Guoji Investment Yin Lei: The pathogenesis of self -proof diseases is complicated, and it is the "hard bone" in research and development

It is the most concerned track outside the tumor, covering the crowd extremely wide. Psoriasis, one of the representative diseases, has more than 100 million potential patients worldwide, and the size of the drug market has reached US $ 10 billion. In recent years, the innovation research and development of domestic psoriasis fields has also entered a climax stage. More than a dozen new drugs have been approved, and dozens of R & D pipelines have been advanced to the clinical stage.

The booming development of the industry is inseparable from the financial support of upstream pharmaceutical investors. On June 21st, the fourth "Future Health" program invited Yin Lei, managing director of China Science and Technology Industry Investment Management Co., Ltd., to share the psoriasis in his cognition from the perspective of pharmaceutical investors and the current status and future of the market. Chance.

In recent years, the development of domestic psoriasis and its free market has been pressed by the "acceleration key". The direct manifestation of the patient's side is that there are more products and cheap. Yin Lei shared the case around him. After getting the relevant diseases of the Director of the Three Hospital ten years ago, he needs to use "Xiu Meile" for a long time, which is difficult to withstand treatment costs. At that time, the market price reached more than 5,000 yuan, and the monthly treatment cost exceeded 10,000 yuan. "Can't afford" is the true feedback of the chief doctor.

Facing the high price of early biological agents, quite a lot of patients often endure and do not receive treatment. In recent years, Xiu Meile has been approved by many similar biological drugs, and has been included in medical insurance. The treatment cost of patients is more than 70%compared to before, and the director of the aforementioned biological medicine is also treated for treatment.

In Yin Lei's view, this is firstly the top -level drug review system reform provides soil for innovative research and development in the domestic self -exemption field. For example, in 2017, China joined the ICH (International Human Pharmaceutical Registration Technology Coordination Association). Domestic pharmaceutical research and development began to integrate with the international market, and new pipelines, including biological drugs, began to emerge on large scale.

At the same time, the layout of domestic enterprises in the field of pharmaceutical research and development has also begun to think diversified. The pipelines of early domestic innovative pharmaceutical companies were mainly gathered in the field of tumors. This may be related to clinical, because tumor treatment is related to patient life. Therefore, relatively speaking, the clinical plan cycle of this field will be relatively short, which meets the needs of enterprises to promote product approval as soon as possible.

But now the wind direction has changed. Yin Lei said that the situation of this kind of harmonious research and development has caused a certain degree of waste of resources and departs from the original intention of innovation. For example, there are a variety of pipelines that have been approved for products, and the latecomers are rejected by similar pipelines to FDA to apply for listing. Or even if it is approved to be listed, in the areas of severe homogeneity, commercialization has become a problem.

Under such circumstances, enterprises have to do real innovation, find a field where there is a huge and unsuccessful treatment needs, and "hard bones", there are many such opportunities for free in the field. In fact, in the R & D plan of multinational pharmaceutical giants such as Pfizer, Albervi, and Astraon, the number of inflammation and self -exemption pipelines is already the first, and the tumor is ranked second. But for domestic pharmaceutical companies, they are still following the state of learning.

This is related to the difficulty of research and development in the field of self -exemption. According to Yin Lei, the pathogenesis of self -preventing diseases is very complicated. A target corresponding to a clinical indication is often more than one self -free disease. During the treatment process, a situation of being called "mouse" by industry sources often appears, that is, a symptom can be relieved of other symptoms. The existing scientific research community's awareness of self -exemptions is still developing, far from the level that is not fully resolved.

For enterprises, the direct result is that there are many market opportunities, but it is very difficult. The research and development of original innovation medicines in the field may require considerable investment for a long time, which is a lot of challenges for entrepreneurs. And if you choose to do a drug with follow -up strategies, the difficulty of R & D is low but will face more intense competitive pressure.

Different types of enterprises choose different development paths. As an investor, Yin Lei came into contact with various pharmaceutical companies. In his opinion, the different R & D paths and layout logic of enterprises are mainly related to the endowment of the enterprise itself. For start -ups, it is necessary to find your own boundaries, not the wind.

The ability of enterprises is not only reflected in research and development, but also includes business capabilities and resource integration capabilities. For example, CRO (pharmaceutical outsourcing) company capabilities are not in the original research technology, but in service, and the ability to integrate resources. They also laid out the pharmaceutical research and development industry a lot through investment, which is also a path.

For entrepreneurs with scientific research background, there are actually many R & D paths. No matter whether it is a small molecule, or the macromolecules or even cells and genetic therapy. The key is to use its own platform technology to aim at a indicator of a certain market potential to make differentiated products. According to his observations, there are already some stem cell technology and dual -anti -technology products that have entered the clinical second phase, and the data is also very good.

Yin Lei said that when inspecting the project, he focused on whether his scientific logic was reasonable and whether the research and development data was solid, and whether each milestone node could be smoothly advanced. In fact, they have psychological expectations for the research and development cycle and success rate of drug research and development. It is normal for an innovative pharmaceutical research and development cycle in the industry to develop a 10 -year. The successful R & D is also a small probability event.

For future opportunities, he said that there are two opportunities: clinical dimension and regional dimension. In clinical dimensions, existing psoriasis drugs can only be relieved rather than treat. Once the patient develops, he will repeat repeatedly. Judging from the current research, the cause of psoriasis is not only related to genetic inheritance.

In Yin Lei's view, the treatment of psoriasis should be traced back to find the cause of immune disorders, and the immune stability is regulated in the patient's body. In fact, there are now companies that have used microbial therapy to repair the inherent immune stability. If the problem can be fundamentally solved, and then considering hundreds of millions of patients with psoriasis, this will definitely have explosive products. In addition, Yin Lei pointed out that regional expansion is also an opportunity for the future. With the improvement of domestic scientific research and consumption capacity, there are many innovative pharmaceutical companies in various forms of various forms. But frankly, if Chinese pharmaceutical companies only do the domestic market, its market space is still limited. Based on the world, this may be the development trend of domestic innovative pharmaceutical companies.

Now, it is the "spring" of a psoriasis track. He said spring is the season of sowing. Now the needs of the entire track exist, but it takes hard work to seize this opportunity. From sowing to harvest, there are many uncertainty in the middle. It took 20 years to develop the product of Guanhao Bio. After listing, a large number of marketing promotion is needed.

It has not yet reached the harvest season. In the current market environment, investors are becoming more and more cautious. Whether the seeds of entrepreneurs are worthy of fertilization and waters, market requirements will become higher and higher.

Author: Yu Shiqi, Zhang Hao

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