Nearly 80 billion yuan | What is the next pharmaceutical investment tone?

According to the Annual Report on China's Equity Investment in 2017 published by Zero2IPO, 9120 investment cases have taken place in the first 11 months of 2017. Among them, biotechnology and medical healthcare 1008, involving a total amount of 77.166 billion yuan. A large number of financial integration, the national policy is good, the market players update, in the past year, the pharmaceutical investment market surface placid but actually undercurrents .In the next, the pharmaceutical investment is Will continue to be fiery cooking trend, or gradually attributed to calm and cautious? The next medicine investment tuyere will be where? What pit is to be avoided? Look at the pharmaceutical investment you Gangster how to answer.

Why health care investment in medicine is currently the Red Sea or blue ocean? Why there will be so many cross-border investment in the moment? Against the background of the new era, how should we grasp the investment opportunities in the field of innovation in medicine? Cross-border subversion, pharmaceutical investment Which pit must be avoided?

Among the 17th Annual Forum of China's Equity Investment held by Zero2IPO Group and the investment community on December 7, there were six high-tech investors from GOTAC, Haida Investment, Shanghai Jinglin, Sequoia Capital China Fund, Yuan Yi Capital , Xian pupil capital, the new financial innovation, Anlong Fund and many other investment agencies partners discussed the above issues.

Compared to previous years, the pharmaceutical investment market in the past year has become more active.According to "China's Equity Market 2017 Annual Report" released by Zero2IPO in the first 11 months of 2017, investment cases 9120 There were 1008 cases involving biotechnology and health care, involving a total amount of 77.166 billion yuan.

In terms of the number of investment cases or the scale of investment volume, biotechnology and healthcare have made a particularly significant contribution to the industry-wide investment, while at the same time, a large amount of capital has been put into place, national policies have benefited and market players Update, in the past year, the pharmaceutical investment market surface placid, but in fact, already undercurrents.

Over the past year, 'policy' is definitely a key word, but it is also an important factor that affects the direction of investment in the overall health care industry.

Most representative, but also by the vast majority of investors are concerned, is October 8 this year, jointly issued by the CPC Central Committee General Office and the State Council General Office of the "on deepening the review and approval system reform to encourage drugs medical instruments Innovative opinions, "six major parts, a total of 36 rules, is considered to be of great interest to the industry, including the acceptance of clinical trial data to speed up listing approval review and approval, and accelerating the evaluation of the consistency of the quality and efficacy of generic drugs. Hu Xuefeng, managing partner of Best Investment Group, said: "But in the subdivision field, it may be bad."

Therefore, under the big policy environment, how to operate in the field of medical and health care and how to combine industry and investment are the current concerns of all the investors in the medical and health industry.While in Yuan Yi Capital Partner Yang Ruirong It seems that 'let the policy fly for a while' may be a better solution. 'After a new thing came out there will always be some chaos, first ran for a while, run out, make important decisions, the financial Industry is the case, the pharmaceutical industry is also the case. 'Yang Ruirong said that although the policy guidance for the industry is very important, but from the perspective of the medical investment, it can not completely look at the policy, more critical, good policy-oriented and market-oriented The perfect combination, the only way to see more opportunities.

In the past year, it is not uncommon to find that there is a combination of policy-oriented and market-oriented approaches such as immunotherapy, although the once-hot PD-1 / PD-L1 is still hot, but the overall heat has been weakened , While CAR-T, another therapy, has begun to gradually capture the limelight. Two major events took place in the CAR-T area in 2017. First, on August 29, Gilead announced the acquisition of Kite Pharma for $ 11.9 billion in cash, Second, the United States FDA approved Novartis's CAR-T therapy market on August 30. The two major events that took place within 48 hours signaled that the large pharmaceuticals enterprise The assembly of the acquisition of CAR-T has been sounded, while the other is marking the official regulatory agencies to confirm the approval mechanism for CAR-T therapy has been the impact has emerged.A senior industry investor told E Drug managers, the current domestic market CAR-T-related projects have been soaring, the price soared.

'From a big policy formulation point of view, national policies must stand in a higher field of vision to promote innovation and development in the field of biomedicine.' '' '' '' '' '' '' '' '' '' '' '' ' The main areas of development. 'Including us to see Baekje Shenzhou, Hutchison, and then tripod, these no profits did not profit innovative pharmaceutical companies continue to successfully IPO in Nasdaq, including Hong Kong is also engaged in innovation board, the industry continues You need to be able to perceive the possible changes in the future and then move ahead and layout ahead of time.

The Xian Xiao pupil capital partner Yang Xiaoming warned that in addition to the pharmaceutical industry's own policy, 'in fact, we should also focus on the overall financial policy, including the IPO policy.' In Yang Xiaoming opinion, the impact of these policies on the medical and pharmaceutical industry is actually Relatively large, from the perspective of investment, there are pros and cons.

But no matter what the policy changes, the market is here, with Beida Pharmaceuticals listed on A-share and Medicines listed on NASDAQ in the past year, becoming the number of industries interviewed by drug manager E On the one hand, this proves the feasibility of making innovative pharmaceutical companies in China, giving investors a great deal of confidence, while the other is more important for investors to see The possibility of a successful exit in this area for the future of investment, so the market over the past year, with funds, and confidence; hold the project, to be put up for sale. Overall, the heat still unabated.

But whether it is the Red Sea or the Blue Ocean, it is the benevolent see the benevolent wise things. 'I think for investors, this is a Red Sea market; for Entrepreneurship This is a blue ocean market, with more money and a good policy, but not enough entrepreneurship. "According to Zhang Changyong, Managing Director of Sunac, this is the true state of the past year.

To sum up the past, the total or to predict the future, where investment opportunities? Investment risks and how to avoid?

In Lu Xiaobo's opinion, let's not talk about specific investment areas. One direction is certain. In the future, no matter what kind of enterprises win, its core strengths must be technology and innovation.

'We often take the secondary market Hengrui 200 billion is referring to the matter, but we still have to see a bigger picture now the Internet, Ali, Tencent these Chinese companies and the United States Internet companies market value is very close, but the biomedical Field China's current market capitalization of the largest companies are only the market value of 30 billion US dollars, while Johnson & Johnson's market capitalization is more than 300 billion US dollars. "Therefore, Lu Xiaobo believes that the greater the existing gap, then the future of imagination also The larger, but no matter what kind of company the final victory, must be a truly global innovation company, the only way to have a chance with the same game.

However, in the eyes of Chen Qiao, the investment partner of Haida, there is room for further development in the field of subdivision, especially in the "On deepening the reform of examination and approval system to encourage drug These areas are even more noteworthy in the context of the release of the "Medical Devices Innovation Opinion" Policy. "For now, these policies should be a combination of punches. From R & D to registration and approval, I think there will be some innovative instruments There will be great positive developments in innovative medicines, including the export of pharmaceutical products, but overall these measures will give a chance to overtake some corners of the world in quality, well-researched companies in our country. "

Hu Xuefeng holds the same view. 'From all the current policy changes, it is a trend to encourage innovation to phase out the traditional pharmaceutical industry and eliminate low-end generic. It encourages R & D personnel to carry out their own research in a down-to-earth manner. This is the current policy But at the same time, the requirements for investors are further stringent, 'investors are not professional, how much research you have on this industry chain, you can not polish the eyes looking for a unicorn, Find good projects, support and incubate good projects.

Another key word, 'cross-border', is also bound to continue. In the past, as a relatively traditional industry, there are different elements of culture, health, consumption, health, technology and health, Internet and health Have appeared one after another, and some new participating forces have also become increasingly powerful, such as the 'national team' .In the past year, the whole market added 1,408 government-led funds, the fund target size reached a staggering 8.58 trillion, of which A considerable proportion of the fund has been targeting sight medicine Big health field.

'The medical field welcomes cross-boundary people, cross-boundary thinking and cross-border operators to impact our tradition and indeed the industry is partial to tradition, but we also hope that there will be cross-sectorization and more hope of integration and utilization of other Industry excellent mode of operation, to promote the development of medical and health industry, this is the first. 'In the forum, Hu Xuefeng concluded.

But more importantly, we still have to grasp the essence and the main line of medicine and medical treatment. Whether the concept and the form are adopted, we can solve the pain points of doctors and patients and whether patients can get more efficient, timely and effective treatment. The Fundamentals of Medicine and Medicine There are three main attributes of medicines that are issues that professionals can address in terms of safety, efficacy and accessibility, accessibility and accessibility to cross-border personnel so that cross-border and Traditional professionals to achieve organic integration, the industry can be pushed to faster, better and more efficient development.