Abstract: In 2023, China's biopharmaceutical industry has undergone a significant transformation driven by independent innovation. In 2024, the biopharmaceutical industry will continue to optimize the industry ecosystem, harmonize diverse needs, and focus on differentiated development. Through multiple rounds of brainstorming roundtables, Shanghai Center for Innovation Drug Discovery and Development (SCIDDD) made the 2024 annual outlook on China's biopharmaceutical industry, proposing that the biopharmaceutical industry needs to boost confidence, seize opportunities amid difficulties, and pursue high-quality and balanced development.