Biotech grows is a practice, and it is possible to win praise and doubt to win

The growth of Chinese -style BIOTECH is not easy. Although the cycle is not long, it has experienced the fluctuations of fate -when the industry is uplink, praise and appreciation is overwhelming; when the industry downside, the former glory has transformed into doubt and abandonment. Indeed, during the specific period of BIOTECH's growth, thorns are doomed than applause. However, as industry observers and even participants, we must not over -rendering failure, nor can we ignore every flash.

Recently, the cornerstone pharmaceutical industry has released good news:

On July 15th, it was announced that Gavreto® was approved in Hong Kong, China. This is the first approval of Hong Kong in Hong Kong for the treatment of high -selective RET inhibitors for the treatment of transfection weight (RET) to fuse the positive non -small cell lung cancer and become the cornerstone Pharmaceuticals in Hong Kong, China, and ninth NDA approved in Greater China.

On July 16th, the China Listing Association was successfully held in the China Listing Settlement Association. This medicine was the world's first and the only precise targeted IDH1 inhibitor to treat acute myeloid leukemia. Authoritative experts have made positive evaluations and expressed high expectations for the value of patients.

It is true that if you want to evolve into BIOPHARMA, it is destined to accept comprehensive tests in pipeline strength, commercialization ability, and patient value. Just like facing a colorful sphere, any single -dimensional evaluation will inevitably bias. Learn to use global thinking to judge the comprehensive strength of each individual from point and face, perhaps the compulsory topic of all practitioners should work with Biotech.

"Full Transparent" growth in high -pressure environments

Of course, success is difficult, but someone will always win.

If you look at the bubble and trough period that Biotech has experienced from Biotech in the United States,

Based on 1994 as the starting point, the United States spent about 6 years climbing out of the valley. By 2000, the index also increased by 5.5 times, and today it has increased by 42.6 times.

▲ US stock BTK Biotechnology Index

In the economic cycle, Biotech naturally cannot escape the fluctuations and baptism of the environment. But we must always keep in mind that even after experiencing the most pessimistic moment, the industry has not disappeared, and there are also strong men such as Genick and Anjin through the product competitiveness.

The capital market is like a roller coaster. In the first half of the year, innovative medicines are still singing. In the past month, there have been signs of yin to sunny.

In the first half of 2022, except for 21 new listed companies, 444 A -share biomedical companies had only 71 companies in realizing their market value, and nearly 85%of the remaining companies' market value was falling.

Beginning in June, some heads BIOTECH's stock price have risen sharply from the bottom. As of the 14th of this month, all refers to the increase of more than 18%from the end of April. In the past year, the secondary market for innovative medicines has brought a lot of warmth.

No matter how the market fluctuates, it cannot be denied that compared to the most lively years, the biomedical IPO is tightening at the gate, and the investor's fault tolerance rate is beginning to turn lower. This is not only the limit test of the cash flow of innovative pharmaceutical companies, but also likely to trigger a series of butterfly effects such as the integrated mergers and acquisitions, the cooling of the first -level market investment and financing, the cutting pipeline, and the layoffs.

However, a reality that cannot be ignored is that the domestic BIOTECH has taken the way for 10-20 years in other markets for almost 5 years, which is equivalent to a "baby" forced to compete with the world's top pharmaceutical companies. Essence

In Japan, which is similar to our market environment, the rise of its innovative drug industry has begun in the 1970s. During the period, it was mainly listed on the new Me TOO/Me Better drug, but basically it was sold in the local area, and there were very few overseas. After the 1990s, foreign pharmaceutical companies entered the Japanese market, the industry competition intensified, and the development of Japanese local new drugs has improved rapidly. At this stage, cross -border pharmaceutical companies such as Takeda Pharmaceutical, First and Three Communists, Anstelai and Wealth Materials, overseas overseas, overseas overseas The proportion of income gradually increased by more than 50%. From local to the world, Japanese innovative pharmaceutical companies have gone for nearly 20 years.

The domestic BIOTECH environment is different, almost under all transparency, and people are holding a magnifying glass to watch the growth. Even so, some people can still break through the siege and run to the front line. In any case, their efforts and aggressive hearts are worthy of recognition.

Ending it, achieve the "new species" in the Chinese pharmaceutical industry

The prosperity and decline of the innovative pharmaceutical industry, the attitude of medical insurance is critical.

A grain of Xinpan is Chen Jinfu, deputy director of the "value -oriented medical insurance strategic purchase", once said: "Medical insurance purchases are not only the current value and incompetence of the present, but the strength and failure of China's medical care in the future."

According to Ferris Santa, from 2020 to 2025, the highest domestic drug prosperity in China, the size of anti-tumor drugs+self-exemptional drug markets will expand from 214.2 billion yuan to 474.4 billion yuan, with a compound annual growth rate of 17.2%. Essence

The current crowded frustration is just a small episode on the way up. Some Biotech, who is in the golden age, still grows positively in a stubborn way.

01

R & D: The game of the brave -strategic layout of the next generation of leading technology

Although the road ahead is vast, there are still many companies that can continue to suffer their courage to bear high risk and frontier layout.

Looking at the stones of his mountains, the Biotech "originator" gene Tike, who passed through the cycle, reorganized insulin by reorganizing DNA technology, and chose to cooperate with Lilly to make up for the shortcomings of commercialization. In the face of the trough of the industry, he took the initiative to transfer control and agreed to purchase 60%of the company's shares of the company for $ 2.1 billion in cash financing, with a overall valuation of 3.5 billion US dollars. When it was acquired in 2009, it was valued at $ 106.4 billion. The situation of Anjin is similar. The previous high -investment R & D model allowed Anjin to be close to bankruptcy twice in the 1980s. In the case of unable to verify the research and development logic of the EPO (promoting red blood cells), it introduced Johnson & Johnson to 10 million US dollars to renew, and then Johnson & Johnson Bring more than 50 billion US dollars. After the dangerous period, the company rose rapidly through mergers and acquisitions. From 2002 to 2006, it became the fastest growth of Angjin's sales in 5 years, with a compound growth rate of 27%.

In comparison, the two companies are early explorers of DNA reorganization gene engineering technology. They seized the dividend of the times and issued more than one "heavy bomb". The right to speak.

At present, there are also some domestic innovative pharmaceutical projects in the global TOP3 position, which can be expected in the future. for example:

The ADC drugs that have a targeted ROR1 jointly developed by Cornerstone Pharmaceuticals and Legochem have the clinical progress in the world's first echelon and have the potential to become the best type.

02

Commercialization: A large number of Biotech runs into the game, and the competition for commercialization of innovation medicines is unprecedentedly fierce

As of the end of 2021, more than 60%(22) have entered the commercial stage of commercialization, 11 of which have opened the first year of commercialization in 2021. Essence

In the final analysis, the underlying logic of commercialization must be the competitiveness of the product.

In terms of product listing, the Cornerstone Pharmaceuticals can be called the Flash in the Innovation Pharmaceutical Company. They have been approved by 4 products within 12 months, which are the most new -generation pharmaceutical companies, and they are the best, the best, the largest, the largest, the largest, and the largest. Avoid homogeneity competition.

For BIOTECH, the success or failure of the pipeline is often a moment. Now only the sales figures showing the commercialization capabilities that can really move the market.

In terms of commercialization, the new -generation pharmaceutical companies have their own advantages, and Baiji Shenzhou has taken the internationalization line of high hits; Cinda creatures are known for balanced and pragmatic; cornerstone pharmaceuticals are more effort, and at the same time, commercialization of commercialization and external authorization. The self -built team, reaching various channels such as DTP pharmacies, commercial security, etc., through small and fine teams through the transition period of commercial transformation, the effect is also very significant -Tyjejevini (Avatinib) and Phuket As an example, Hua® (Pladinib) was an example of net sales within eight months of listing, reaching 162.8 million yuan, accounting for 66.8%of the total revenue of the year, and it was stable and surprising.

Cornerstone Pharmaceuticals' commercial reserve power is still working. In January of this year, Tuoshuwo® (Avonbu, the world's first IDH1 inhibitor) was listed in China. The first prescription was released in June this year. Four innovative drugs that have been successfully listed have filled the gap in the field. In terms of commercialization, the cornerstone pharmaceutical is "customized" business path for this innovative drug:

On the one hand, Tuoshuwo® has been unanimously recommended by the four major authoritative guidelines at home and abroad, and has become the preferred plan for IDH1 mutation AML treatment.

On the other hand, Tuoshuo® provides medicines in 39 hospitals and out -of -hospital pharmacies in many provinces and cities across the country, and is seeking more payment channels. It has been listed for more than 5 months. And commercial health insurance.

The combination of traditional and innovative commercialization has made Tuoshuo's future performance expected.

03

Go to sea: How bumpy dreams to conquer the world, the road needs to go step by step

The United States is the most friendly market for innovative drugs in the world. The medical and health industry accounts for 20%of the US GDP, with an expenditure of US $ 3.2 trillion in 2020. Like a seductive cake, it has become the "promised place" of the rise and transformation of the global BIOTECH.

2019 is the first year of China's innovative pharmaceutical company sprinting in the US market. In November of that year, BTK inhibitors (Zibitinib) in Baiji Shenzhou successfully launched the first shot of China's listing of innovative drugs in the United States.

However, due to various aspects of FDA approval and potential factors, recently, it is increasing that domestic pharmaceutical companies are difficult to go to sea.

How difficult is it? So far, only the BCMA Car-T therapy of the legendary creature that can copy this path is that the latecomers such as Xinda, Junshi, Heshi, Kangfang, Baiji, etc. may be directly rejected, or they are suspended.

▲ Pharmaceutical companies planned to apply for FDA listing in 2022 are currently only legendary creatures successfully reviewed

Although the path of internationalization is difficult, this is the only way to embrace the value of the international market.

At present, many innovative pharmaceutical companies preferably open up the globalization path with the License OUT model -leveraging international partners to make global commercialization more effort, and the influence of overseas brands.

Taking the cornerstone pharmaceutical industry as an example, in the second year of its listing and the fourth year of its establishment, the road to external authorization has been quickly opened. Rights grant EQRX. On the one hand, the future value of the product will be replaced with the real book value of the product, and the research and development of "feedback" will be paved for globalization. In addition, in January of this year, the cornerstone Pharmaceutical Schligley Midumi (PD-L1) treatment of the registered clinical research of phase III NSCLC registered clinical research Gemstone-301 and first-line treatment of the Random dual-blind registered clinical research of phase IV NSCLC, the research results of Gemstone-302, It has been published in the world's top tumor- "Liuye Knife-Oncology". Looking back at the original design of various clinical studies in the cornerstone pharmaceutical industry, it is not difficult to see that each clinical study presets an analysis of OS and paved the way out of the sea in the clinical and academic field.

It is like a road leading to the pyramid in the industry. In addition to a little luck, in addition to a little luck, it is also necessary to have a heart that is not flattened by reality, as well as the harsh and incompetence of every key link in research and development, clinical, commercialization, and production.

As Ren Zeping recently talked about Yu Minhong's live broadcast, looking for hope in despair, life will eventually become glory.

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