我国新药研发各阶段融资方式与资金需求的匹配研究

目的:为解决我国新药研发各阶段资金"供需错位"结构性失衡问题提供参考。方法:通过对新药研发各阶段的资金需求情况和"供需错位"问题进行分析,设计与各个阶段资金需求相匹配的融资方案,并以"万珂"的融资过程为例进行分析。结果与结论:新药研发的基础阶段资金需求较大,但因存在较高的技术风险、转化风险以及投资风险,这一阶段很少得到投资者的重视和支持,导致研发资金缺乏,建议加大研发企业自身资金的投入;在新药发现阶段,尽管成功率较高,但研发风险和投资风险仍然较高,所需资金较多,资金也较为短缺,建议吸引更多的风险资本进入该阶段;在临床前至Ⅱ期临床阶段,对资金的需求更大,建议该阶段采用风险投资和专利质押等多种融资方式;在Ⅲ期临床至上市前,研发进入成熟期,投资风险较低,因此该阶段可获得较多的风险资金,存在资金过剩的情况,研发企业除选择风险投资外还可在此时选择上市融资;在上市后阶段,可以在产品的销售环节通过转让某一地区的销售权来为下一轮新药研发提供新的预备资金,从而实现研发活动的良性循环。"万珂"研发融资取得成功的很大一方面原因在于融资过程中运用了多种融资方式相结合的模式。这提示我国应在国家层面完善金融融资体...

Study on the Matching of Financing and Fund Demand in Each Stage of New Drug R&D in China

OBJECTIVE:To provide reference for resolving structural imbalance of“supply and demand dislocation”in each stage of new drug R&D funds in China.METHODS:Through analyzing the fund demand in each stage of new drug R&D and the problem of“supply and demand dislocation”in detail,a financing scheme matching the fund demand of each stage was designed,and analyzed with the financing process of“Wanke”.RESULTS&CONCLUSIONS:In the basic stage of new drug R&D,there was a large demand for funds,but there were great technical risks,transformation risks and investment risks,little attention and support from investors,resulting in the lack of R&D funds in this stage.It is suggested to increase the investment of R&D enterprises themselves.In the stage of new drug discovery,the risks of R&D and investment were still high,more funds were needed and funds were in short supply.It is suggested to attract more venture capital into this stage.From preclinical stage to clinical stageⅡ,there was a greater demand for funds.It is suggested that this stage should mainly rely on venture capital and pledge financing with patents.From the clinical stageⅢto pre-marketing,R&D had entered the mature stage with less investment risk.Therefore,more venture capital could be obtained in this stage,and there was a situation of excess capital.At this time,in addition to venture capital,R&D enterprises can also choose listing financing.In the post-marketing stage,the sales right of a certain region in the product sales link could be transferred to provide new reserve funds for the next round of new drug R&D,so as to achieve a virtuous circle of R&D activities.One of the reasons for the success of“Wanke”R&D financing lied in the combination of various financing methods in the financing process.It is suggested that China should improve the financial financing system and patent value evaluation system at the national level,so as to promote the drug patent pledge financing in China as soon as possible.Finally,new drug R&D institute must establish the concept of independent innovation,speed up the output of technological innovation results,so as to achieve the improvement of China’s independent R&D capability.