4HtPWY6uwFr finance.huanqiu.com article What must be answered for innovative pharmaceutical enterprises to "go to sea"? /e3pmh1hmp/e3pmh28kq <article><section data type="rtext"><p>With the increase of innovative drugs "going to sea" cases, their models are also evolving</ p> <p>Recently, Hengrui Pharmaceutical announced that it would license the GLP-1 product portfolio with independent intellectual property rights to Hercules Inc</ p> <p>At present, most innovative pharmaceutical enterprises adopt the mode of "borrowing ships to go to sea", that is, to expand the market by taking advantage of the resource advantages of partners. Hengrui Pharmaceutical chose the "joint venture" mode, that is, in addition to obtaining the license fee for GLP-1 product portfolio from Hercules, the company will also acquire 19.9% of the equity of Hercules. Under this mode, Hengrui Pharmaceutical will participate in Hercules' decision-making through shareholding voting rights; For example, Hercules will generate revenue in its future operations. In addition to the revenue from the licensing agreement products, Hengrui Pharmaceutical can also participate in Hercules' profit distribution to shareholders</ p> <p>At present, "going to sea" has become an important path for innovative pharmaceutical enterprises to open up markets and obtain higher returns. The author believes that enterprises need to choose the "going to sea" mode according to their own resource endowments, and before "going to sea", innovative pharmaceutical enterprises need to evaluate three major factors, namely, international development experience, financial strength and product technology level</ p> <adv-loader __attr__inner="7004636" __attr__style="width: auto; position: relative;float: left;border: 1px solid #ebebeb; padding: 20px;overflow: hidden;margin: 10px 30px 40px 0; "></adv-loader> <p>First of all, for Chinese innovative pharmaceutical enterprises in the early stage of development, "going to sea" will not be a smooth road, and even face multi-dimensional challenges such as legal supervision, clinical development and design, and market expansion. Only a team with rich international experience can assume the responsibility of communicating with local regulators, and accelerate the registration, listing and commercialization of products in the local market. Innovative pharmaceutical enterprises should consider their own internationalization ability, team building ability, etc., and choose an appropriate "sea going" way</ p> <p>Secondly, the R&D of innovative drugs requires a long cycle and high investment, so "going to sea" needs to consider financial strength. Under the "ship borrowing and sailing" mode, the partners are responsible for carrying out clinical trials and marketing in overseas markets, while Chinese innovative pharmaceutical enterprises can obtain one-time down payment, subsequent milestone payment and sales share. By "borrowing ships to go to sea", enterprises can obtain financial support to promote drug research and development and daily operations</ p> <p>Under the "joint venture" mode, Chinese innovative pharmaceutical enterprises and overseas pharmaceutical enterprises jointly develop innovative pharmaceutical products, make joint decisions and share costs, which also requires enterprises to have the resources and capabilities to expand overseas markets, as well as considerable financial strength. Take Hengrui Pharmaceutical, which chose "United Sailing" as an example. The company has been developing internationally for many years, and its monetary capital in the first quarter of this year was 21.3 billion yuan, ranking second among A-share listed companies in the pharmaceutical and biological industry</ p> <p>Finally, from the perspective of product technology, innovative pharmaceutical enterprises need to evaluate whether the technology level of the drugs under research has a differentiated competitive advantage, and whether the R&D progress is in a leading position. If the industry competition is fierce and the R&D progress is behind, the future commercialization space of products will be greatly reduced</ p> <p>Domestic pharmaceutical enterprises need to make careful planning and full preparation for "going to sea". In the future, the mode of "going to sea" of Chinese innovative drugs will continue to change. It is believed that after accumulating rich international experience, Chinese innovative pharmaceutical enterprises will have the ability to independently face risks and challenges in overseas markets, thus opening a new mode of "going to sea independently"</ p></section></article> one trillion and seven hundred and sixteen billion three hundred and forty million three hundred and seventeen thousand seven hundred and eight Editor in charge: Liu Yi <a href=" http://epaper.zqrb.cn/html/2024-05/22/content_1051768.htm?div= -1 ">Securities Daily</a> one trillion and seven hundred and sixteen billion three hundred and forty million three hundred and seventeen thousand seven hundred and eight one one []