Analysis on the listing of pharmaceutical companies in science and Technology Innovation Board: lack of motivation for the listing of innovative drugs

Science and technology innovation board has been listed for nearly half a year, with a total of 185 enterprises accepted, including 27 pharmaceutical enterprises, 9 registered and effective, and 1 innovative drug On December 18, the CSRC approved the IPO registration of Tebao bio tech innovation board This is the 15th successful IPO in science and technology innovation board in the pharmaceutical industry According to the public information, Tebo bio was founded in 1996 It is an innovative biomedical enterprise mainly engaged in the research and development, production and sales of recombinant protein and its long-term modified drugs, with immunity related cytokine drugs as the main research and development direction At present, the products on the market include one country, one class of new biological products - pegabin ® and three original countries, two classes of new biological products (telli ®, teljin ®, telkang ®) The finished injection products are sold in more than 10 countries, including China, Brazil, India, Russia, etc According to the Shanghai Stock Exchange, turbo biology submitted an application for listing on March 27, 2019, and was listed in the second batch of science and technology innovation board acceptance list On July 31, the listing audit of Turbo bio was suspended due to the expiration date of the financial information issued and listed Two months later, the listing review was resumed On October 31, it passed the listing meeting and was registered and approved by the date of publication According to its prospectus, the IPO is intended to raise 608 million yuan, which is mainly used for the reconstruction and expansion of protein drug production and R & D center construction project, new drug R & D project and chronic hepatitis B clinical cure research project However, after the successful meeting of Tebo biology, it was questioned due to the high academic promotion fee According to the prospectus, in the first half of 2019, the company's operating revenue was 319 million yuan, and its selling expenses were 193 million yuan, including 132 million yuan for academic promotion In half a year, 1432 academic promotion conferences were held, including 79 large-scale conferences The average number of participants was 110, and the cost of large-scale conferences was 43.5685 million yuan According to media reports, "on average, 7.85 games a day." Academic promotion fee has always been an important means for pharmaceutical enterprises to carry out gold sales and promote new products, and it is also a disaster area for commercial bribery in the industry In addition, during the R & D process of five pegylated protein long-acting drugs, such as its main product, pegobin, treble biology obtained a patent license for a certain field of Beijing keyvia Technology Co., Ltd by buying out the exclusive license mode The low R & D expense rate (6% on average) and the background of the actual controller "layman" make the company questioned It will take time to verify whether Tebo is as bad as doubt Up to now, it has been nearly half a year since the opening of the scientific and technological innovation board According to the statistics of e-drug managers, at present, the scientific and technological innovation board has accepted 185 enterprises in total, including 75 enterprises with effective registration and 23 enterprises with terminated audit, with an effective registration rate of 40.54% and a terminated audit rate of 12.43% Specific to biomedical manufacturing enterprises, a total of 27 enterprises were accepted, accounting for only 14.59% of the industry declaration Among them, 9 enterprises have been registered and become effective, and 4 enterprises have terminated the audit The effective rate of registration is 33.33%, and the audit rate of termination is 14.8% From the overall data, the biomedical industry belongs to the frontier innovation field, but the application enthusiasm is general, the registration effective rate is lower than the overall, while the termination audit rate is slightly higher Specific to the enterprise, the main performance is the lack of innovative drug power According to the data, about one quarter of the innovative drugs have been declared Among the nine registered and effective enterprises, only one innovative drug enterprise is micro core bio, and the successful proportion of listing is less than half of the declared proportion As we all know, the industry has always tacitly agreed that the fifth set of registration standards is customized for unprofitable innovative drug companies At the beginning of its establishment, we thought it was a "great advantage" for innovative drugs Innovative drugs or innovation in science and technology are everywhere At present, it still needs motivation.