In recent years, with the continuous development of medical technology and people's continuous attention to health, the innovative pharmaceutical technology industry has received unprecedented attention and development opportunities. Innovative medicine not only plays an important role in the prevention and treatment of various diseases, but also has a decisive impact on the long-term development of the world pharmaceutical industry. Even in today's capital winter, the field is still hot. Based on the views of Yu Jing, partner of Mifang Health Fund, who participated in the 8th Cell Biology Industry Conference and the 6th China Biomedical Innovation Cooperation Conference and Chengdu Biomedical Innovation Achievement Roadshow held by Chengdu High-tech Medical Association on November 29, 2023, the author summarized the views of the speech.
Market analysis In the field of CGT, there are currently more than 3,600 products in the global research pipeline in clinical trials, but few products on the market. There are about 130 products in China, 80% of which are in phase I and Phase II, and domestic CGT mostly focuses on solid tumors and lymphomas. In terms of financing, from 2021 to 2022, there are 62 cases, 35 in round A, 8 in round B, and 6 in round C, with the highest financing amount of $120 million. As of 2023, there have been 63 cases, 27 in round A, 10 in round B, 7 in round C, and 7 in seed and angel rounds, with the highest financing of 950 million yuan. First, the changes in the international situation, mainly the Sino-US relations, have had a huge impact on the capital, science and technology, and talent of the industry. Due to the US dollar interest rate increase, the US dollar flows back, which makes the financing cost higher, and makes the cycle of innovative pharmaceutical projects longer, the research and development investment increases, and the project uncertainty increases. Second, changes in terminal payment and medical insurance control fees have also brought impact, affecting product pricing and market expansion. Third, the secondary market bottomed out, the IPO channel was narrow, for VC, PE, there is inevitably more certainty in the choice of safe assets requirements. For example, there are higher requirements for product certainty verification, certainty innovation and predictable revenue. Challenge Coping strategy First, enterprises must focus on their own circle of competence, from the beginning to control product risk, research and development risk, registration risk and commercialization risk. For long-cycle projects, it is necessary to form a match with the products of rapid forensics in a timely manner, and do a good job in resource allocation of the project pipeline. For small enterprises, cash must be king, reasonable planning of moderate competition in the field, and strive for maximum efficiency. Enterprises should be good at using a variety of tools, such as license and license out, and cooperative development. Second, in terms of operation, enterprises should pay attention to research and development that has not been met clinically. If the enterprise involves overseas BD and registered sales in the future, it also needs to have a first-class team. Third, enterprises need to do a good job of reducing costs, reducing the burden on patients, and improving the accessibility of drugs. Sum up
