Return to the original intention: the road to "breaking cocoon into butterflies" of Chinese pharmaceutical innovation

The 21st Century Economic Herald reporter Ji Yuanyuan reported that the biopharmaceutical industry began at the end of the 19th century. It has experienced four waves so far, and gradually developed the development path with targets as the core. With the continuous emergence of emerging technologies and targets, the development path of the global biopharmaceutical industry has also been expanded.

As a major emerging market in the world, Chinese biopharmaceutical companies also actively explore their own innovative research and development path. According to KPMG (KPMG), "2022 China Innovation Pharmaceutical Companies Development White Paper" released during the service trade meeting, in the past two decades, the Chinese pharmaceutical market has been promoted by medical reform and the expansion of medical insurance. The second largest pharmaceutical market in the world is second only to the United States. From the perspective of market sales, innovative drugs account for only 25%of the drug sales market in China. However, with the development of policies such as the consistency evaluation and volume procurement of generic drugs, the development space of generic drugs is getting narrower and narrower, and the development of innovative drugs has become the focus of Chinese pharmaceutical companies.

In response to the current development situation of the biopharmaceutical industry, Yu Zilong, the co -owner of the KPMG Chinese life science industry, said in an interview with the 21st Century Business Herald that from the current market environment, the future development trend of the domestic biomedical industry is mainly reflected in four aspects : First, it will definitely form a more diversified and more mature ecosystem development. Whether it is policy, talent or commercial model; second, it must be a patient -centric development model to truly focus on the needs of patients; Combining the current characteristics of China's diseases, the research and development of diseases with Chinese characteristics; fourth, Chinese companies going to sea have become the main development trend of global life science companies.

"In any era, there are challenges and opportunities. We believe that with the country's emphasis on the development of life science and the improvement of China's innovation capabilities, any company with core competitiveness has good development opportunities." Yu Zilonglong Say.

Innovation accelerate

Early policies, less new drug research and development investment, insufficient corporate innovation capabilities and weak clinical research levels have made China's innovative drugs start slowly. However, in recent years, the ecology of the innovative pharmaceutical industry has undergone tremendous changes, and it is in the stage of rapid development. The China's pharmaceutical industry has been introduced densely, which not only encourages the research and development of innovative drugs, but also opens channels for its commercialization. The recovery of high -end talents, the continuous injection of capital and the opening attitude of the Hong Kong Stock Exchange and the science and technology board to biotechnology companies have pushed the development of innovative drugs to the historical style.

As a result, the development of China's innovative pharmaceutical industry has entered a period of gold. The rapid development of the pharmaceutical industry has made more and more capital pay attention to the pharmaceutical market, and the first -level market is active. The secondary market has also made a breakthrough in reform rules, reducing the requirements for listing of the pharmaceutical industry, and further promoting the prosperous situation of the innovative pharmaceutical industry.

According to the investment and financing data that has been disclosed in the statistics of the Pharmaceutical Rubik's Cube database, from 2013 to 2021, the number of investment cases has increased in the number of investment cases from 2013 to 2021, and the investment amount has also shown a trend year by year. Compared with 2013, the number of financing cases in 2021 increased by more than 13 times, and the total financing amount exceeded 17 times. In addition to the increase in financing amount and financing, the financing rounds of the first -level market have become increasingly early. The number of financing cases from the early to A stage increased from 8 in 2013 to 252 in 2021, and Series B financing also increased rapidly. Capital is more concerned about early in the early days.

However, by 2022, new drug financing began to develop downward, and the overall investment and financing trend in the field of medical and health in the first half of 2022 slowed down. In the first half of 2022, there were 632 investment and financing incidents in the national medical and health field, and the amount of investment and financing disclosed was 115.2 billion yuan. Among them, the first -level market investment and financing incidents were 583, with investment and financing amount of 67.1 billion yuan; IPO incidents were 30, with a fundraising amount of 35.7 billion yuan; 19 re -financing incidents in the secondary market, and the re -financing amount was 12.4 billion yuan. On the whole, in the first half of 2022, the number of investment and financing events in the first -level market decreased by 46.7%year -on -year, and a decrease of 45.9%from the previous month; the number of IPO incidents decreased by 45.5%year -on -year, and a decrease of 55.2%month -on -month. %, A decrease of 29.6%month -on -month.

In addition, since this year, the new shares have become more and more intense, and the biomedical sector has become a "hardest hit area" for the break of new shares of science and technology boards. In this way, not only has the mentality of the newcomer changed, but also makes investors more cautious about the holding of secondary stocks. According to a third party combing, it is found that the products that have fallen below the issue price company are not in the real sense of innovation in accordance with market standards. On the other hand, since the third quarter of 2021, affected by domestic collection and epidemic, many leading pharmaceutical companies have been impacted, and the market value has shrunk significantly. On the whole, the valuation logic system of pharmaceutical companies has changed, which has also led to new pharmaceutical stocks and decline in stock prices.

In this regard, Yu Zilong told the 21st Century Business Herald that in the short term, it is currently affected by major environment and investment has slowed down. Investment institutions have also been cautious recently. Compared with fundraising The potential screening standards and risk considerations are more stringent, but this also reflects the more rational and focusing on real clinical values ​​to some extent. In the long run, there are still many demands that life sciences have not been met, and the pace of innovation is getting faster and faster. Therefore, the confidence in the long -term development of the industry is still there, and the corresponding long -term support will not lack the capital's long -term support. "The market financing in 2022 will still be active, but it is more rational, and investors will be more cautious. The financing cycle will be extended. However, high -quality companies with high barriers and large markets will still be favored. Opportunities for upgrading mergers and acquisitions will continue to increase, and the industry concentration will be further strengthened. "Yu Zilong emphasized.

Innovation break

This also means that for enterprises, the first thing is to choose the right track, followed by leading competitors. , Improve anti -risk ability.

The above white paper pointed out that innovative drugs continue to be hot, and more and more companies have entered the track of the innovative pharmaceutical industry. The problem of intensive competition in the industry is inevitable. The chaos with the targets, crowded tracks, and severe internal rolls appear. After a wave of rapid development, the development of China's innovation pharmaceutical industry has encountered a bottleneck period. At present, Chinese innovative pharmaceutical companies are under pressure from research and development, commercialization and capital, and are in trouble.

For a long time, the entire R & D ecosystem composed of enterprises, R & D institutions/schools, and government has not yet matured. There is still much room for improvement in the capital investment required for innovative drug research and development, research foundation and policy support. Compared with generic drugs, innovative drugs have a long period of cycle and cost, which makes the development of new drugs facing dual pressure from itself and the outside world. Not only that, innovative medicines are also under tremendous pressure in commercialization. in particular:

First, the coverage capacity of grass -roots medical institutions is insufficient. Multiple reasons make it difficult to admission at the grassroots level of innovative drugs;

Second, the problem of tightening medical insurance funds and long -term difficulties in the hospital has caused the main market access channels of innovative drugs to be blocked;

Third, based on commercial survival and development, the choice of targets for drug research and development is concentrated, the product is severe homogeneity, and the commercial competition intensifies;

Fourth, in order to further regulate corporate innovation, Chinese pharmaceutical policy has begun to tighten. Aiming at the market attitude of the IPO relying on License in, the value of capital to innovative pharmaceutical companies has decreased. It has ushered in the cold winter of capital, and it is difficult for innovative pharmaceutical companies to raise funds, and survival is becoming more difficult.

How to break the game? Yu Zilong pointed out that if a company wants to achieve long -term success, it is necessary to find the right R & D direction, but also have strong funds, talents and interbank cooperation capabilities. Among them, the project is very important. Pharmaceutical companies should specifically consider the company's actual conditions and development strategies to choose the way suitable for them. In addition, talents are also the core elements that determine the success of the enterprise. How to attract more and more professional talents in competition will become a compulsory course for companies in the rising industry.

In other words, if local innovative pharmaceutical companies want to achieve high -quality development, they must meet the three elements of three aspects, that is, the management of R & D pipelines, the improvement of R & D efficiency, and the health of the capital chain. Whether it is through financing methods or the first listed products, the healthy cycle of research and development can be promoted through commercial means. For the founder is a small innovation company with research and development background, a leader with commercial ability and The commercial team that can adapt to the development and strategy of the company is very important.

"In the current market environment, on the one hand, enterprises must truly enhance the ability to develop new drugs, avoid the phenomenon of targeting, and do real innovation; on the other hand, enterprises in terms of capital control, through commercialization, is the long -term development of commercialization. The way, so enterprises should consider their own commercial models and strategies as soon as possible. "Yu Zilong said that as for the choice of listing, it depends on the characteristics of the company and its products itself, the types and products of enterprises and products favored by different markets, and the scale of financing and supervision and supervision. A series of factors such as thresholds are difficult to generalize. However, the diversified choice of financing channels is conducive to the long -term and rapid development of biomedical companies.

In the current "inner volume" and "post -foam era" environment, in the face of immature research and development ecology, severe market environment and capital pressure, innovative drug companies need to return Resource allocation achieves breakthroughs through various methods such as differentiation, diversification, and digitalization. It is foreseeable that the changes in these industries will inevitably encounter multiple difficulties, such as the high risk of First-in-Class, the failure of R & D failures, and the high cost of overseas market expansion. It will promote the renewal iteration of the entire Chinese pharmaceutical market.

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