Matrix 101: The Medical School
PE of domain of medical health invests blowout " TITLE=" to change east wind by cure
The outbreak that investment of domain of high-tech of " /> of blowout of investment of PE of domain of medical health may have more than 1000 times sexual redound, but also may grain is not had close; Medical health domain is dovisher, general " 3-5 times " , and get economic cycle the influence is minor.
" whole, the investment opportunity of domain of health of Chinese medical health arrived. " Xiao Dong of Jiang of NEA China president says.
However, whether is this one " from long-term in light of " academic conclusion? Be perhaps the fatalism below global financial crisis only?
To caring 10 years, the VC/PE fund of 20 years of overall redound, bring into investment of medical health investment is politic " have profit very much " .
The outbreak that high-tech domain investment may have more than 1000 times sexual redound, but also may grain is not had close; Medical health domain is dovisher, general " 3-5 times " , and get economic cycle the influence is minor.
Look very beautiful
With the United States the professional group of 50 people forms what contrast strongly is, NEA does not have special medical health to invest a group in China, "The market still does not have fractionize to arrive that degree " . Jiang Xiaodong says, NEA basically lends force natural resources of the group in the United States, technology in domestic investment at present.
The group that NEA is in the United States " the investment public figure of not only specific duty, still have the president before resembling Duke Hospitalsystem, strong before one‘s death assistant president such industry expert, the vice director before still having FDA " . In the fund of 10 billion dollar that they leave NEA government 40% cast to domain of medical health. Begin from 1978, NEA accumulative total invests the domain related more than 194 as healthy as medical health, life, "Among them 60 successes appear on the market, 30 successes are bought " .
In home, after striding luck, first signs to appear on the market, lifted medical health to invest tide, but reality is like person meaning very much from beginning to end.
This domain looks really very beautiful, but in fact invest and do not have rational talking to go up so active. "Know medical, and know medical to make money even, this is two different matters " .
Investment of medical health is in China, "The opportunity always is existence. " analysis of wave of article of president of Bei Xiang group, the population with the GDP that China grows quickly and huge cardinal number, can drive the growth that medical health consumes; Besides still is facing the pressure with increasingly aged society, 16% what the old person of 60 years old of Chinese above in population of very much big city already occupied urban population.
But no matter was in the past 4 years Chinese medical market (do not contain OTC and in officinal) annual 20% growth rate of the left and right sides or to 2013 market dimensions 390 billion yuan whole world the 3rd big market, fail enough the investment that stimulates a PE/VC is enthusiastic. "Different investment orgnaization is different to the judgement of optimal investment period, the orgnaization that projects later period to those plans, the commercial pattern innovation that China shows level still is in inchoate. " Jiang Xiaodong says.
A group of data of clear family group can say clear problem more probably. In its " year of equity of Chinese illicit collect considered to report 2008 " in show, orgnaization of illicit collect equity was in 2008 the investment amount of biology technology, healthy industry is 177 million dollar, this data is only 2007 be less than 1/3.
Cure changes shove a hand
A year lie between, river east river on the west.
With 2008 relatively lonesome than, domain of medical health the investment 2009 erupts. The trade investigation report April shows consortium of China poineering investment, in the domain that key of the place inside year pays close attention to 1-2 of future of orgnaization of foreign capital VC/PE, platoon of domain of medical health is in the 3rd, be next to environmental protection and new energy resources, and consumable and service.
Virus of flu of the armour that the whole world spreads H1N1 gave a dot small help.
Fund of the medical health that build silver carries out general manager to make Xiaolin explain, prime cause still is in financial crisis, china makes the window of global economy, and the window that domain of medical health makes Chinese economy again. According to data of national statistic bureau, this year 1-2 month, medical industry realizes business income 111.8 billion yuan, grow 16.4% compared to the same period; Implementation profit total 10.3 billion yuan, grow 19% compared to the same period. First what amplitude occupies all industry industry.
New medical service changed plan to add a fire again. Future 3 years various government invests amount 850 billion yuan, use at building primary medical health to guarantee a system, build basic medicals system, system of perfect and basic medical health sanitation, the system of basic and public wholesome service that changes equably soundly and exploration give the fundamental way that a public hospital reforms.
On May 20, sanitation of basic level of Ministry of Public Health and Li Changming of director of department of health care of women and children say in open circumstance: The medical spending pattern after conservative estimation cure changes can give medical market to bring 140 billion yuan " to the limit of one‘s capacity " . If be calculated according to the increment that to 2008 this market grew 140 billion yuan by 50 billion yuan 2007, can have 340 billion yuan " to the limit of one‘s capacity " potential.
The bigger intention that new medical service changes depends on " clear barrier " . With the hospital investment is exemple, before public hospital enjoys national finance allowance and duty-free policy every year, but private hospital is done not have however. Be fulfilled as what new medical service changes plan and refine, private hospital hopeful enjoys national health.
Is investment heat of future in?
Below the condition that in medical health enlarge of large trade whole contains, what fractionize domain is met more accept VC/PE favour?
"Bright somebody of new drug research and development make inquires " .
100 have 100 Hamlet in individual eye. The domain invests in medical, also be same proposition probably. The macroscopical economy of the country in resembling looking is same, each domains are in medical health China " long-term see organic meeting " .
Jiang Xiaodong thinks, chain drugstore " it is not good to watch show from the history " . Although new medical service changes to come off medical sale from inside the hospital of purpose,come out, but inside very long period of time " still be being met to the hospital directly from pharmacy business is advocate sale channel " .
But drug-store of this not cloggy chain becomes investment to center a domain. Last year in October, hunan common people obtains Sweden to abundant 80 million dollar invests develop group; Asset of the letter in this year January notes the medical in endowment country, one of latter principal part are Wuhan tea ginseng big chemist‘s shop interlinks finite liability company.
This kind " contradictory " everywhere is visible. One part person thinks medical health serves a system to still be in " optimize flow " level, dr. Wang Yang of general manager of center of development of China of vice-president of whole world of this not cloggy also IBM, IBM is hopeful predict, did not come to at least 1000 hospitals defray 1.5 million dollar is used every at the project such as electronic anamnesis. The business of this 1.5 billion dollar still is considered as " conservative figure " .
On the other hand new drug develops lack person make inquires, but the medical of characteristic specialized subject such as diabetic, tumour and the new drug product of the later period in be in research and development also are to associate the key of investment pays close attention to a domain.
But copy pharmacy and current channel are opposite and character drew the attention that focuses quite. "Domestic copy pharmacy will have huge to invest an opportunity. " VivoVenture copartner Huang Ruijin thinks, this market is in prospective general with annual the speed of 12% increases by degrees. And traditional Chinese medical accuses a chief adviser to do Rong Fuze to think, buy, recombine, will be the window that current job grows prospective medical jointly.
Medicine is current: Centralized opportunity
Cure changes night before last. By October 2008, congeneric in letter group is subordinate, letter asset runs limited company in 100 million yuan of medical in noting endowment state. Meanwhile, the medical in the country announced a great business to plan, the bottom achieved 10 billion yuan of right-and-left sales revenue 2008, profit 9 100 million; 2009 - the sale dimensions that controlled 2010 will exceed 20 billion yuan. Its target can realize if, "Its can be squeezed into 3 armour of domestic medical business company " . And so called " the mode in the country " it is the secret weapon that assures to show a cause actually.
The medical in country of the beginning of the year held water in Hong Kong 2008, tea of not only Wuhan joins big chemist‘s shop to interlink finite liability company below the banner, still have Wuhan medical (group) medicaments of doctor of traditional Chinese medical sheds Inc. , country deserve to send (Wuhan) limited company, Suzhou fills limited company of technology of Kang Dasheng content to reach join in a few times business.
Traditional Chinese medical accuses a presiding and advisory Gan Rongfu to say: The development direction that system of sanitation of new medical health reforms is already clear, governmental need is capable cent of medicals and chemical reagents sells a network to make sure the government is carried out. The government adds up to resource completely likely to enhance its to reform medium executive ability in system of medical health sanitation through rectifying. "Regional strong company loses progressively annex power company, the advantage company in the regional market that national company will continue to buy maturity " .
And as we have learned, the plan of the medical in the country, was 2009 company of industry of 100 medical of integrated home. Its can so do, it is current our country has 13 thousand medical wholesale business, and policy changes to drive in new medical service below, "Small, random, poor " the risk that current business faces medical to be washed out.
"So a province does those who deserve to send to have hundreds of, later a province meets the likelihood only chose 10 " . Xiao Dong of Jiang of NEA China president says, for instance Nanjing, public hospital after this will execute concentration to purchase, "Be sure meeting choosing has actual strength, capable deserve to send an orgnaization " . Medicine is current the demand is actually higher, the sorting that needs to IT system will support medical, cent is sold and the interface with each hospital, "The cold chain thing that vaccinal place needs sheds ability to wait than Mcdonald‘s deserve to send much taller " .
Those who make its investor excited is, cure changes plan to be able to make more development opportunities to such " big company " concentration. In changing the medical service that carry out namely, the government will be driven build " big company, big group, big medical " development pattern. New medical service changes plan to point out clearly, should raise medicals and chemical reagents current business is spent centrally, pull current of normative medicals and chemical reagents knows order.
Ge Zheng of analyst of wide hair negotiable securities thinks, "Enterprise of bibcock of commerce of a few regional medical or will be benefited from which " .
Big person for king, be not medical the game of current domain is regular. "Cure changes will become area bibcock to move toward powerful roll booster " , chinese medical Trade Association standing vice-chairman Zhu Changhao thinks, "Buy and, recombine, will be the window that medical industry changes and develops jointly, the industry shuffles will quicken further. The industry shuffles will quicken further..
Enter 2009, market reaction also became strong evidence. It is to appear on the market first medical health of company inscription cause opens up endowment 310 million yuan buy Shanghai Kang Pei 75% equity, it is next benevolence buy Jiangxi medical with 616 million yuan with medical industry health beauty health care tastes medical of limited company, Jiangxi limited company of Dou Renhe pharmacy 100% equity. There was answer star medical March sixteen million nine hundred and thirty-three thousand one hundred dollar purchases denounce endowment industry of drug of the hall that be the same as aid of 15.94% current.
Medical health equipment: Purchase good luck
Warm duck of Chun Jiang water is prophetic. Manufacturer of medical health equipment ases if excitement is gotten earlier.
It is group of software of area of IBM big China develops a center to announce to hold water at IBM China first " lab of solution of trade of IBM medical health " . Microsoft also tightens therewith hind and Qingdao university college of medical accessary hospital signs cooperative agreement, information of medical health of deploy Microsoft Amalga runs a system.
Area of Medical Protection big China plans flying benefit riverside all the details in developing fine horse of chief inspector Shao to speak its: A lot of medical establishment of domestic are faced with medical apparatus and instruments to change, new medical service changed to open huge rural market again.
Data shows, production value of industry of domestic medical apparatus and instruments achieved 200 billion yuan 2008, grow 15% compared to the same period. Be in only 2001, production value of industry of medical apparatus and instruments is the 1/5 of production value of medicals and chemical reagents only, but this one scale 2008 had raised 1/3. And " medical apparatus and instruments still is opposite country of benefit from benefit from the construction of systems of 3 class medical health " .
Jin Yan of analyst of negotiable securities of trade of short for Zhejiang Province says, the demand of 900 million rural population, market potential is tremendous. Last year November, central finance arrangement supports rural wholesome medical health 4.8 billion yuan further basic establishment construction.
But before, equipment of Chinese medical health is the world of foreign manufacturer almost. On May 18, forum invests to go up in first China medical apparatus and instruments, invest Lu Dongcheng of orgnaization Infinity president to point out, home exceeds the market of medical apparatus and instruments of 70% to be divided up by foreign enterprise, 3 class hospital is the equipment of the entrance completely almost, the relevant scale of 2 class hospital is in 60% above.
"Home does not have company of big medical health equipment " . Up to by 2004, domestic medical apparatus and instruments produces an enterprise to share 10447, of every enterprise average year of sales revenue 3 million yuan or so. On the other hand, "Great majority of Chinese enterprise fertile is product of commonly used medical apparatus and instruments, than waiting like product of one-time medical apparatus and instruments " .
But think generally, after new medical service changes a large number of purchasing " the meeting is ecbolic enterprises of a certain number of native land medical apparatus and instruments " .
Shenzhen strides luck Hu Minglong of home market chief inspector thinks, once the market is started, earlier growth will be rapidder. Although the city is right the demand of fundamental medical apparatus and instruments is already saturated, but rural medical health still is short of relatively break. Unit of the wholesome place of Chinese vast rural area, various medical health invests in hardware of mushroom medical health, this is a tremendous opportunity to manufacturer of equipment of Chinese medical health.
Personage of manufacturer of equipment of an abroad medical health says, not only because in low end the market is the fractionize market that Chinese enterprise has greater competition ability, and " the government is purchased metropolis more apt mainland enterprise " .
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