全球专利药到期潮背景下的制药企业投资分析
发布时间：2018-07-17 00:10
【摘要】：制药产业是一个关乎国计民生，直接影响到公共健康利益的产业，具有高技术、高投入、高风险和长周期等特点。从全球的制药产业格局来看，目前欧美和日本的大型原研药企处于产业链的最高端，全球性仿制药企业处于整个医药产业链的中段，而中国制药企业在全球分工中相对处于低端，向欧美、日本和印度制药企业提供原料药。未来几年，全球范围内将有价值超两千多亿美元的专利药专利到期，将释放巨大的市场空间，给广大制药企业带来了空前的机遇。在目前我国制药产业仍处于低水平重复、效率低下以及恶性竞争的状态下，制药企业如何抢抓专利药到期潮的机遇，投资者如何挖掘投资机会以及政府部门如何借此机遇加速制药产业结构的调整和促进产业的升级都是值得深入研究的问题。 本文站在投资者的角度，基于新结构经济学理论，尝试提出在全球专利药到期潮的背景下A股市场投资制药企业的投资逻辑框架。首先在论述国内外制药产业发展现状、产业结构和产业特征后，对全球专利药到期潮机遇进行详细阐述；然后横向对比遵循比较优势战略成功实现产业转型升级的印度制药产业的经验模式，并对印度典型制药企业的发展历程进行深入分析；最后在实证分析A股上市公司历来抢抓到期潮机遇给投资者带来超额收益的基础上，尝试得出A股市场投资制药企业的逻辑和思路。 本文认为投资者应该选择遵循比较优势战略的并且能够获得政府因势利导政策支持的特色原料药和首仿或品牌仿制药企业中，，能够抢抓专利药到期潮机遇的投资标的。论文最后除了对投资者提出了投资建议外，还对国内制药企业提出了关于战略发展和产业升级的建议，并且对政府相关部门也提出了一些政策建议。
[Abstract]:Pharmaceutical industry is an industry related to the national economy and people's livelihood, which has the characteristics of high technology, high investment, high risk and long period. Judging from the global pharmaceutical industry pattern, at present, large original pharmaceutical research enterprises in Europe, America and Japan are at the top end of the industrial chain, while global generic pharmaceutical enterprises are in the middle of the entire pharmaceutical industry chain. Chinese pharmaceutical companies are relatively low-end in the global division of labor, supplying raw drugs to European, American, Japanese and Indian pharmaceutical companies. In the next few years, more than 200 billion US dollars worth of patent drug patents will expire worldwide, which will release huge market space and bring unprecedented opportunities to the majority of pharmaceutical enterprises. At present, the pharmaceutical industry in our country is still in a state of low level duplication, low efficiency and vicious competition. How to seize the opportunity of patent drug expiration in pharmaceutical enterprises? How to excavate the investment opportunities and how to take this opportunity to accelerate the adjustment of the pharmaceutical industry structure and promote the upgrading of the pharmaceutical industry are worthy of further study. From the perspective of investors and based on the theory of new structural economics, this paper attempts to put forward a logical framework for investing in pharmaceutical enterprises in the A share market under the background of the global tide of patent drug expiration. Firstly, after discussing the current situation, industrial structure and industrial characteristics of the pharmaceutical industry at home and abroad, the paper expounds the opportunity of the global patent drug expiration tide in detail. Then the empirical model of Indian pharmaceutical industry which has successfully realized the transformation and upgrading of industry under the strategy of comparative advantage is contrasted horizontally and the development course of typical pharmaceutical enterprises in India is analyzed deeply. Finally, on the basis of empirical analysis of A-share listed companies which have always seized the opportunity to bring excess returns to investors, this paper tries to draw the logic and thinking of investing in pharmaceutical enterprises in A-share market. This paper holds that investors should choose the investment target that follows the strategy of comparative advantage and can be supported by the government's favorable policy, and among the first imitation or brand generic drug enterprises, they can seize the opportunity of patent drug expiration. In the end, the paper puts forward some suggestions on the strategic development and industrial upgrading of domestic pharmaceutical enterprises, as well as some policy suggestions to the relevant government departments.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F830.59;F416.72
本文编号：2128170
[Abstract]:Pharmaceutical industry is an industry related to the national economy and people's livelihood, which has the characteristics of high technology, high investment, high risk and long period. Judging from the global pharmaceutical industry pattern, at present, large original pharmaceutical research enterprises in Europe, America and Japan are at the top end of the industrial chain, while global generic pharmaceutical enterprises are in the middle of the entire pharmaceutical industry chain. Chinese pharmaceutical companies are relatively low-end in the global division of labor, supplying raw drugs to European, American, Japanese and Indian pharmaceutical companies. In the next few years, more than 200 billion US dollars worth of patent drug patents will expire worldwide, which will release huge market space and bring unprecedented opportunities to the majority of pharmaceutical enterprises. At present, the pharmaceutical industry in our country is still in a state of low level duplication, low efficiency and vicious competition. How to seize the opportunity of patent drug expiration in pharmaceutical enterprises? How to excavate the investment opportunities and how to take this opportunity to accelerate the adjustment of the pharmaceutical industry structure and promote the upgrading of the pharmaceutical industry are worthy of further study. From the perspective of investors and based on the theory of new structural economics, this paper attempts to put forward a logical framework for investing in pharmaceutical enterprises in the A share market under the background of the global tide of patent drug expiration. Firstly, after discussing the current situation, industrial structure and industrial characteristics of the pharmaceutical industry at home and abroad, the paper expounds the opportunity of the global patent drug expiration tide in detail. Then the empirical model of Indian pharmaceutical industry which has successfully realized the transformation and upgrading of industry under the strategy of comparative advantage is contrasted horizontally and the development course of typical pharmaceutical enterprises in India is analyzed deeply. Finally, on the basis of empirical analysis of A-share listed companies which have always seized the opportunity to bring excess returns to investors, this paper tries to draw the logic and thinking of investing in pharmaceutical enterprises in A-share market. This paper holds that investors should choose the investment target that follows the strategy of comparative advantage and can be supported by the government's favorable policy, and among the first imitation or brand generic drug enterprises, they can seize the opportunity of patent drug expiration. In the end, the paper puts forward some suggestions on the strategic development and industrial upgrading of domestic pharmaceutical enterprises, as well as some policy suggestions to the relevant government departments.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F830.59;F416.72
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本文编号：2128170
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