全球?qū)＠幍狡诔北尘跋碌闹扑幤髽I(yè)投資分析
發(fā)布時間：2018-07-17 00:10
【摘要】：制藥產(chǎn)業(yè)是一個關(guān)乎國計民生，直接影響到公共健康利益的產(chǎn)業(yè)，具有高技術(shù)、高投入、高風(fēng)險和長周期等特點。從全球的制藥產(chǎn)業(yè)格局來看，目前歐美和日本的大型原研藥企處于產(chǎn)業(yè)鏈的最高端，全球性仿制藥企業(yè)處于整個醫(yī)藥產(chǎn)業(yè)鏈的中段，而中國制藥企業(yè)在全球分工中相對處于低端，向歐美、日本和印度制藥企業(yè)提供原料藥。未來幾年，全球范圍內(nèi)將有價值超兩千多億美元的專利藥專利到期，將釋放巨大的市場空間，給廣大制藥企業(yè)帶來了空前的機遇。在目前我國制藥產(chǎn)業(yè)仍處于低水平重復(fù)、效率低下以及惡性競爭的狀態(tài)下，制藥企業(yè)如何搶抓專利藥到期潮的機遇，投資者如何挖掘投資機會以及政府部門如何借此機遇加速制藥產(chǎn)業(yè)結(jié)構(gòu)的調(diào)整和促進產(chǎn)業(yè)的升級都是值得深入研究的問題。 本文站在投資者的角度，基于新結(jié)構(gòu)經(jīng)濟學(xué)理論，嘗試提出在全球?qū)＠幍狡诔钡谋尘跋翧股市場投資制藥企業(yè)的投資邏輯框架。首先在論述國內(nèi)外制藥產(chǎn)業(yè)發(fā)展現(xiàn)狀、產(chǎn)業(yè)結(jié)構(gòu)和產(chǎn)業(yè)特征后，對全球?qū)＠幍狡诔睓C遇進行詳細闡述；然后橫向?qū)Ρ茸裱容^優(yōu)勢戰(zhàn)略成功實現(xiàn)產(chǎn)業(yè)轉(zhuǎn)型升級的印度制藥產(chǎn)業(yè)的經(jīng)驗?zāi)Ｊ剑τ《鹊湫椭扑幤髽I(yè)的發(fā)展歷程進行深入分析；最后在實證分析A股上市公司歷來搶抓到期潮機遇給投資者帶來超額收益的基礎(chǔ)上，嘗試得出A股市場投資制藥企業(yè)的邏輯和思路。 本文認為投資者應(yīng)該選擇遵循比較優(yōu)勢戰(zhàn)略的并且能夠獲得政府因勢利導(dǎo)政策支持的特色原料藥和首仿或品牌仿制藥企業(yè)中，，能夠搶抓專利藥到期潮機遇的投資標的。論文最后除了對投資者提出了投資建議外，還對國內(nèi)制藥企業(yè)提出了關(guān)于戰(zhàn)略發(fā)展和產(chǎn)業(yè)升級的建議，并且對政府相關(guān)部門也提出了一些政策建議。
[Abstract]:Pharmaceutical industry is an industry related to the national economy and people's livelihood, which has the characteristics of high technology, high investment, high risk and long period. Judging from the global pharmaceutical industry pattern, at present, large original pharmaceutical research enterprises in Europe, America and Japan are at the top end of the industrial chain, while global generic pharmaceutical enterprises are in the middle of the entire pharmaceutical industry chain. Chinese pharmaceutical companies are relatively low-end in the global division of labor, supplying raw drugs to European, American, Japanese and Indian pharmaceutical companies. In the next few years, more than 200 billion US dollars worth of patent drug patents will expire worldwide, which will release huge market space and bring unprecedented opportunities to the majority of pharmaceutical enterprises. At present, the pharmaceutical industry in our country is still in a state of low level duplication, low efficiency and vicious competition. How to seize the opportunity of patent drug expiration in pharmaceutical enterprises? How to excavate the investment opportunities and how to take this opportunity to accelerate the adjustment of the pharmaceutical industry structure and promote the upgrading of the pharmaceutical industry are worthy of further study. From the perspective of investors and based on the theory of new structural economics, this paper attempts to put forward a logical framework for investing in pharmaceutical enterprises in the A share market under the background of the global tide of patent drug expiration. Firstly, after discussing the current situation, industrial structure and industrial characteristics of the pharmaceutical industry at home and abroad, the paper expounds the opportunity of the global patent drug expiration tide in detail. Then the empirical model of Indian pharmaceutical industry which has successfully realized the transformation and upgrading of industry under the strategy of comparative advantage is contrasted horizontally and the development course of typical pharmaceutical enterprises in India is analyzed deeply. Finally, on the basis of empirical analysis of A-share listed companies which have always seized the opportunity to bring excess returns to investors, this paper tries to draw the logic and thinking of investing in pharmaceutical enterprises in A-share market. This paper holds that investors should choose the investment target that follows the strategy of comparative advantage and can be supported by the government's favorable policy, and among the first imitation or brand generic drug enterprises, they can seize the opportunity of patent drug expiration. In the end, the paper puts forward some suggestions on the strategic development and industrial upgrading of domestic pharmaceutical enterprises, as well as some policy suggestions to the relevant government departments.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F830.59;F416.72
本文編號：2128170
[Abstract]:Pharmaceutical industry is an industry related to the national economy and people's livelihood, which has the characteristics of high technology, high investment, high risk and long period. Judging from the global pharmaceutical industry pattern, at present, large original pharmaceutical research enterprises in Europe, America and Japan are at the top end of the industrial chain, while global generic pharmaceutical enterprises are in the middle of the entire pharmaceutical industry chain. Chinese pharmaceutical companies are relatively low-end in the global division of labor, supplying raw drugs to European, American, Japanese and Indian pharmaceutical companies. In the next few years, more than 200 billion US dollars worth of patent drug patents will expire worldwide, which will release huge market space and bring unprecedented opportunities to the majority of pharmaceutical enterprises. At present, the pharmaceutical industry in our country is still in a state of low level duplication, low efficiency and vicious competition. How to seize the opportunity of patent drug expiration in pharmaceutical enterprises? How to excavate the investment opportunities and how to take this opportunity to accelerate the adjustment of the pharmaceutical industry structure and promote the upgrading of the pharmaceutical industry are worthy of further study. From the perspective of investors and based on the theory of new structural economics, this paper attempts to put forward a logical framework for investing in pharmaceutical enterprises in the A share market under the background of the global tide of patent drug expiration. Firstly, after discussing the current situation, industrial structure and industrial characteristics of the pharmaceutical industry at home and abroad, the paper expounds the opportunity of the global patent drug expiration tide in detail. Then the empirical model of Indian pharmaceutical industry which has successfully realized the transformation and upgrading of industry under the strategy of comparative advantage is contrasted horizontally and the development course of typical pharmaceutical enterprises in India is analyzed deeply. Finally, on the basis of empirical analysis of A-share listed companies which have always seized the opportunity to bring excess returns to investors, this paper tries to draw the logic and thinking of investing in pharmaceutical enterprises in A-share market. This paper holds that investors should choose the investment target that follows the strategy of comparative advantage and can be supported by the government's favorable policy, and among the first imitation or brand generic drug enterprises, they can seize the opportunity of patent drug expiration. In the end, the paper puts forward some suggestions on the strategic development and industrial upgrading of domestic pharmaceutical enterprises, as well as some policy suggestions to the relevant government departments.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F830.59;F416.72
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本文編號：2128170
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