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"It's you who find projects, it's you who talk about cooperation, and it's you who host leaders.
.
.
It's you, it's you, it's you! "What exactly is the criteria for a good BD?
For China's pharmaceutical industry, winter has long come, but spring still seems to be not approaching
.
At the end of 2022, the capital market will rise slightly with the improvement of the external environment, is this the warm sun of winter, or the breath of spring? The major adjustment of the epidemic prevention policy is a good news or a worry for the pharmaceutical industry, which has invested heavily in the new crown field? How to rebuild investment confidence and valuation logic that has been frozen by Shuofeng Wind? How can patient-centric and clinical value-oriented R&D be reshaped? Under uncertainty, where is the definitive development direction of the pharmaceutical industry? On January 11, the "2023 China Pharmaceutical Industry New Year Outlook Conference" hosted by E Drug Manager and Micro Antidote was held
online.
At the same time, Yang Dazhou, Vice President of Strategy and Business Development of Aike Biopharma, Duan Feng, General Manager of Investment Department of Salubris Pharmaceutical, Li Ying, Vice President of Betta Pharmaceutical, Feng Yi, Senior Vice President/Chief Strategy Officer of Kelunbot, and Hu Yanbao, Director of the Board Secretary/Head of Commerce Department of Quanxin Biologics, etc.
, together with E drug managers, discussed the issues of general concern in the BD industry.
In-depth sharing and discussion were conducted
1 "BD wind direction has changed"
1 "BD wind direction has changed"Why do more and more companies attach so much importance to BD? In the view of the participants, when we are talking about when the winter of innovative drugs ends, we must first think about why the winter began.
The core problem is that the expected returns of innovative drugs have not been realized, and investors' confidence in listing has decreased
.
This has led to people becoming cautious and fearful of many companies and projects, and eventually being marginalized and abandoned
.
From this basic business common sense, if the payment problem of innovation cannot be solved and the market is not large enough, then the degree of innovation activity and the development of pharmaceutical companies will inevitably be restricted
.
BD is a particularly important part
of this.
How has the BD environment changed in the past year? According to the participants and Blue Book analysis, there are four trends worth paying attention to
.
First, the transfer
of discourse power.
At a time when innovation is very active, the balance is more inclined towards the seller's market
.
If the buyer buys for a little night, or if the price is not attractive enough, the seller may close the deal
with other partners in an instant.
Now, the wind has changed, when the capital has cooled down, the market's voice is gradually tilted to the buyer, and everyone begins to carefully select the project
.
Second, valuations are polarized
.
Due to the wave of research and development of PD-1 targets in the previous two years, some Biotech, which has saved capital and paid for the market, has entered an impasse
.
This has led to the Matthew effect on valuation, showing a trend
of the strong always strong and the weak getting weaker.
Third, domestic transactions are active
.
Due to the time difference between domestic innovative drugs and overseas, although there are not many high-quality projects, everyone is still willing to huddle for warmth
under the cold winter of capital.
The number of domestic transactions has even doubled recently
.
Fourth, demand is shifting
to the back line.
For mature pharmaceutical companies, it is more important to ensure stable cash flow
.
Therefore, in the cold winter, mature products
that can be realized immediately are preferred.
The multiple changes in the situation also put forward higher requirements
for the BD business and talents of enterprises.
.
This has led to people becoming cautious and fearful of many companies and projects, and eventually being marginalized and abandoned
.
There are four trends worth paying attention to: First, the shift
in discourse power.
Second, valuations are polarized
.
Third, domestic transactions are active
.
Fourth, demand is shifting
to the back line.
2 Good BD is equivalent to an entrepreneur BD is not a simple "matchmaker", but a comprehensive job with strong professional and technical requirements
.
.
"BD's responsibilities under the new format are not only product acquisition
.
" The participants believed that the responsibility of this position is to find a good team, a good product, and a good underlying technology
for the company.
These three are the criteria
for judging the immutability of a good project.
It's also something businesses have been doing
before and after the pandemic.
"If you have all three, it is the best state, if you can't have them all, at least one
of them.
" Participants pointed out that the purpose is to make up for the company's capabilities and shortcomings in an all-round way
.
For a BD, his most glamorous moment may be the moment of signing the agreement, but that only means that the first step
in a long march has been completed.
When the project is introduced, it will become part of the company's pipeline, and the follow-up and training of the later project still requires a lot of energy and countless difficulties
.
For example, the ability to smoothly introduce a foreign Class 1.
1 new drug product and fully dock with foreign high-level research and development capabilities can drive the improvement
of the entire research and development level of the enterprise.
For the person in charge of BD, it is a test of R&D ability and overall management level
.
"Of course, these three criteria do not fully cover the value
that a BD can bring to the company.
" The value that a good BD can bring to the enterprise is more than that
.
What kind of ability does a good BD talent need? According to the participants and the analysis of the "Blue Book", the requirements for BD talents are almost the requirements of an entrepreneur, which is very comprehensive and comprehensive
.
Therefore, the cultivation and retention of BD talents is particularly important
.
"New drugs are often launched in 6-7 years, while BD projects can usually be landed in 5-10 months, and this time mismatch has also led to the situation
that some projects do not wait to land, and BD talents have already flowed.
" Panelists and the Blue Book pointed out that management needs some diversified incentives
for the retention of BD talent.
At the same time, the Blue Book also suggests that BD work needs to be delegated by management, which is conducive to the rapid implementation
of the project.
.
The requirements for BD talents, almost those for an entrepreneur, are very comprehensive and comprehensive
.
Therefore, the cultivation and retention of BD talents is particularly important
.
3 "Regulatory communication is not just a matter of R&D"
3 "Regulatory communication is not just a matter of R&D""The process of continuous advancement of the project is actually a process
of bargaining between enterprises and drug regulatory agencies for the future listing of products.
" The guests said
.
How do you connect BD efforts to the clinical development process, regulation, and policy? In fact, it is still a topic
worth exploring in depth.
The participants stressed that communication with regulatory authorities cannot be simply regarded as the work of a single R&D department and has nothing to do with
BD.
In fact, it is inseparable
from the differentiation of the entire company team to build projects, and is supported and allocated by better regulatory resources, which translates into the company's advantages in pipeline, market and investment.
Especially after the introduced preclinical projects enter the clinical stage, how to improve the value of the pipeline is not only the key for enterprises to maximize the value of the pipeline, but also the focus
of investors and the entire capital community.
Participants suggested that in this process, BD members of the company should change the attitude that "communication with regulatory agencies is only the work of the R&D department" and fully understand the significance of
product development milestones.
"The node of product development is precisely when
the test results are collected and the enterprise needs to make decisions and analyze.
This also means that these nodes are also the decision-making points
for gathering compliance issues and investors' decisions to invest or not.
The panelists pointed out
.
Therefore, the company should make good use of these decision-making points, accurately identify and optimize the problems in each project, and benefit the most from the minimum risk.
What are the risks that the entity bears? What is the optimal solution? Finding answers and actively communicating with regulation may have additional spillover effects
.
In addition, the participants also pointed out that the BD team should fully grasp the differentiation advantages
of the company's internal projects.
Always focus on capturing the differentiated, advantageous chain of evidence chain in order to promote your own project
when working with the outside world.
"Most importantly, BD needs to think outside the thinking of its own products and overlook the larger range of technologies
.
" The participants emphasized that multinational companies are looking down from the high ground of the entire research and development
.
Domestic BD personnel should also do the same, in addition to seeing the advantages of their own projects, but also more accurately grasp the latest treatment methods
.
from the differentiation of the entire company team to build projects, and is supported and allocated by better regulatory resources, which translates into the company's advantages in pipeline, market and investment.
BD members should change the attitude that "communication with regulators is only the work of the R&D department" and fully understand the significance of
product development milestones.
The BD team should fully grasp the differentiation of
the company's internal projects.
4 Leverage BD to leverage more enterprise development resources
4 Leverage BD to leverage more enterprise development resourcesBD has another image in the company, that is, "golden oil"
.
"It's you who finds projects, it's you who talks about cooperation, and it's you who receives leaders.
.
.
It's you, it's you, it's you! The guests teased
.
Especially in the reality of the capital winter, the test of BD capabilities is more severe
.
Participants observed that many of the recently listed companies, as well as those that received financing at a later stage, were involved by government-backed institutions
.
This requires BD to cooperate well with the company or financing department or boss to communicate with local governments and some institutions, and leverage government resources
from the capital level.
In addition, from the perspective of network resources, BD can also do corresponding communication and attempts
.
At present, there are many biomedical parks in China, and the staff in them, with corresponding industry resources, can also be used as one of
the contact points for BD personnel to open up to the outside world.
"In the context of capital winter, the upstream and downstream of the entire industrial chain are huddling to warm up, hoping to enhance the certainty of
each other's development through closer cooperation.
" Panelists emphasized that capital markets now prefer companies with certainty
.
For example, companies
with greater certainty of commercialization.
Then BD enterprises can enhance this certainty through commercialization or cooperation with upstream companies, and can give better feedback
to the capital market.
Let everyone fully realize that the enterprise can finally run, can walk steadily and well
.
In addition, attention should be paid to cross-border resource docking and grafting
.
For example, the communication of embassies and consulates of various countries, the expansion of the lawyer team, can also graft some new resources and unexpected systems
.
"Bold ideas, careful verification work, do not stick to specific forms, specific forms
.
" The participants concluded that BD should boldly design to break through the original boundaries and make new attempts
.
.
Companies
with greater certainty of commercialization.
Then BD enterprises can enhance this certainty through commercialization or cooperation with upstream companies, and can give better feedback
to the capital market.
5 What is the future holding?
5 What is the future holding?In recent years, different companies have differentiated their products from the early stage of project establishment and through the subsequent clinical development strategy, which also poses higher challenges
to BD.
"BD needs to identify more differentiated products and communicate them in a way that partners can understand
.
" Participants pointed out that realizing value presents us with higher challenges
.
In such a more challenging environment, how should we grow and respond? The participants believed that the current challenges are actually faced by all companies in the
pharmaceutical industry.
Whether it is some policy adjustments, the impact of the epidemic, international relations, and even some corresponding unfriendly states of the capital market, everyone feels the same way
.
For large companies, more ammunition is a little more comfortable
.
For small companies, it may be necessary to be psychologically prepared
for difficulties first.
However, "no matter how the macro environment and policies change, the ultimate test is mainly whether the products made by pharmaceutical people can really stand the test
.
" The guest said
.
As a guest of the Blue Book, Danjie Huang, Vice President of Bayer's Prescription Drug Division and Head of China Cooperative Innovation Center, is participating in the J.
P.
Morgan Global Healthcare Conference
.
She also brought the latest observations and outlook
for 2023 from the scene of this annual pharmaceutical industry vane event.
"Although the global political and economic environment and the volatility of the capital financial market since mid-2021 have brought great pressure to pharmaceutical BD trading, investment and financing, the world is still highly concerned about China's pharmaceutical innovation and continues to be optimistic about its development prospects
.
" Huang Danjie pointed out, "I believe that in 2023, we will see BD transactions with more diversified structures, higher transaction amounts and deeper cooperation, in which innovative assets and technologies with core values will demonstrate the innovative strength
of Chinese medicine.
" 。 "Zhou Xinming, co-chief analyst of pharmaceutical industry at Soochow Securities, Wang Kaifeng, partner of Reliance Capital, Jiang Xue, head of Clarivate Greater China management consulting business, Xu Ying, executive director of IQVIA and head of corporate strategy in China, Ma Jian, co-founder and CEO of XtalPi, Duan Lixin, senior vice president of Cree International, Wu Huifang, general manager of Beijing Oriental Bit Technology Co.
, Ltd.
,
Lei Guangyu, senior researcher of Beijing Oriental Bit Technology Co.
, Ltd.
, Tan Yong, producer of E Drug Manager Series Media, Huang Donglin, head of E Drug Manager Research Institute, and other guests also attended the event
.
.
I believe that in 2023, we will see BD transactions with more diversified structure, higher transaction amount and deeper cooperation, in which innovative assets and technologies with core values will demonstrate the innovative strength
of Chinese medicine.
In addition to the discussion on the BD field, the guests discussed "New opportunities for the development of the pharmaceutical and health industry after the '20th Congress'", "Changes in the investment logic of the pharmaceutical industry in 2023", "Outlook of investment strategy for innovative drugs in 2023", "Outlook for global and Chinese biomedical R&D innovation trends in 2023", "New trends in pharmaceutical marketing transformation in the post-centralized procurement era", "Drug R&D from automation to intelligence", "2023 pharmaceutical talent market sharing", "Reconstruction of API industry chain relationship under centralized procurement/ Domestic API advantage, large varieties of heparin industry chain and centralized procurement analysis" and other topics were shared and discussed
.
The thinking and discussion of these topics at the New Year Outlook Conference will be revealed one by one by E drug managers in subsequent reports, welcome to continue to pay attention!
