大中華地區醫藥產業企業創投生態系與未來展望

The Ecosystem and Outlooks of Healthcare Corporate Venture Capital in the Greater China Region

蔡宇淳(Yu-Chun Tsai)

指導教授 ： 謝源弘

共同指導教授 ： 許文馨(Audrey Hsu)

國立臺灣大學/管理學院/企業管理碩士專班/碩士(2020年)

https://doi.org/10.6342/NTU202003737

摘要

在歐美國家的生計產業中,創投和企業創投是許多創新公司重要的資金來源︒近年來亞洲國家（尤其是大中華地區）急起直追, 過去十年內R＆D支出呈現倍數成長︒本論文利用資料庫分析和跨國藥廠專業經理人/亞洲創投家的訪談,分析創投和企業創投在大中華地區目前的生態係和未來發展︒結果顯示企業創投正在大中華地區蓬勃發展中, 雖然和歐美國家相比,生態係仍在建構中,但再次顯示企業創投對醫療產業創新公司的重要性︒2020年全球正面臨心冠肺炎的考驗 （Covid-19）,各種投資行為轉於保守態度,藉由本論文的研究,重新檢視企業創投在大中華地區的機會和風險,同時討論醫療產業未來五年的展望︒

關鍵字

企業創投 ； 醫療產業

並列摘要

Financial venture capital (VC) and corporate VC are among the most important source of funding of small companies in healthcare industry in Europe and USA. Countries in Asia are now catching up, especially in the greater China region, where R D expenditure was increasing tremendously in the last decade. In this thesis, we analyzed the ecosystem of venture capital as well as pharma-backed corporate VC investment in the greater China region compared to the US and Europe. We tried to identify the criteria of corporate VCs for making investment decisions by analyzing the investment portfolio from public available information and conducting interviews with investors from venture arm of big pharmaceutical companies and financial venture capitalists who had experiences in both US/EU and the greater China region. This thesis highlights the acceleration of corporate equity investing in the greater China region. The findings are consistent with data from Europe and USA where a recent analysis confirmed the critically important contribution of CVC and direct corporate investing for start-up and emerging biotech companies over the past 15 years, and importantly, the correlation between corporate investor involvement and successful ‘exit’ outcomes. As the Covid-19 pandemic hit worldwide, many VCs had become conservative in their investment. It is an appropriate timing to evaluate if the greater China region has more opportunities to be a preferred location for corporate investing in Asia and enable the translation of broader footprint of innovative science into new medicines in the next five years.

並列關鍵字

corporate venture capital ； healthcare industry

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