In 2020, the domestic biomedical capital market will continue to be active. The number of IPO listed companies has increased across the board, and the Science and Technology Innovation Board, Hong Kong Stocks, Main Board, and even U.S. stocks have all increased compared to 2019. Especially on the Science and Technology Innovation Board, the number of listed pharmaceutical companies has doubled in 2019.
On the one hand, the active influx of capital, on the other hand, is affected by external factors such as centralized procurement, policy changes, and the new crown epidemic. Whether it is a forced situation or an active transformation, it has created an opportunity for China's innovative drug development to rise rapidly. ; Talent flow and technological blessing have also accelerated the increase in the number of innovative pharmaceutical companies in China, attracting attention.
However, for Chinese innovative pharmaceutical companies, under the Fast Follow and License-in strategies, which enterprise model can develop better? Does the "king" era that focuses on a drug or a field still exists? Should you choose to bet on a single product that will thrive, or deploy multiple businesses to flourish?
01 Outstanding: Remaining memories
Outstanding one is not a myth, it is engraved in the memory of the times; the future may drift away, but it has also come true.
The death of the legendary John Martin of Gilead allows us to relive the miracle while cherishing the memory. Gilead can be said to be unique in the field of anti-virus, especially in the research of anti-hepatitis C drugs, it even relies on its "self" to flatten a disease field. Although the Gilead family is not fighting in the field of anti-hepatitis C, there are very few people who can compete with it.
Humira, a legend in the medicine world, has been the world medicine king for nearly 10 years and has independently propped up AbbVie's sky. Although the martyrs are in their twilight years, they are still full of heart. Keytruda, which is expected to take over the position of "pharmaceutical king", has an unshakable market advantage with its ultra-wide indications. The new and old kings will be handed over and continue to write another arena myth.
Nowadays, it is getting harder and harder to stand out, which is related to the progress of science and technology and acceleration of iteration. Although we are still facing many problems in the treatment of diseases, the advancement of science and technology is undoubtedly helping to speed up the solution of these problems, and the treatment of diseases will be continuously updated and iterated under the leadership of technological pioneers.
However, if the forerunners do not have super technical barriers, they will inevitably be caught up by Fast Follow, and they will be robbed of cakes by latecomers. PD-1/L1 is a strong proof; the former "unpreparable" KRAS is now also Fast Follow to chase and block.
Do you have the confidence to do a good job?
02 A Hundred Flowers: Chasing the Times
Time has changed! Whether it is for business development or the realization of an IPO as a standard configuration, China has rarely seen innovative drug companies that focus on single-variety or single-disease segmentation, and they all have the ambitions of Bigpharma.
With the rapid rise of PD-1/L1, Cinda Bio and Junshi Bio are also actively expanding their business layout. In addition to continuing to deploy innovative target molecules in the field of oncology, Innovent is exploring the field of self-immunity and metabolism. Junshi Biology has also carried out frequent external cooperation and investment, and reached cooperation agreements with Tianjing and Oupai respectively, and established a joint venture with Shanghai Yingpai.
It is true that "outstanding" is a short-lived stage for most companies, and will eventually be replaced by a hundred flowers, because companies that do not want to make progress will eventually be eliminated. Even the king of medicine Xiu Meile will be defeated in the PK with more advanced technology-based medicines. It is natural that a medicine is the lifeblood of a company and there is a high risk.
However, not all sowing is reaped. Blind Fast Follow, License-in, and innovative drugs that lack differentiated clinical advantages. After the successful launch, market promotion will also be difficult. Even though the commercialization is successful, he is still anxious, always worrying about others sleeping on the side of the couch.
03 Outstanding technology, the root of a hundred flowers blooming
Although "small and beautiful" companies are rare, "outstanding" in a certain technology is still the most likely form of display.
For example, although the adverse effects of Enhertu's interstitial pneumonia are worrying, Enhertu does bring significant clinical activity and also disturbs the development of ADC drugs. Enhertu’s clinical activity seems to be less comparable to ADC drugs, and its clinical advancement is still continuing, targeting trastuzumab, pertuzumab, and ADC drug enmetrastuzumab (Kadcyla, T-DM1). ) The first-line PK has started. At the same time, with its superb ADC technology, Daiichi Sankyo has rapidly expanded to TROP2, HER3, CD276, GPR20, and CDH6, creating a product development situation where "a hundred flowers bloom".
In addition, products with high-tech barriers also have their own barriers. Small molecule drugs targeting RNA are rapidly emerging. Roche's new drug Evrysdi for spinal muscular atrophy has become the first small molecule SMN2 splicing modifier to be marketed. Compared with the fast Fast Follow strategy of kinase inhibitors, RNA small molecule drugs may not be that simple. On the contrary, with the blessing of technology, RNA-based small molecule drugs can also make breakthroughs in broader therapeutic areas.
04 Conclusion
Some people say that now is the best period for the development of innovative drugs, but not necessarily the most successful and shining era.
Some people say that many innovative drug projects are unavoidable in the end, but we can't blame China's innovative drug industry, which has a generation gap, for its rapid success.
Nothing to do with twilight, do not ask overturned The current development of innovative drugs, whether it is a thriving one or a hundred flowers, is always good for patients.