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国际——并购再起风云2002年7月,世界医药行业再现并购波澜——全球制药业巨头辉瑞制药公司7月15日以价值600亿美元的股票收购法玛西亚制药公司,这是一年多来美国最大规模的企业并购案,也是2002年7月前医药行业史上并购金额排名第三的一起并购案。两公司合并后企业年营业收入将超过480亿美元,研发预算超过70亿美元。辉瑞并购前每年的医药销售收入已经达到263亿美元,研发预算为50亿美元,比业界其他公司超出50%多。法玛西亚公司是第九大制药公司,医药销售收入为120亿美元。两家公司合并后,到2005年可以节省开支25亿美元。近年来,跨国公司的并购狂潮此起彼伏,这些并购大多起因于收购方希望通过并购补充本公司的产品结构,或以此取得新技术。而更为迫在眉睫的严重问题是:2001-2005年将近400亿美元的专利药将失去专利保护,各个制药跨国公司或多或少面临着专利药,尤其是重磅专利药到期的市场填补问题。因此仿制药商之间竞争激烈,这将导致并购增加,抢先获得上市对于仿制药获得较大的市场份额很重要,因为通常医生只会选择最先上市的两个仿制药。国内——调整中高速发展近年来,国务院对药品监管机构进行了调整,职能进行了重新划分,规范行业发展的政策陆续出台。这些政策总的原则是在行业内进行结构调整,鼓励创新、强化监管,淘汰落后小规模企业, 遏制低水平重复建设导致的恶性竞争, 提高行业整体盈利能力,这些行业政策的出台总体看是有利于制药行业良性发展的。同时我们也注意到,伴随医疗体制改制出台了药品强制降价、药品集中
International - M & A renewed situation In July 2002, the world’s pharmaceutical industry reconstructed mergers and acquisitions - the global pharmaceutical giant Pfizer Pharmaceuticals acquired Familia Pharmaceuticals on July 15 for US$60 billion in stocks. It has been more than a year. The largest M&A case in the United States was also the third M&A case in the history of the pharmaceutical industry in July 2002. After the merger of the two companies, the annual operating income of the company will exceed 48 billion U.S. dollars and the R&D budget will exceed 7 billion U.S. dollars. Each year, Pfizer’s annual pharmaceutical sales revenue has reached US$26.3 billion, and its R&D budget is US$5 billion, which is more than 50% higher than other companies in the industry. Famasiya is the ninth largest pharmaceutical company and its pharmaceutical sales revenue is US$12 billion. After the merger of the two companies, it will be possible to save 2.5 billion U.S. dollars by 2005. In recent years, mergers and acquisitions by multinational corporations have sprung up. These mergers and acquisitions are mostly caused by the acquirer’s desire to supplement the company’s product structure through mergers and acquisitions, or to acquire new technologies. The more serious problem is that the nearly 40 billion U.S. dollars worth of patented drugs will lose patent protection between 2001 and 2005. Each pharmaceutical multinational company will face more or less patented drugs, especially when the market for expired patented drugs expires. . Therefore, the fierce competition among generic drug makers will lead to an increase in mergers and acquisitions. It is important to gain market share for generic drugs to obtain a larger market share, because usually doctors will only choose the first two listed generic drugs. Domestic-adjusted medium- and high-speed development In recent years, the State Council has made adjustments to drug regulatory agencies, the functions have been re-divided, and policies to regulate the development of the industry have been gradually introduced. The general principle of these policies is to carry out structural adjustment in the industry, encourage innovation, strengthen supervision, eliminate backward small-scale enterprises, curb vicious competition caused by low-level redundant construction, and increase the overall profitability of the industry. The overall introduction of these industry policies is It will benefit the healthy development of the pharmaceutical industry. At the same time, we also noticed that with the restructuring of the medical system, there was a compulsory price cut for drugs and drug concentration.