中国医药行业并购三大亮点引人瞩目


中国医药行业并购三大亮点引人瞩目

 
 
 
 
 
中国医药行业并购三大亮点引人瞩目
作者:  来源:中国医药报  发布者: 亦云  类别:产业动态  日期: 2011-03-13  今日/总浏览: 86/86

2010年,卫生部等三部委联合发布的《关于加快医药行业结构调整的指导意见》,明确了行业整合方向以及调整组织结构的具体目标。对于中国医药行业并购的现状和机会,有关机构近日发布的《2010年中国医药行业并购机会剖析专题》认为:政策性组合拳的出击,已成为推动医药行业大整合的历史性机遇。医药公司的并购高潮不断,而“做强做大”是医药行业重组并购在未来一段时间内的持久性主题。



生物制药备受青睐



生物技术是全球发展最快的高技术之一。各新兴生物技术已被广泛地应用于医疗、农业、生物加工、资源开发利用,并对制药等产业的发展产生了深刻的影响。生物制药业是利用现代生物技术(包括基因工程、细胞工程、酶工程、微生物工程、生化工程和蛋白质工程)生产生物药品的行业,其特点是高盈利、高增长。2009年中国生物医药产业规模达到850亿元,同比增长24.6%。随着越来越多的生物药品进入医保目录,以及国家加快创新药品研发的步伐,可以预计未来生物制药业工业总产值将持续上涨。



目前,国家努力通过加大投入来壮大整个生物制药行业的研发和创新能力,从而推动生物产业的发展。在“十二五”规划中,我国将进一步推动具有自主知识产权的生物技术产业化,促进生物产业集群化和国际化发展。生物制药的安全标准不断提高,监管力度也逐步加大,这必将导致整个行业的政策性洗牌加速,行业集中度逐渐提高。随着生物制药领域在全球范围内蓬勃发展,越来越多的跨国制药公司将目光和精力投入到了这个领域,并开始进一步发掘中国生物制药市场的巨大潜力。



生物制药新产品的研究和开发需要投入大量的资金,新产品的开发存在较大的不确定因素,但是一个成功的产品往往能给投资者带来巨额的利润。生物制药企业在创业阶段以创业投资资本为主,随着企业的发展成熟,普通权益性资本开始增加,达到生产销售的规模经济以后,开始吸收债务性资金如企业债券和银行贷款。



近几年,全球肆虐的甲型H1N1流感疫情,在为疫苗等产品带来火热销售的同时,也使得生物医药产业备受关注,各大创业投资机构纷纷盯紧该领域。2009年,创投对生物医药行业频频出手,在国内生物医药领域的投资动作不断。接连的投资体现出创业投资机构青睐这个行业,看中了该领域潜在的成长性。



针对生物制药高投入、高风险、高科技、开发时间长的特点,通过收购可以节约开发投入,降低投资风险,利用现成的科技人员和设备,缩短投资回收期,收购者可以利用被收购企业的市场地位,如现成的行销网络,及其与当地客户及供应商多年以来建立的信用,使企业能马上在当地市场占有一席之地。



2008年国际金融危机以后,制药巨头积极进行多元化发展,纷纷通过并购重组来整合实力,在应对危机的同时也为危机后的运营打下了坚实的基础。2009年,在全球医药行业就出现过一轮波澜壮阔的并购风潮。2009年7月全球第二大制药公司葛兰素史克(GSK)获欧盟委员会批准,以36亿美元收购全球最大独立制药公司、美国护肤品公司Stiefel实验室。该收购使GSK的护肤品业务增加至原有的三倍,并占有全球药妆市场8%的份额。



2009年11月4日,强生宣布其全球重组计划。继2009年4月以5亿美元的价格收购生物技术企业BiParSciences公司、7月收购印度疫苗公司Shantha后,10月1日,赛诺菲-安万特宣布,将以3.7亿欧元(约合5.38亿美元)收购开发眼科产品的法国生物技术企业Fovea公司。赛诺菲-安万特还在继续寻猎。近10年来全球最大药品制造商辉瑞制药共投入2222亿美元进行了8次大的并购,快速成长为世界第一大制药公司。在相继获得欧盟、中国、美国和加拿大等有条件的审批通过之后,辉瑞制药以现金加股票的方式成功收购惠氏。化学药老大的辉瑞希望通过并购惠氏来抢占生物制药的桥头堡。



医药流通期待做强



医药流通行业是连接上游医药生产企业和下游零售终端的重要环节。医药流通企业从上游医药生产企业采购药品,然后再批发给下游的医药分销企业、医院、药店等,通过交易差价及提供增值服务获取利润。医药流通企业是整个医药行业中的重要一环,起着承上启下的关键作用。



发达国家药品流通市场已比较成熟,批发环节集中度高,“规模化、集约化”特征比较明显。美国药品销售额占世界药品市场的份额40%以上,但药品批发商总共只有75家,前三名的市场占有率高达96%;欧盟排在前三位的药品分销企业,其市场占有率为65%;法国8家药品批发企业中,排在前三位的市场份额高达95%;德国仅保留了10个大型药品批发商,前三名的市场份额达60%~70%;而像丹麦、挪威、瑞典等小国,全国只剩下2~3家医药批发企业,集中度很高;日本药品销售额占世界药品市场的12%,该国仅有147家药品分销企业,前三名的市场占有率为74%。由于药品市场的集中度相当高,这些发达国家不仅可以对药品市场进行非常有效的监管,而且监管成本得以降低。发达国家医药市场发展历史表明,我国医药商业领域的集中度仍有巨大提升空间,在未来一段时间,医药商业企业竞争的大格局是集中度将大幅提高。



从全球市场来看,美国、日本等医药大国都历经了十年的并购整合,其医药流通市场集中度大大提高。如日本用十年的时间,将医药流通市场集中度从21%提高到了67%;而美国在十年内其医药流通市场集中度则提高到了96%。从2002年~2008年我国医药商业行业的情况来看,我国医药商业行业的集中度正在稳步提高,正走着与美国、日本相似的发展路径。



未来十年我国医药流通市场将步入快速整合阶段,市场集中度将显著提升。目前我国医药流通行业正处于较为分散的市场态势,截至2008年底,我国具备药品经营质量管理规范认证的医药流通企业13,000余家。



近年来,受惠于行业整合,大型医药流通企业的市场份额已呈现上升趋势,市场集中度也不在不断提升。根据中国医药商业协会的统计资料,2003年~2008年,我国三大医药流通企业——中国医药集团总公司,上海市医药有限公司和九州通医药集团股份有限公司的合并市场份额已由12.7%增至20%;前十大医药流通企业的总市场份额由26.1%增至34.6%,行业集中度已大幅提升。销售收入超过50亿元的企业个数也由6个增至11个;超过20亿元的企业个数由17个增至42个,行业规模化也在逐步形成。



研发外包方兴未艾



医药外包(合同研究组织,CRO,ContractResearchOrganization)始于欧美,指大型制药企业将一些非核心的研发环节外包,在提高效率的同时,节省30%~50%的成本。



专业的医药研发外包机构由此应运而生,并逐渐形成可观的市场规模。2009年,世界领先的医药研发外包公司如昆泰、科文斯、PPD等,各自的年营收均超过10亿美元。中国CRO行业相对年轻,若以2000年药明康德成立作为该行业元年,则本土CRO企业至今不过拥有十年的历史。在国际CRO企业的带动和中国鼓励新药研发政策的大环境下,中国CRO行业得到了迅速发展。在短短的五六年时间内,中国已涌现出了100多家从事CRO的企业,从事化合物研究外包、原料药研究外包、制剂临床前研究外包和临床研究外包等细分领域的研发外包工作。有关数据显示,2008年中国医药研发外包市场规模已上升到约2.6亿美元,较之2005年2500万美元的市场规模足足增长了10余倍,2010年预计增长至4.30亿美元。制药工业正在加速减少传统的内部研发力量,增加研发外包的比例。



CRO这个年轻的行业在中国发展势头非常迅猛,获得了地方政府的大力支持。如北京亦庄、上海张江高科技园区已形成CRO产业集群。它们更以“高附加值、高利润率”的行业特征吸引了创投资本的青睐。如启明创投投资了临床试验CRO泰格;华平、泛大西洋资本、富达亚洲、大华投资、天地基金和富达生物先后投资了药明康德。2007年,药明康德在纽交所的成功上市点亮了整个行业的前途。



兼并活跃的小型生物制药企业已经成为跨国药企迅速获得有巨大市场潜力新药的好办法,CRO之间的兼并也成为CRO提高研发效率、拓展业务、谋求更大市场份额的有效手段。2009年10月底,全球CRO领域排名前三的PPD公司为增强在华布局,并购了成立于2000年的提供临床服务的北京依格斯医疗科技公司。依格斯在中国拥有300多名员工,而PPD则在全球范围内拥有1万多名员工。同年12月,PPD公司又斥资7700万美元收购了中国北方最大的CRO之一保诺科技。后者主要从事临床前研究,可以为PPD的临床研究提供很好的基础。一度引起业界巨大轰动的CharlesRiver收购中国最大CRO药明康德的兼并活动最终由于收购方大股东的反对而中止,前者也因此向药明康德支付了3000万美元毁约赔偿。



而对中国本土的CRO企业来说,通过并购实现纵向一体化,能延长产业链,扩大利润增长空间。2009年1月,康龙化成通过收购获得欧洲GLP毒理学服务认证的维通博际(中国),得以将业务从新药研发前期研究扩展到能够提供临床前实验的所有化学服务,目前其将视线瞄准了利润率更高的生物试验环节,表示将拓展相应业务,实现盈利增长。

 
 
作者:
来源: 中国医药报
发布者: 亦云
 

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Three highlights of the pharmaceutical industry in China M & A remarkable
Author: Source: China Pharmaceutical News Posted by: Yiyun Category: Industry News Date: 2011-03-13 Today / Total View: 86/86

In 2010, the Ministry of Health and other ministries jointly issued by the three "speed up the restructuring of the pharmaceutical industry guidance," clearly the direction of industry consolidation and rationalization of the organizational structure of the target. For the status of the Chinese pharmaceutical industry mergers and acquisitions and opportunities, the organization recently released "2010 China M & A opportunities for the pharmaceutical industry analysis topics" that: a portfolio of policy initiative, has become a big pharmaceutical industry to promote the integration of the historic opportunity. Pharmaceutical company mergers and acquisitions continue to climax, and "bigger and stronger" is the reorganization of the pharmaceutical industry mergers and acquisitions in the next period of time of persistent theme.



Biopharmaceutical favored



Biotechnology is one of the fastest growing high-tech. The emerging bio-technology has been widely used in medical, agricultural, biological processing, resource development and utilization, and development of pharmaceutical and other industries had a profound impact. Biopharmaceutical industry is the use of modern biotechnology (including genetic engineering, cell engineering, enzyme engineering, microbial engineering, biochemical engineering and protein engineering) production of bio-pharmaceutical industry, which is characterized by high profitability and high growth. Biomedical industry in China in 2009 the scale of 850 billion yuan, up 24.6%. As more and more into the health insurance directory of biological drugs, and drug development to accelerate the pace of innovation, the future can be expected to keep rising industrial output value of the biopharmaceutical industry.



Currently, national efforts to grow through increased investment in the bio-pharmaceutical industry research and development and innovation, thus promoting the bio-industry. In the "second Five-Year" plan, China will further promote the proprietary biotechnology industry, and promote the bio-industry cluster, and international development. Pharmaceutical safety standards continue to improve gradually increased supervision, which will lead to reshuffle the entire industry to accelerate the policy, industry concentration is increased gradually. With the bio-pharmaceutical sector booming worldwide, more and more multinational pharmaceutical companies will look and energy into this area, and began to further explore the Chinese pharmaceutical market of great potential.



Biopharmaceutical research and development of new products requires a lot of money, new product development there is a big uncertainty, but a successful product often give investors huge profits. Biopharmaceutical companies to venture capital in the venture capital stage of mainly, as the business matures and begins to increase common equity capital to achieve economies of scale in production and sales, they began to absorb the debt funds such as corporate bonds and bank loans.



In recent years, the global epidemic of influenza A H1N1 influenza epidemic, brought in for the hot selling products such as vaccines, but also makes biomedical industry concern, the major venture capital institutions have close watch on the field. In 2009, venture capitalists frequently shot on the bio-pharmaceutical industry in the domestic investment in the biomedical field action continued. Series of venture capital investment reflects the favor of the industry body, eyes on the potential growth in this area.



For bio-pharmaceutical high input, high-risk, high technology, the characteristics of a long development time, save through the acquisition and development investment, reduce investment risk, the use of existing scientific and technical personnel and equipment, reducing the payback period, acquirers can use the acquired company market position, such as ready-made marketing network, and its relationship with local customers and suppliers over the years established credit, so that enterprises can immediately place in the local market.



In 2008 the international financial crisis, diversification of active pharmaceutical giant, have adopted to integrate the strength of the M & A, in response to the crisis but also for operation after the crisis has laid a solid foundation. In 2009, appeared in the global pharmaceutical industry had a magnificent wave of mergers. July 2009 the world's second largest pharmaceutical company GlaxoSmithKline (GSK) has been approved by the European Commission, with 36 billion acquisition of the world's largest independent pharmaceutical company Stiefel Laboratories American skin care company. The acquisition gives GSK the skin-care products business increased to three times the original, and the share of the global cosmeceutical market share of 8%.



November 4, 2009, Johnson & Johnson announced its global restructuring plan. Following the April 2009 price of 5 billion acquisition of biotechnology companies BiParSciences company, in July the acquisition of Indian companies Shantha vaccine after October 1, Sanofi - Aventis announced, will be 370 million euros (about 5.38 billion) acquisition of French development of ophthalmic products, biotechnology companies Fovea company. Sanofi - Aventis continues to look for hunting. Past 10 years, the world's largest drug manufacturer Pfizer has invested $ 222,200,000,000 was 8 times larger acquisitions, rapid growth for the world's largest pharmaceutical companies. Have been obtained in the European Union, China, the United States and Canada, after the adoption of conditional approval, Pfizer in cash and stock acquisition of Wyeth. Chemical drug boss Wyeth, Pfizer hopes to seize the bio-pharmaceutical M & A bridgehead.



Look forward to stronger medicine circulation



Pharmaceutical distribution industry is connected upstream and downstream retail pharmaceutical enterprises an important part of the terminal. Pharmaceutical distribution companies from the upstream procurement of medicines pharmaceutical enterprises, and then to the downstream of the pharmaceutical wholesale distribution companies, hospitals, pharmacies and so on, through the trading post and provide value-added services for profit. Pharmaceutical distribution companies in the pharmaceutical industry is the important part, plays a key role in connecting link.



Developed countries, pharmaceutical distribution market is more mature, focused and high wholesale segment, "scale, intensive" features more distinctly. Drug sales in the U.S. share of total world pharmaceutical market more than 40%, but were only 75 drug wholesalers, the top three market share up to 96%; the European Union's top three drug distribution business, its market share 65%; France eight pharmaceutical wholesale enterprises, the top three market share up to 95%; Germany retained only 10 major drug wholesalers, the top three market share of 60% to 70%; and like Denmark, Norway, Sweden and other small, only 2 to 3 national pharmaceutical wholesale enterprises, the concentration is high; Japanese pharmaceutical sales accounted for 12% of the world pharmaceutical market, the country only 147 drug distribution business, the first three Name of the market share of 74%. As the pharmaceutical market concentration is very high, these countries can not only be a very effective drug market regulation, and supervision costs are reduced. Pharmaceutical market in developed countries, the history of that area of ​​China's pharmaceutical business is still huge room to improve concentration, in the next period of time, pharmaceutical commercial enterprises is the competition pattern of concentration will be increased substantially.



From the global market, the United States, Japan and other countries have experienced a decade of major pharmaceutical merger integration, the pharmaceutical distribution market concentration greatly increased. Such as Japan in ten years time, the pharmaceutical distribution market concentration from 21% to 67%; while the United States within a decade, the pharmaceutical distribution market concentration is increased to 96%. From 2002 to 2008, China's pharmaceutical business sectors of the situation, China's pharmaceutical business sector concentration is steadily improving, are walking and the United States and Japan similar development path.



The next decade, China's pharmaceutical distribution market will enter a phase of rapid integration, market concentration will be significantly enhanced. China's pharmaceutical industry is currently in circulation in a relatively fragmented market situation, the end of 2008, China's pharmaceutical quality management specification has certified more than 13,000 pharmaceutical distribution companies.



In recent years, benefiting from industry consolidation, large pharmaceutical distribution company's market share has been on the rise, the market concentration is not in continuous improvement. According to China Association of Pharmaceutical Commerce statistics, in 2003 and 2008, China's three major pharmaceutical distribution companies - China National Pharmaceutical Group Corporation, Shanghai Pharmaceutical Co., Ltd. and Kyushu Pharmaceutical Group Inc. has combined market share of 12.7% to 20%; the top ten pharmaceutical distribution companies in the total market share from 26.1% to 34.6%, industry concentration has increased dramatically. Sales of more than 50 billion business number also from 6 to 11; more than 20 billion business number from 17 to 42, industry scale is gradually formed.



R & D outsourcing in the ascendant



Pharmaceutical outsourcing (contract research organization, CRO, ContractResearchOrganization) began in Europe, refers to a number of large pharmaceutical companies to outsource non-core R & D areas, to improve efficiency, save 30% to 50% of the cost.



Professional bodies which pharmaceutical R & D outsourcing came into being and gradually formed a substantial size of the market. In 2009, the world's leading pharmaceutical research and development outsourcing companies such as Quintiles, Covance, PPD, etc., their annual revenue over 10 billion U.S. dollars. China's CRO industry is relatively young, and if set up in 2000 as the industry WuXi the first year, the local CRO company currently has only a decade old. CRO business, driven by international and Chinese policy to encourage new drug R & D environment, the Chinese CRO industry has been developing rapidly. In just five or six years time, China has emerged in the CRO more than 100 enterprises engaged in the compounds of outsourcing, research outsourcing of bulk drugs, formulations outsourcing of preclinical studies and clinical research outsourcing, outsourcing of R & D segments . The data show that in 2008, pharmaceutical R & D outsourcing market in China has risen to about 2.6 billion U.S. dollars, compared with $ 25,000,000 in 2005 a full size of the market grew by more than 10 times in 2010, is expected to grow to 4.30 billion U.S. dollars. Reduce the traditional pharmaceutical industry is accelerating internal development efforts and increase the proportion of R & D outsourcing.



CRO in this young industry is very rapid development momentum in China, won the support of local government. Yizhuang such as Beijing, Shanghai Zhangjiang Hi-Tech Park has formed a CRO industry cluster. They are more "high value-added, high margin," the industry characteristics favor of attracting venture capital. If clinical trials of Qiming Venture Partners invested CRO Tiger; Warburg Pincus, General Atlantic, Fidelity Asia, investing in China, the world funds and has invested in Fidelity biological WuXi PharmaTech. In 2007, WuXi PharmaTech's successful listing on the NYSE light up the future of the industry.



Mergers of small bio-active pharmaceutical companies have become multinational pharmaceutical companies quick access to a huge market potential of new drugs a good way, CRO CRO has become a merger between the research and development to improve efficiency, expand their business and seek effective means to a larger market share. The end of October 2009, the global CRO PPD, the top three areas to enhance the layout in China, was established in 2000 acquired the provision of clinical services by Gus Beijing medical technology company. By Gus has 300 employees in China, and PPD in the global scale has 10,000 employees. In the same year in December, PPD company has invested 77 million U.S. dollars acquisition of one of north China's largest CRO BioDuro technology. The latter is mainly engaged in pre-clinical studies, clinical study for PPD to provide a good foundation. Once caused a huge sensation CharlesRiver the industry's largest CRO WuXi acquisition of merger activities in the final major shareholder of the acquirer and the suspension of the opposition, the former WuXi PharmaTech therefore paid to the $ 30,000,000 compensation for breach of contract.



The CRO in China local enterprises, vertical integration through acquisitions, to extend the industrial chain, expanding profit growth. January 2009, Hong Long get into Europe through the acquisition of GLP toxicology services to the international certification of Victory Bo (China), to the drug development business from the previous study on the expansion to be able to provide all pre-clinical chemistry services, will present its line of sight aimed at the more profitable aspects of the biological test, said it would expand the appropriate business and achieve profitable growth.
 
 
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Source: China Pharmaceutical News
Posted by: Yiyun

 
 
 
 
 

[ 作者:佚名    转贴自:本站原创    点击数:198    更新时间:2011-3-13    文章录入:nnb ]