The development process of the pharmaceutical industry in the United States
There is no doubt that the United States is the absolute leader in the biopharmaceutical industry. Biotech drugs in the United States accounted for more than 60% of the world's annual sales, with the world's most successful biopharmaceutical companies and the most advanced technology. U.S. biopharmaceutical companies also ranked first in the world, a large number of small owned biotechnology research and development companies appear to be an American phenomenon, while in Europe and Japan, this feature is not so obvious. The study of the relationship between the external environment and industrial competitiveness of the biological pharmaceutical industry in the United States is of great benefit to the analysis of the current situation and the development direction of China's bio pharmaceutical industry.
A technical breakthrough in the market driven by enthusiasm
Each time Wall Street of biotechnology stocks sought after, with the field of biotechnology major breakthrough bound together in a common cause.
From 1950s to 1970s, basic research in molecular biology has made significant progress, reverse transcriptase, limiting endonuclease, terminal transfer enzymes and ligases found the recombinant possible, many difficult to obtain protein is expressed. These are known as the "magic bullet (bullet magic)" of the protein for some difficult to cure the disease, interferon, EPO, Shima Sojun is the product of this period. Major breakthroughs in technology to make biotechnology product industrialization possible, many Biotech Corp came into being, and gave birth to the early 80-90's capital markets for the first time very high enthusiasm.
In the 20th century in the mid-1990s, the U.S. stock market overall light, first Bio Industry Investment frenzy also began to subside, biotechnology companies in the capital market reaction was muted, reducing the IPO, biological technology shares of the total market capitalization slow growth. And only a few years later, in 2000, the implementation of the human genome project (HGP) kicked off the second biotechnology revolution. HGP this will allow the etiology of many diseases to be opened, drug design from the initial random discovery to the targeted research. The breakthrough of the era of biotechnology revolution to re ignite the enthusiasm of investors, in 2000, the total market capitalization of Wall Street biotech stocks reached 360 billion U.S. dollars, almost 3 times in 1999! The total amount of venture capital has reached its peak.
Take Amgen as an example. The stock in the NASDAQ listed share price continued to rise, from the point of view of available data, and at the end of 1984 only $0.104167. Until 1989 the company first products Epogen received FDA approval, stock prices have been rising to $1.020833! In 1991, the company's second products Neupogen approved, the stock price from the end of 2.59375 to $1991 to $9.46875 at the end of 1990!
Amgen shares a sharp rise began in 1998, the NASDAQ Biotechnology Index over the same period also rose sharply, this a capital market of enthusiasm in biotech stocks mainly because we mentioned above of the human genome project gradually surfaced.
Genentech is another example. The trend of the stock price is closely related to the listing of therapeutic monoclonal antibodies. As shown in the table above, Genentech were listed in 1997, 1998, respectively, 2 monoclonal antibody products, which is the origin of the first wave of rising. 2003, 2004, the company has listed 3 monoclonal antibody products, the corresponding share price from the end of 16.58 to 2002 dollars all the way up.
Millennium's stock price movements may best represent the characteristics of biotech stocks. The stock with the advance of human genome project (HGP) walk more more high, when the NASDAQ Internet stocks, biotechnology stocks as representative of technology stocks crazy time, the stock price from $6.47 at the end of 1998 has risen to at the end of 2000 61.88 U. s.dollars, nearly doubling the 10 times! And by 2001, with the bursting of the tech stock bubble, stock prices all the way down, in recent years to maintain a smooth. The ups and downs in the meantime, it may reflect the charm of biotechnology stocks.
Two, institutional environment - the industry's booster
Passed by the Congress of the United States in the early 1980s the Bayh Dole act and the Stevenson - Wydler Act allows the funding of research results will apply for a patent, and allows the patent license to a pharmaceutical company franchise. Prior to this, nature of known microorganisms, cells, protein as it is regarded as a natural material to apply for a patent, the bill launched the academic achievements to the commercial transformation accelerate, a large number of research and development of bio pharmaceutical companies have been set up, the University and other research units become the birthplace of early American bio pharmaceutical companies (including Amgen and Genentech).
The United States of small biological pharmaceutical companies when they are closely linked with the scientific research unit, strong academic ability has played a significant role in promoting. The high mobility of the technology labor market in the United States, and the commercialization of academic research results have prompted the excellent scientists to participate in the research and development of enterprises. The United States government according to application of the scientists, the maximum investment 100 million dollars to help holds innovative biotechnology scholars incorporated new biotechnology company, to promote the industrialization of the technology, that is to say, the government investment improve the scientists for the entrepreneurial success rate upon complete conversion.
Source: report on the development of biotechnology industry in China
Three, financing channels - into the blood of life
The vigorous development of biotechnology industry also led to the enthusiasm of the capital market, in the early twentieth Century 80-90 years is the United States bio pharmaceutical capital fever period. Venture capital industry (VC) in the United States experienced a decline in 70s after the 80s revival, the rapid development of biotechnology has attracted a large influx of VC. In Genentech, for example, the company initially to a VC company's $100 thousand as a research start-up funding, in return, the company holds a 25% stake.