生技公司與大藥廠技術交易之價值分析

Abstract

健康照護產業可以說是最昂貴的服務業。產業中許多次產業，像是醫藥產業與生技產業一直以來的互相依存的競合關係，常常是實務界及學術界共同注意的研究議題。 這篇論文想由生技公司的觀點，尋求一個系統化的方式，來探討其在與大藥廠進行技術交易時，是否能在策略上達到交易價值的極大化，並討論當此價值極大化發生時所應具備的前提條件與情況。 文章中以一家擁有世界級產品潛力的台灣生技公司之新藥產品線為闡述的基礎，並鋪陳可應用至其他領域的產業驅動力來貫穿全文。由於生技公司新藥開發之主要商業模式為授權與被併購，文中亦針對上述價值極大化時於不同商業模式的取捨與決策判斷的條件加以論述。

Healthcare industry is possibly the most expensive service industry in the world. To cope with technology changes and innovation challenge, pharmaceutical companies have to engage R&D collaborations with biotechnology companies and develop co-opetition relationship with each other. The smaller biotech companies always have the dilemma to either license-out (to big pharma) or launch the product on their own during collaborative processes. This thesis illustrates systematically those intrinsic driving forces underlying the co-developing relationship and maps out a strategic scheme for smaller biotech companies to maximize their potential value proposition in dealing with their pharmaceutical counterparts. The schematic model, which focuses on the new perspectives such as intrinsic and extrinsic factors from both biotech and pharmaceutical industries, could be used as an empirical tool in formulating corporate strategies. Finally, a case study using a new drug product pipeline from a Taiwan based biotech company demonstrates a potential best practice deducted from the above scheme.