播直
调安
生物制药行业是二十一世纪最具发展潜力的行业之一,世界各国包括我国都视其为
强劲的经济增长点。生物制药研发具有高投入、高风险、长周期的特点,使得制药企业
很难从一般渠道获取企业发展所需的资金。资金缺乏已成为制约生物技术药物研发的主
要因素,融资渠道狭窄己成为制约我国生物制药企业发展的一大瓶颈。
处于不同生命周期阶段的生物制药企业面临的风险和企业价值不同,资金需求不同,
融资渠道也有所区别。本文拟运用生命周期理论来探讨生物制药企业生命周期划分的依
据和处于不同生命周期阶段的生物制药企业应采取的融资策略。由于药品是特殊的商品,
其研发和生产的各个阶段都需要接受国家药监机构的监管和审批,取得药监机构的批文
意味着该生物技术药物研发风险急剧下降,产品价值显著提升。因此本文结合生物技术
药品被药监机构认可的时间点,根据风险程度和企业价值大小将生物制药企业的生命周
期划分为种子期、初创期、发展期和成熟期,并按其生命周期各阶段的特点分析其应采
取的融资策略与渠道,比较它们各自的优劣。
然后以处于企业生命周期发展阶段的A生物制药公司为例,介绍A公司的概况及其
在不同生命周期内的融资渠道选择。重点针对A公司的现况从资金需求、资金缺口以及
所处融资环境,提出A公司未来的融资方式应为IPO。在着重分析IPO的五力模型、风
险、财务情况的基础上,通过IPO各板块的比较分析,引申出适于A公司IPO的板块为
国内创业板。
最后,本文基于上述分析认为处于生命周期不同阶段的生物制药企业应根据所处阶
段的特点选择适合的融资策略,同时企业应勤练内功,做好融资准备,突破束缚企业发
展的融资难这一“瓶颈”,促进自身的可持续发展。
关键词:生物制药;融资;生命周期
Abstract
Biopharmaceutical industry is one of the most potential industry in twenty-first century,
some countries including China have regarded it as source of strong economic growth. As the
R&D has three distinct characters: high investment, high risk and long cycle,
biopharmaceutical companies have some difficulty to obtain funding from general channels.
Financing difficulty has become a key factor affecting the development of biopharmaceutical
companies, lack of funding has become a major bottleneck restricting the development of
China's biopharmaceutical companies. Investigating the financing problems and strategy of
biopharmaceutical companies will be a great help to resolve their financing problems and
promote the innovation and development of China's pharmaceutical industry.
Biopharmaceutical companies face different risks and have different enterprise value at
different stage of enterprise life cycle, so biopharmaceutical companies should take different
financing strategy at different stages of life cycle. This article aim to investigate appropriate
fmaacing strategy which biopharmaceutical companies should take at different stage of life
cycle through the theory of enterprises' lifecycle. Firstly, it propose the division of life cycle
for biopharmaceutical enterprise. As drugs are special commodities, the R&D,manufacturing
and supplying of drugs are supervised and approved by the drug administration. The approval
of clinical or manufacturing means a sharp decline in the risk of R&D and a significant
increase of biopharmaceutical companies5 value. Therefore,the life cycle biopharmaceutical
companies divided into seed stage, start-up stage, development stage and maturity stage
according to the risk and value of the enterprise which is closely combined by the approval of
drugs by the drug administration. Then detailed analyze the financing channels at each stage,
the advantages and disadvantages of different financing strategies at different stage of life
cycle.
A biopharmaceutical company in life cycle of development stage is taken as an example,
Firstly introduce A company's profile and financing channels which A company has taken at
different stages of life cycle. Then the current status of A company is focused on. It
introduce A company's capital needs,financing gap, financing environment and try to solve
the difficulty A company meets and come to the conclusion that taking the IPO road is the
best choice for A company. Then analyze five forces model for IPO and the risk,financial
situation and IPO board selection for A company is growth enterprise board.
At last it comes to an conclusion that biopharmaceutical companies should take
appropriate financing strategy at different stage of the lifecycle according to the study of
enterprises' lifecycle. And no matter the stage of life cycle an enterprise at, biopharmaceutical
companies should standardize enterprise internal management and strengthen external
communication for the preparation of financing,break through the bottleneck of financing,
promote the sustainable development. This article aims to financing strategy, making
enterprise life cycle as research point, not only intends to solve the problems that A
biopharmaceutical company meets,but also to provide some practical help to other
biopharmaceutical companies in China.
Keywords: biopharmaceutical company, financing strategy, lifecycle