我国创新药研发模式与价值评价ⅰ-药学进展.pdfVIP

PROGRESS IN PHARMACEUTICAL SCIENCES 2016,40 11 :835-847 ( ) 835 我国创新药研发模式与价值评估（Ⅰ） 张佳博，徐佳熹 * （兴业证券研究所，上海 200135） [ 摘要 ] 创新药研发对企业研发能力要求高，目前我国大部分药企仍然处于仿创阶段，但随着政策环境的改善，国家不断释放鼓励创新信号， 创新型药企不断涌现，传统药企积极布局，创新药物迎来发展机遇。借鉴国外创新药研发经验，探讨我国创新药的 3 种研发模式及估值方法， 解析创新药研发的机遇与风险。 [ 关键词 ] 创新药；研发模式；估值；机遇；风险 [ 中图分类号 ] R95 [ 文献标志码 ] A [ 文章编号 ] 1001-5094（2016）11-0835-13 Development Modes and Valuation for Innovative Drugs in China ( I ) ZHANG Jiabo, XU Jiaxi (Institute of Industrial Securities, Shanghai 200135, China) [Abstract] At present, most of domestic pharmaceutical companies are still committed to the development of generic drugs, as strong research and development capacity is responsible for the development of innovative drugs. With the implementation of favorable policies and the release of encouraging messages from the government, innovative pharmaceutical companies are emerging, and traditional pharmaceutical companies are also taking an active part in this area. As a result, great opportunities arise for the development of innovative drugs in China. Based on the experience of drug innovation in foreign countries, three development modes and valuation method for innovative drugs in China were discussed, and the opportunities and risks in domestic drug innovation were also analyzed in this report. [Key words] innovative drug; development mode; valuation; opportunity; risk 创新药上市回报丰厚，对企业研发能力要求高。目 并归纳成3种模式：1.0模式，老牌大型药企由仿到创， 前我国大部分药企对药物的研发仍然处于仿创阶段，但 逐步布局创新药领域，如恒瑞医药、绿叶制药等积极 随着药品政策环境不断改善，释放鼓励创新信号，产业 开拓创新药业务，目前创新药在研管线丰富；2.0模式， 迎来发展机遇，国内具有研发能力的创新药企不断涌 生而创新的小型研发企业，扎根创新药，谱写新奇迹，