How to find a new drug king?
Recently, the Sci-tech Innovation Edition has rejected several biopharmaceutical companies, and a huge wave has been set off among innovative drug companies that are already showing signs of upside down in the primary and secondary markets.
For capital, the first and secondary upside down codes can also choose to exit.
After all, it is profitable.
There will be compensation, and face can be stabilized.
If this cannot be listed, it will be lost, and the mentality will explode immediately
At the same time, an analysis immediately said that this is a clear statement of the regulatory agency on the license-in (licensing introduction) model, indicating that the license-in is not "scientific innovation" and without core technology, this business model is no longer possible.
For a while, everyone was in danger.
Everyone looked down at the approval documents in their hands.
Are they going to sell medicines or stock prices in the future?
01 What exactly is license-in01 What exactly is license-in
Is license-in really useless? First talk about the core capabilities required for a successful license-in:
The ability to identify drugs at the technical level
Bargaining power (knowledge of the international market)
Powerful clinical transformation ability
Commercialization capabilities (knowledge of authorized markets)
It can be seen that in order to complete a successful license-in, the first point above requires the participation of senior people with deep technical background; the second point has exceeded the traditional arts of ordinary pharmaceutical companies; the third point can turn around and become a clinical CRO , The reputation valuation immediately reversed, and it must be the core technical ability; the fourth point is already within the scope of MNC's ability, which belongs to the moat-level ability
Do you say that such a company has no core technology? Of course not, do you say it is not innovative enough? It is not fair, do you say it has no clinical value? Maybe it is an orphan drug for rare diseases
The problem is that some companies are anxious to ring the bell as soon as they reach 2-2.
Naturally, regulators cannot agree
At the first point, the Red Sea target may have been selected on the Red Sea Circuit.
As for whether the second point is taken over or not, it is hard to say whether the third and fourth points are not.
Now I am not cutting leeks, but challenging IQ
So it’s not that there is a problem with the license-in model itself, but that you can’t eat hot tofu in a hurry.
You can not make a profit, but you have to convince me that you can.
This is also in line with the regulatory agency’s response to the company.
You have to show something to prove You are innovative enough
02 what license-out might mean02 what license-out might mean
So is the license-out (foreign license) considered the jewel in the crown of pharmaceutical R&D enough to be innovative? Enough, but not quite enough
If the license-out can be realized, it has naturally gained a certain degree of recognition.
The drug has not yet been launched, and it has been able to make money.
There is quite a child's pride, especially the recognition of MNC, which itself explains the problem
But wouldn't it be better to have such a good child and keep the lintel of the inheritance of the family business? This is also the result of comprehensive consideration of the company's own strength and capability boundaries
The author will give a more straightforward example: a foreign country and an unfamiliar place of life cannot be done by a concubine.
Behind this is a kind of helplessness.
Every successful license-out may be a missed opportunity for an enterprise to become an MNC
Therefore, compared to the research and development strength proved by the license-out, to a certain extent a pure license-in can better explain the comprehensive strength of the enterprise
This is why commercialization capabilities are moat-level capabilities
In fact, at the beginning of the Yuan Dynasty, license in/out was originally a game of MNC.
The essence is that MNC uses its huge commercialization channel capabilities to hedge R&D risks
Since it is a way of pursuing efficiency, it is inevitable that its efficiency is too high and it is coveted by everyone
03 Human innovations are not interlinked03 Human innovations are not interlinked
We talk about innovative drugs and innovative pharmaceutical companies every day.
How much we hope that China will produce an original technology and discover a new target.
This mood is everyone’s, but what we are looking forward to should actually happen in basic research experiments.
Pharmaceutical companies need to consider more and more complex dimensions.
In other words, the innovation that pharmaceutical companies need is to industrialize the innovations we want
How to judge the value of its patented medicine, how to do pre-clinical development and verification, how to conduct clinical trials and large-scale production, are the core capabilities for the development and survival of the company.
Even if it is just a fast follow, every link needs to be bold Innovation
When someone listens to follow, they only see low, but they don't know that what they compare is fast, not follow at all
What is the concept of fast? The world of martial arts, but it will not break soon, this is no longer a moat, this is the moat of the Pacific Ocean
Being able to be fast, even fastest, is already a Coca-Cola-level existence in Buffett's mind
Fast is an extreme industrialization capability
04 The New King Enthroned04 The New King Enthroned
Back to the topic of this article, how to find a new drug king
When a new king becomes enthroned, the old king will abdicate.
Hengrui’s market value has been cut from 600 billion, and the seat of the Juyi Hall has regained suspense.
We can see that the eager CXO and the ambitious Biotech are all using their own indicators to win the throne.
But in fact, as long as you lower your head, you can see that every step of the throne has already been marked with a road book.
The deep commercialization ability (commercialize), the keen license in radar, and the fast pass everyone
I would call it CLiF