisdom, luck, and courage?

 

Zhu: Baili Tiantheng has thousands of employees. The fact that we've come this far — I'm just standing on stage speaking on behalf of the team. Behind the momentum is the entire team's effort. The world turns without anyone — but on the other hand, a founder determines a company's future direction. What happens after I leave? There's a saying: "After I'm gone, let the floodwaters rise" — it's not about whether you care, it's that you can't control it. So I don't dwell on it.