Objective To construct a multi-dimensional value evaluation model for innovative drugs that covers eight basic dimensions, namely safety, efficacy, economy, scale, equity, accessibility, innovation and patient experience, adds a globalization dimension, and takes artificial intelligence‑assisted research and development as a bonus item.

Methods A multi-criteria decision analysis framework was adopted. The three‑level indicator system was screened via the modified Delphi method. An asymmetric combination weighting method based on preference parameters was used to integrate the subjective analytic hierarchy process and the objective entropy weight method to determine weights. Hesitant fuzzy sets were introduced to address the uncertainty of expert scores. A retrospective empirical analysis was conducted on 12 marketed innovative drugs, and evaluation elements and dynamic weight allocation were set separately for different clinical research cycles.

Results An evaluation system with 3 levels, 10 dimensions, 36 secondary indicators and 84 tertiary indicators was established. The correlation coefficient (R²) between the ten‑dimensional comprehensive score and the actual sales in the third year after marketing was 0.88 (P < 0.01), with an adjusted R² of 0.81, which was significantly superior to the risk-adjusted net present value method (R² = 0.53). The bonus item for AI‑assisted research and development could contribute an additional score of 5%‑20%. The globalization dimension was significantly positively correlated with the amount of overseas licensing transactions (r = 0.82).

Conclusion This model makes up for the deficiency of traditional valuation methods in considering non‑financial values. It provides a systematic and quantifiable decision‑support tool for the whole‑life‑cycle value evaluation of innovative drugs, and offers reference for dynamic value evaluation in China's drug regulatory system.

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