Medical School Pathology, Chapter 2a
Beijing reports Yang Yang of our newspaper reporter
Do the investor of medical health, be destined everybody should learn Buffett.
"Resemble teaching kind of business, company of medical health erupts very hard also the gender grows. " Xiao Dong of Jiang of NEA China president says, from 5 years, 8 years such cycle looks, domain of medical health can have better get one‘s own back, but requirement enterprise with one times annualer the rate of double rises, "The thing that is self-destruction Great Wall then " .
Although be in Euramerican and mature market, NEA also is a relatively special fund. In the capital of the more than 10 billion dollar that its whole world runs, 45% cast to high-tech, 40% concentration are in domain of medical health, and the share that leave faces field of new energy resources.
"Make science and technology and medical health investment at the same time, can cover subject of a few across " , for instance gene measures foreword technology to wait. But also can produce a lot of problems on management at the same time, high-tech and medical health " two groups of completely different people " , no matter be,investing way or evaluate in redound level on not quite same. "But we had accumulated 30 old experience in this level. " Jiang Xiaodong says.
Although NEA is current,did not establish professional group, but be in early 2005, NEA and Singapore EDB invested BioVeda(jointly 100 Ao Weida) . In order to be in China hatch " the biology science and technology of world-class and company of medical health " the subsidiary that the BioVeda that is a purpose is NEA.
Field of 4 large investment
" 21 centuries " : Medical health invests is a hot word at present. Be in the United States, field of how many investment does the meeting inside this large category have?
Jiang Xiaodong: Medical health basically is centered in 4 domains in American investment.
It is medical health service above all, for instance hospital. Be in the United States, investment basically is in specialized subject hospital to perhaps recover centrally orgnaization, beadhouse, investment of large, omnibus hospital is very few. NEA has 339 in record of this kinds of investment.
The 2nd kind is biology pharmacy business. The periodic meeting of this kind of investment is longer, control in 10 years commonly. Although some appear on the market,control medical company, still be in possibly 2 period clinical phase, still do not have the drug that can sell, should take appear on the market financing earnings goes doing 3 period clinical.
Field of the 3rd main investment is medical apparatus and instruments. NEA United States goes earlier in this, include small the business that starts bracket of technology, heart, conduit to wait, we cast 669.
The last domain is medical health IT, use at iatrical IT technology that is to say. For instance ElectronicHealthcareRecords, make electronic medical record. Original manuscript anamnesis protects the processing in the process in cure cost is very high, and appear very easily error. A company that we join calls WebMD, had handed in place to appear on the market in button.
" 21 centuries " : 4 this when you just alluded, current investment opportunity how? Medical health also is Aobama in economic stimulation plan a very important, what kind of effect does this healthy to medical health investment have?
Jiang Xiaodong: Domain of medical apparatus and instruments has better investment chance all the time in the United States, but the other one side of coin also is however, very rare business can be done independently go appearing on the market greatly, this kinds of enterprise of 90% above can be resembled be born by force, GE such gigantic without bully the enterprise is bought.
Hospital service system is such also, 30 have the opportunity 30 years ago before New Year, there is today‘s opportunity today, demand of medical health service is relatively rigid. Service market also is in American medical health to produce change all the time, mode also is being innovated ceaselessly, the experience ability that counts doctor individual from inchoate more gradually the science and technology before evolution becomes item intervenes increasing, this makes build a few brands to do some of opportunity that interlinks an orgnaization to emerge slowly.
The enterprise of medical health IT that we invest, it is the company that provides technical solution. Not only it is to sell software, make a solution, also meet an electronic anamnesis is online change, make the person basis such as doctor, patient, apothecary needs OK different content sees on the net. Dan Conggen comes up originally say, still suit with the technology, the efficiency that transform and promotes existing flow, HMO(HealthcareManagementOrganization, healthy administration) , organization of medical health service and patient correlation rise. After Aobama appears on the stage, emphasize will increasing investment to hospital informatization. This has become bottleneck issue in the United States, bring about efficiency of medical health company low, cost is very high. So this also can have an opportunity together.
" 21 centuries " : Medical health and education, it is two accepted trades that fight cycle. Below the macroscopical state of economic crisis, whether does NEA think to be put in extraordinary investment opportunity?
Jiang Xiaodong: Be in for instance pharmacy domain, economic fluctuation can produce new investment opportunity. Come like the ceremony, collect family name such big company, their product line is very wide, when encountering economic fluctuation they can undertake the strategy is adjusted, abandon one part and maintain additionally one share. For instance the market dimensions of some products is less than 1 billion dollar, they did not want likely to do. At that time we can sell whole product line and relevant group come out.
Market of medical health also is to be in produce rapid change. It is with pharmaceutical factory exemple, of large medical enterprise buy will grow in intensity. Imagine very hard before, overcome like Genentech(gene peaceful) such enterprise can be bought by pharmacy of collect family name. Large medical company has developed to be sale enterprise gradually, own huge sale system, the good drug that Dan Jisheng produces the future that can see on the line is less before. To this kind of enterprise, exalted and cost of research and development is so not effective, accordingly they can seek power of research and development outwards. But this also created investment opportunity to us.
Chinese opportunity
" 21 centuries " : In domain of VC, PE, a lot of investment of China often experience of basis United States. The rapid change of market of health of global medical health buys tide for instance, and a series of adjustment that what orgnaization of medical health does according to macroscopical economy, whether may bring a few opportunities to China?
Jiang Xiaodong: Copy pharmacy is a sensational case.
Henceforth 5-10 year, beautiful congress has a large number of patent to expire, its market dimensions is 50 billion to 100 billion. American government does not support copy pharmacy previously, but the trend that copy pharmacy appears in great quantities looks overwhelm. Expensive, a lot of people look down on American medical ill, the medical pay with annual American is controlled in 40 thousand dollar.
Patent expires to China it is an opportunity, expire the patent of the United States and Europe medical takes production, research and development, although the recipe is changeless, but wait to taking frequency, mouthfeel reform or can do. Arrive to moment reexport Euramerican go, make oneself brand. Because do not need to pay patent fee again, we have cheaper cost, even 60% , the producer goods of 70% also is here, chinese enterprise has an advantage very much.
India took one step earlier than China in this respect, the company that there has been pharmacy of a lot of copies over there, can accomplish the sale dimensions of a few dollars.
If China has an enterprise to be able to do this business, have commercial interest not only, and also have big promotion to national figure. In fact China is not done this is very deficient, what export before penicillin China for instance is low end raw material, machine in the United States, after packing resell coming back is the price of ten times. Making raw material is to press jin sell, making preparation is to press sell.
" 21 centuries " : But you also a moment ago were mentioned, india is in this respect already go ahead of the rest one pace. As the bag outside IT, on division of labor of global industry catenary, whether to mean China for a long time to you can lie only Indian lower end?
Jiang Xiaodong: I not so think. Above all global market is very big. China the population of 1.3 billion, it is a huge market.
Additional neither one country, big pharmacy company, can put production resource in a place only. In case India appeared the problem of any levels, no matter be communal safe or it is other, how to do?
Although India goes earlier than China, but the opportunity that China still has him. The behavior from FDA can see, last year on November 19, FDA left to eliminate the first office outside American mainland in Beijing, and its also will be enabled in succession in the office of Shanghai, Guangzhou. This explained they are right of China take seriously, of Chinese this market grow very fast.
Cure changes good luck
" 21 centuries " : A lot of people think, copy pharmacy is since China is long-term give priority to. And truly valuable new drug research and development is very few, is this why? Whether can after cure changes, you change somewhat?
Jiang Xiaodong: Original economic environment, do not support drug company to make new drug research and development.
Original great master is doing copy pharmacy, because enterprise of a lot of abroad does not think to be in China to need patent application, after spending proper time, cannot apply for, so course of study took Chinese look forward to to do. The investment of copy pharmacy yields than taller, because enterprise of this one part does not have motivation,go to this making most advanced research and development.
And although capable, the as a result of medical inspect bureau monitoring system before this is diseased, also do not support new drug research and development. For instance a medical is 100 a batch, this makes all companies cannot profit, in can be immersed in price war only. It is to need those who come out to earn to the investment of new drug research and development, if research and development of a drug comes out to earn without money, how can you let an enterprise motivation goes making new drug research and development?
" 21 centuries " : Whether do this decide future can have the investment opportunity of pharmacy business to emerge?
Jiang Xiaodong: Did not come to two sort enterprise to may have an opportunity, one kind is the research and development that has his and innovation ability.
Another kind has a brand quite, those called company of very old advertising. General medical, OTC is protected as cure enclothe the spent addition, addition that uses dosage, the opportunity that these companies win the bid in invite public bidding is met big very big. In this process, the concentration of pharmacy business is spent also meet bigger and bigger. It is very low that the concentration with Chinese pharmacy current business is spent.
And those also do not have a technology without the brand already, after doing a few 100 million living businesses before this one year, meet sadder and sadder.
" 21 centuries " : Compare with American photograph, whether does this cure change home to you also can make medical health service of China, medical apparatus and instruments and medical health IT invest an opportunity to emerge?
Jiang Xiaodong: I think China has an opportunity to appear the enterprise of medical apparatus and instruments of model of more omnibus, etiquette, this kinds enterprise is compared generally now small, the civilian battalion business that sells dimensions to exceed 500 million yuan of RMBs is very few. But differ with American market, still did not resemble be born by force on Chinese market, GE such gigantic without bully the enterprise may undertake conformity to whole industry.
Say organic meeting, concern with the characteristic of Chinese market, in China low end market of medical apparatus and instruments still is put in huge demand. Another reason is the meeting is exciting and many government after this cure changes collect enough. Be in in the low end, diagnostic device that a large number of use respect, because the government is purchased and increase with the exit of rising market, the likelihood emerges a big company. The 2nd invests an opportunity, it is the commercial opportunity that can have appeared in respect of material of bad news of medical apparatus and instruments.
Medical health serves from long-term seeing affirmation is can organic meeting. But this needs a course. Chinese medical health serves the market, no matter today still is organic tomorrow meeting, the current situation of this domain is to serve efficiency of level, service to remain to rise. In addition medium state-owned and enough large crowd, fractionize market always has disentomb opportunity. I think the government is besides system of perfect and public service, specialization, in high-end resource executes socialization configuration, it is to solve existing see a doctor the key of difficult question.
The medical health IT such as electronic anamnesis also is similar situation, long-term affirmation has an opportunity. Short-term the opportunity inside is not to depend on technical level, depend on however the maturity of system of insurance of whole medical health. And the maturity of system of medical health insurance needs a course in China. If cannot let hospital, insurance company and patient tripartite be benefited, pure go building by the hospital, such limit benefit not tall, cost very tall. Hold the HMO orgnaization of significant position in the United States from this, in China short-term inside the likelihood can make the front service such as check-up only. Because HMO is,manage in order to be sure for the complete health of core.
" 21 centuries " : At present civilian battalion capital has intervened hospital of a few specialized subjects. Look from investor angle, what kind of enterprise has the latent capacity of investment?
Jiang Xiaodong: Look from policy angle, want to promote capital of civilian battalion, society to enter this field, want to create fairer competitive environment above all. Look from the angle of the hospital, must have long-term point of view, and cannot seek short-term profit only. Industry of medical health, the affirmation of the first pursuit is character and brand, and the brand results from again character. This kind of character is not to resemble quick pass the time in a leisurely way tasting what can achieve a goal through putting in advertisement in great quantities in that way, long-term it is to rely on a service, and short-term be rely on medical health resource gather.
As the investor of the hospital or partner, holding what kind of viewpoint in the arms to become this hospital, immediate impact is met finally to this platform the thing with what kind of make it, can deny resource of outstanding medical health goes up to this platform centrally.
No comments:
Post a Comment