Traditional chemical drugs and generic drugs companies have transformed into innovative drugs, or increased investment in research and development, or directly acquired innovative pharmaceutical companies. The valuation of innovative listed companies can exceed 100 times, while ordinary companies can only get 20 to 30 times. Therefore, these companies do not want to be defeated in the product market, nor do they want to lose chess in the capital market.
However, medical innovation is not an easy task, which requires long-term accumulation and very expensive funds. And the risk of innovative drugs is far greater than that of generic drugs. Once R&D fails or lags behind competitors, it is difficult to recover R&D investment. It is for this reason that the pharmaceutical companies in the head have established the barriers of the strong and the strong.
In the R&D strength ranking of pharmaceutical companies shared today, six companies including Hengrui, Fosun, Zheng Da Tianqing, Qilu, Dongyang Guangyao and Kelun Pharmaceutical have been in the top ten in the industry since 20 17. They have successfully got rid of most of their competitors, and the gap will only get bigger and bigger, making it difficult to be countered.
Judging from the global competition pattern, our innovative drugs are still in the initial stage. So far, only two completely independent innovative drugs have obtained FDA certification. The first is zebutinib, a new drug polished by Baekje Shenzhou for 7 years, which was officially approved by the US FDA on 20191. In June, 5438+February of the same year, Unocal patented drug L-amlodipine maleate (Xuanning) became the second innovative drug approved by FDA in China. After that, we didn't see the third FDA-certified drug.
There are more and more domestic enterprises engaged in the research and development of innovative drugs, but as of the third quarter of 2020, we have not seen our own enterprises in the top global innovative drugs 100. On the one hand, the number of innovative enterprises is increasing, on the other hand, many innovative pharmaceutical companies have not yet achieved profitability, which has become the main reason why many people question the innovative drug bubble.
You can't have your cake and eat it. Innovative research and development is inherently high investment, high risk and high output. Since the development of innovative drugs is encouraged, we can't still measure innovative pharmaceutical companies by the scale of traditional pharmaceutical companies. Our late start in innovative drugs is determined by our national conditions, and this backwardness is only temporary. I believe that pharmaceutical companies in China will soon rank among the top 100 in the world.
Tip: The above contents are for reference only and do not constitute investment advice. The company in this article is just an example and is not recommended. The stock market is risky, so you need to be cautious in investing.