乘勢轉型、全球佈局—臺灣製藥 CDMO 廠商之經營發展策略分析：以保瑞藥業為例

Abstract

近年全球製藥產業受到人口高齡化、慢性疾病增加、創新療法發展、藥價壓力與供應鏈韌性要求提升等因素影響，逐漸由傳統藥品銷售與大量製造模式，轉向高價值產品、專業分工與製造外包。一般學名藥市場面臨價格競爭與獲利壓力，而製藥公司對產能彈性、品質管理、法規遵循及供應穩定性的要求持續提高，使CDMO（Contract Development and Manufacturing Organization，委託開發暨製造服務）在全球製藥價值鏈中的重要性日益提升。對臺灣製藥企業而言，如何透過產品升級、製造能力擴張與國際市場布局建立可持續成長模式，已成為重要策略課題。 本研究以保瑞藥業為個案，探討其如何在全球藥品市場結構轉變與CDMO需求擴大的背景下，透過持續併購、資源整合與事業布局，形成藥品銷售與CDMO製造服務並行之成長模式。本研究採個案研究法，以公司年報、法說會簡報、財務報告、公司公告、產業研究報告與公開新聞資料為主要資料來源，並運用PESTEL分析、產業五力分析、競爭者比較、資源基礎觀點、VRIO分析、策略活動系統、BCG事業組合矩陣、Ansoff產品市場矩陣及一般競爭策略等架構，分析保瑞之外部環境、資源能力、事業組合與策略發展。 研究結果顯示，學名藥價格競爭、製藥外包需求增加、主要市場法規與供應鏈韌性要求提升，為保瑞由傳統製藥企業轉向國際化整合平台提供外部機會。保瑞之成長並非單純來自市場自然擴張，而是透過連續併購取得產品、藥證、製造據點、客戶關係與國際通路，逐步形成藥品銷售與CDMO並行的雙引擎模式。其優勢條件亦非來自單一資產，而是建立於併購標的選擇、全球製造據點、品質系統、藥證資源、產品組合、通路與組織整合能力的相互配合。 從事業組合觀察，一般學名藥主要扮演提供基礎營收與現金流之角色；高價值特殊藥品為藥品銷售事業之主要成長來源；小分子CDMO已形成具規模之成長事業；生物藥與無菌針劑平台則仍處於能力整合與商業化驗證階段。隨著公司規模持續擴大，保瑞未來的核心課題將由資源取得轉向併購後整合、產能利用、產品組合升級與獲利品質。若能持續提高高門檻產品比重、強化CDMO業務穩定性、提升整合效率，並在營收成長與獲利品質之間取得平衡，將有機會進一步發展為具國際競爭力之整合型製藥平台。

In recent years, the global pharmaceutical industry has undergone structural changes driven by population aging, the growing prevalence of chronic diseases, innovative therapies, and rising demand for outsourced manufacturing. As competition and pricing pressure in the generic drug market intensify, pharmaceutical companies have placed greater emphasis on manufacturing flexibility, quality management, regulatory compliance, and supply chain resilience. Accordingly, CDMO (Contract Development and Manufacturing Organization) services have become increasingly important in the global pharmaceutical value chain. For Taiwanese pharmaceutical companies, achieving sustainable growth through product upgrading, manufacturing expansion, and international market development has become a critical strategic issue. This study takes Bora Pharmaceuticals as a case study to examine how the company has developed a dual-track growth model combining pharmaceutical products and CDMO services. Based mainly on secondary data, including annual reports, investor presentations, financial statements, corporate announcements, industry reports, and public news sources, this study applies PESTEL, Porter’s Five Forces, competitor comparison, the resource-based view, VRIO, activity system, BCG, Ansoff, and generic strategy frameworks. These frameworks are used to analyze Bora’s external environment, internal resources and capabilities, business portfolio, and strategic development. The findings show that pricing pressure and growing outsourcing demand have supported Bora’s transformation, while its growth has not resulted merely from market expansion. Instead, the company has relied heavily on mergers and acquisitions to obtain products, drug licenses, manufacturing sites, customer relationships, and international market resources. Through subsequent integration, Bora has gradually developed into a hybrid pharmaceutical platform combining commercial product operations with CDMO services. Its product business supports revenue growth and market expansion, while its CDMO business strengthens manufacturing capabilities, quality management, and collaboration with international pharmaceutical clients. Bora’s competitive advantage therefore arises not from a single asset, but from the combination of acquisition selection, product portfolio, global manufacturing footprint, quality systems, drug licenses, and organizational integration capabilities. As Bora continues to expand, its core challenge is no longer simply acquiring external resources, but integrating acquired products, capacity, and market resources into stable and sustainable profitability. Overall, if Bora can increase the proportion of high-barrier products, strengthen CDMO business stability, improve post-acquisition integration efficiency, and balance revenue growth with earnings quality, it may further evolve from an acquisition-driven pharmaceutical company into an internationally competitive integrated pharmaceutical platform.