On October 28th, the Medical and Life Technology Leadership Summit held by Huaxing ended in Shanghai. Nearly 400 top scientists, corporate CEOs and investors in the field of medical and life sciences in China and the United States attended the summit. Chen Qiyu, chairman of Fosun Pharma, gave a keynote speech at the summit, focusing on the challenges of the business model facing the medical industry, the globalization of new drug research and development, and the two major directions for future innovation.
The generic business model will face challenges
In the past ten years, especially since 2007, China's medical industry has entered a period of high growth, in which the pharmaceutical industry has continued to grow at a rate of 20% per year until 2013, and has risen rapidly throughout the medical sector.
At present, although China's medical industry has become the second largest market in the world in terms of various scale indicators, it has not produced enterprises that match the size and status of the market. In the world's large enterprises, Johnson & Johnson has a market value of nearly 300 billion US dollars, and China's medical enterprises, with a market value of 10 billion to 20 billion US dollars, is considered a large enterprise.
In other words, we have a global market leading market, but no top global company. In this context, the question that needs to be considered is how Chinese medical companies can participate in the market competition currently dominated by US, Japanese and Indian companies.
Chen Qiyu, Chairman of Fosun Pharma
It can be seen that the Chinese market faces both development opportunities and development bottlenecks. With the change of policies, for example, the current state requires pharmaceutical companies to conduct a consistent evaluation of the quality and efficacy of generic drugs, and requires bidding competition, then the business model based on generic drugs will face greater challenges, including from cost and price. competition. On the one hand, with the development of the economy, the cost of Chinese medical enterprises, especially the cost of labor, has risen very significantly. The market needs generic drugs to lower prices, while the cost of pharmaceutical companies continues to increase, resulting in less space. On the other hand, from the global drug market, the per capita drug use level is 150 US dollars, and China has almost reached 120 US dollars per capita. In such an environment, Chinese pharmaceutical companies have embarked on the road to innovation.
Global exploration of new drug research and development
Through communication, it is found that innovation is almost the direction that excellent pharmaceutical companies explore together. The Chinese market is moving forward and there is no shortage of any type of medicine. Everyone knows very well. The market does not lack imitation drugs, but lacks high-value tumor treatment drugs and drugs that truly solve major diseases.
At present, hot spots for drug research and development and innovation in the United States, many pharmaceutical companies including Fosun Pharma have set up innovative research and development institutions in the United States, so that our innovative reach and resource acquisition capabilities can be close to and absorbed by the global innovation center.
Fosun Pharma has two pharmaceutical innovation R&D companies in San Francisco, California. In addition, Fosun Pharma acquired a US innovative biotechnology company, Ambrx, in 2015 with several Chinese companies including Houpu Investment, Everbright Holdings and WuXi PharmaTech, focusing on the development of monoclonal antibodies for the field of tumor targeted therapy. . Through a series of investments, it not only connects and docks cutting-edge innovation resources, but also improves the ability to acquire talents.
The innovative exploration of Fosun Pharma has been experienced since 2007 and has experienced difficulties and accumulated experience and progress. In the domestic manufacture of biosimilars, Fosun Pharma is the first echelon. There are already six products and ten indications have been approved for clinical trials in China. In terms of monoclonal antibodies, this year, the first monoclonal antibody has been approved for implementation in Taiwan. clinical experiments.
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