血液制品行业的并购战略

发布时间：2018-07-04 23:47

本文选题：血液制品 + 并购战略　；参考：《上海交通大学》2014年硕士论文

【摘要】：血液制品是生物制药领域主要构成产品之一,其原料来源于健康人的血浆。在肿瘤、肝病、免疫性疾病、血友病以及大手术止血等多种重大疾病的治疗和预防方面,有着不可替代的重要作用。血液制品行业具有资源稀缺性、政策监管严格、进入壁垒较高的特点。目前国际血液制品市场发展已经较为成熟,市场供需平衡,集中度较高。且新开发产品众多,血浆利用度高,保持着良好发展势头。回到中国市场,行业最大的特点就是供不应求,持续高景气度。行业内中小企业众多,产品数量有限,且在血浆利用度上与国外存在差距。市场的增长主要依靠上游原料血浆量和产品价格的增长,远不能满足市场的实际需求。血液制品行业本身就具备珍贵资源高效利用、规模效应、集中度提升的内在需求,存在行业发生并购整合的基础。通过对国内外血液制品行业发展的对比分析,总结出行业发生并购的条件。首先,行业的上下游要处于一个市场化的监管环境中。其次,行业景气度由供需关系决定。最后,技术优势和规模效应推动行业发展。但在2012年之前,中国血液制品行业尚不具备并购的市场环境。2014年起,中国血液制品行业并购整合的时代已经到来。主要原因有,医药行业十二五规划促行业整合;新设单采血浆站政策落地,上游血浆量供给将大幅提升;欧美巨头产品的大量涌入,市场供应量增加;企业成本上升和市场竞争加剧,行业过往高景气度将逐步结束。通过上述分析,本文提出了浆站资源整合占据资源优势、血浆利用度的提升增加产业链价值、集中度的提升形成行业竞争力三大并购战略,及并购对象的选择标准。最后,论文对上海莱士并购邦和药业这一行业标志性案例进行了解读。对交易双方的交易需求,并购发生的市场条件做了详细论证,并对交易过程中的构架设计与安排进行了分析和总结。本论文的创新在于通过对国内外行业过往及现况分析,提出了未来我国血液制品行业并购的发展方向,以及并购的实施战略。通过实际案例,将血液制品并购中的资本运作流程要要点予以呈现,亦对未来该行业内的并购起到一定借鉴作用。
[Abstract]:Blood products are one of the main components in the field of biopharmaceuticals, and their raw materials come from the plasma of healthy people. It plays an irreplaceable role in the treatment and prevention of many major diseases, such as tumor, liver disease, immune disease, hemophilia and major operation hemostasis. The blood products industry is characterized by resource scarcity, strict policy supervision and high barriers to entry. At present, the international blood products market has been more mature, market supply and demand balance, high concentration. And the newly developed product is numerous, the plasma utilization is high, maintains the good development momentum. Back to the Chinese market, the biggest feature of the industry is that supply exceeds supply and continues to be high. There are many small and medium-sized enterprises in the industry, the number of products is limited, and there is a gap between the plasma utilization and foreign countries. The growth of the market mainly depends on the increase of upstream raw material plasma quantity and product price, which is far from meeting the actual demand of the market. The blood products industry itself has the inherent demand of high efficiency utilization of precious resources, scale effect, and the increase of concentration, and there is the foundation of M & A integration in the industry. Based on the comparative analysis of the development of blood products industry at home and abroad, the paper summarizes the conditions of M & A in the industry. First of all, the upstream and downstream of the industry should be in a market-oriented regulatory environment. Secondly, the industry landscape by the supply and demand relationship. Finally, the technology superiority and the scale effect impels the industry development. But until 2012, the Chinese blood industry does not have the market environment for mergers and acquisitions. The era of mergers and acquisitions in China's blood products industry has arrived since 2014. The main reasons are: the 12th Five-Year Plan of the pharmaceutical industry to promote industry integration; the establishment of a single plasma collection station policy landing upstream plasma supply will be significantly increased; the influx of European and American giant products the market supply increased; Rising corporate costs and increased market competition, the industry will gradually end the past high-profile. Based on the above analysis, this paper puts forward three strategies of M & A, I. E. resource integration of pulp station, enhancement of plasma utilization to increase the value of industry chain, and enhancement of concentration to form three major M & A strategies, as well as the selection criteria of M & A objects. Finally, the paper interprets the landmark cases of Shanghai Lessey M & A and Pharmaceutical Industry. The transaction demand of both parties and the market conditions of M & A are demonstrated in detail, and the structure design and arrangement in the course of transaction are analyzed and summarized. The innovation of this paper lies in the analysis of the past and present situation of the domestic and foreign industries, and puts forward the development direction and the implementation strategy of the M & A in the blood products industry of our country in the future. Through the actual cases, the capital operation process of blood products M & A should be presented, and it will also play a certain reference role in the future M & A in this industry.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F271;F426.72

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