Abstract:The study focuses on the basic research, technological breakthroughs, transformation and commercialization of representative biomedical innovations over the past century-including penicillin, artemisinin, monoclonal antibodies, tumor immunotherapy, adenoviral gene therapy, mRNA vaccines, CRISPR/Cas9 gene editing, etc.-adopting a "dissecting the sparrow" case study methodology to conduct in-depth analyses ("double-clicking") of each breakthrough, thereby mapping the institutional architectures and performance outcomes of national biomedical innovation systems and achieving a "seeing both trees and forest" perspective. Through comparative analysis, it reveals that the United States, compared with the United Kingdom, Japan, Germany and China, has developed a smooth technology transfer system and a mature innovation system, enabling not only domestic "seeds" to bear fruits locally, but also attracting "good seeds" from other countries to grow fruits in the United States, with the United States ultimately benefiting the most. Conversely, if a country's achievements transformation system is not smooth and the innovation system is not sound, even large amounts of investment on "cultivating seeds" will not "bear fruits" smoothly in the country. This requests China's great attention. China should fully learn from these lessons, take advantage of its strengths and compensate for its weaknesses to strengthen the achievements transformation system and innovation system, thus elevating the innovation performance of the biomedical industry.