生技製藥業之經營策略：以國際藥廠併購為例

企業為了持續不斷的成長，或者獲取新產業領域，透過M&A向來都是公認最有效率的方式，公司間的整併一直不斷在各種產業中發生，發動收購別人、或者被別人併購，擺明都是直接用買的比較快。再來才是上市櫃IPO，以此在市場上募集資金，IPO又可採用在台上市、赴美掛牌、香港上市、進軍大陸等方式。與國際大廠技術合作，委託研究開發，出售專利權，都是讓企業得以永續發展的方法，選擇道路很多，端看各企業的掌舵者，要如何讓企業的這艘船開往成功的道路。台灣目前生技製藥業相對的優勢在於人文素養、法規制度等，尚領先大陸、東南亞、印度，劣勢就是政府雖政策訂得漂亮，支持生醫口號喊得響亮，然而卻是”只聞樓梯響、不見人影來”，實質受惠廠商少，再加上資本市場規模過小，小公司林立，彼此間明爭暗鬥，挖角事件層出不窮，兄弟登山各自努力，但很難成就世界級藥廠。而且藥廠間存在著嚴重的排擠效應，只要誰能搶先一步上市，就能囊括市場大餅。本論文透過計算淨現值「NPV」、「回收期間法」、「折現後回收期間法」、「獲利力指數法PI」、「內部報酬法IRR」等各項評估方式，審視世界級大藥廠、生技界模範生，美國輝瑞(Pfizer)的經營策略，並透過「SWOT」分析內部與外部之優勢、劣勢、機會、威脅，釐清Pfizer成為全球第一大生技藥廠，怎樣運籌帷幄。還有瑞士的羅氏大藥廠擁有精準眼光，逐步併購Genentech，兩者互利共生，穩紮穏打全球佈局。以色列的TEVA製藥是如何成功地藉著M&A，一步一步邁向學名藥廠世界第一，又如何在短短兩年間從雲端跌落，打回原形，活生生一個”成也併購，敗也併購”的典型案例。人類的需求就是利基所在，研發團隊在選題策略上必需扣住這議題，才能吸睛有賣點，AI人工智慧、Big Date、互聯網大數據的導入，相信能夠激發出令人驚艷的破壞式創新。隨著高齡化時代的來臨，生技製藥產業的良莠，醫藥先進與否，都維繫著我們的生活品質，改善健康的醫療研發與我們息息相關。本論文藉由國際大藥廠的生存之道，參照目前全球市場概況，分析生技製藥業應必備之條件，提供業者CEO經營策略之方向，並呼籲政府實質應有之作為，以及對生技公司的評價面向，提供投資人如何選擇生技公司做為投資標的。

關鍵字

併購；生技；製藥；新藥；研發

並列摘要

For continuous growth, or to acquire new fields in the industry, the most efficient way for the corporates to achieve these goals is through M&A. Inter-firm consolidation has been constantly occurring in various industries; whether to acquire others, or to be acquired by others, both are a fast, convenient and low-cost way to reach the break-throughs. IPO is another way to raise funds in the market. IPO can be raised in Taiwan, in the United States, in Hong Kong, or in the mainland China. Besides, technology cooperation among international companies, entrustment of research and development, and selling patents are also the ways to sustainable development for the companies. Among all the choices, it is the CEO of the companies who at the helm assumes the responsibility to lead the company to success. Currently, the humanities, laws and regulations in Taiwan are the relative strengths in contrast with the mainland China, Southeast Asia, and India. However, although the government has set up the relevant sound policies and advocate slogans, “all talk and no action” turned out to be the current dilemma: few benefits together with the small-scale capital market, which leads to the frequent and fierce headhunts among the companies; ferocious competition among the domestic companies arises in the difficulty to achieve world-class pharmaceutical companies. Besides, there is also a serious crowding-out effect among the pharmaceutical companies that once the company who gets ahead of the market in timely advance, the company gets the whole market pie. This thesis takes the “NPV” assessment method to examine the world-class phar-maceutical companies, the models in the biotechnology community, and U.S. Pfizer’s business strategy; in addition, this thesis also takes “SWOT” to analyze the internal and external strengths, weaknesses, opportunities, and threats to Pfizer and to analyze how Pfizer manage to become the world's largest biotechnology and pharmaceutical company. In addition, Switzerland's Roche Pharmaceuticals has a precise vision and gradually acquires Genentech. How did Israel's TEVA Pharmaceuticals succeed through M&A, step by step to become the world's No. 1 Generics Drug Firm? And how to fall from the cloud, return to its original point in just two years? This is the typical cases of M&A. Human beings’ necessities are the base of the business profit, and the R&D team must hold onto this point in order to attract the eye and have selling points. The intro-duction of AI, the Internet, and big data is believed to inspire amazing innovations. With the advent of an age of aging, the quality of the biotech and pharmaceutical industry, and the advancement of medicine, all maintain our quality of life. Medical research and development that improve health are related to our practice. In this thesis, through the way of international pharmaceutical giants' survival, and referring to the current global market situation, we should analyze the conditions necessary for the biotech and pharmaceutical industry, so as to provide the direction for the CEOs’ business strategy, to call for the government’s essential actions in the investment and care in biotechnology, and to provide the investors with the viewpoints of how to choose a biotech company as the investment target.