後進藥廠之階段轉型與成長策略分析-以日商T公司為例

Abstract

隨著2000年後藥品研發成本不斷增加，國際藥廠漸漸減少內部創新比重，轉而透過收購取得核心治療領域之突破性研發技術，以保持研發保持領先的優勢。即便過去研究衡量購併交易失敗率高達五成以上，只有三成企業有達到綜效。 然而資誠2019年台灣生醫併購白皮書仍指出，生醫產業在2018年為全球併購金額最高之產業，總金額達3761億美元，其中以生技製藥的併購交易達2723億美元最為活絡。歐美製藥企業優先運用購併交易提升企業規模，達成快速成長已經成為常態。傳統日本製藥企業過去專注於提升自身研發實力，鮮少透過跨國大型併購交易達到成長的目標，然而在日本市場經濟政策環境變化造成市場萎縮，加上生醫科技發展趨勢非日本製藥過去著重研發的小分子藥物。造成日本製藥企業面臨內外夾擊的壓力，尋求外部資源進行轉型迫在眉睫。 本論文的研究方法採用個案研究方式，以日本製藥產業個案公司透過購併，分階段轉型過程進行分析。運用企業變革轉型成長架構(C-SOP)分析個案公司轉型變革要素。針對個案公司歷史脈絡進行次級資料收集並進行分析，探討個案公司面臨轉型歷程與轉型後產生的綜效與問題分析。身為日本傳統製藥企業在轉型進入全球化的過程中，首先由興業發展，家族企業轉為專業經理人進入組織啟動組織重塑，進行特定領域中小型藥品企業收購，逐步轉入特殊治療領域，進入歐美銷售市場渠道。第二改造階段，透過大規模跨國購併夏爾罕見藥品製藥商，加速全球市場滲透。研究結果發現，身為後進者選擇購併進入立基罕病領域市場，兼具穩定與效率。購併獲取進入成長階段的金牛藥品，同時獲得研發後期的罕見疾病藥物，取得未來成長動能。營收在購併後大幅度成長，主要來自歐美市場的營收挹注。個案公司轉型後晉升亞洲唯一全球10大製藥公司。

As the cost of drug research and development continued to increase after the year of 2000, international pharmaceutical companies gradually reduced the proportion of internal innovation, and instead acquired breakthrough research and development technologies in core therapeutic areas through acquisitions to maintain their leading edge in research and development. Although some studies have pointed out that the failure rate of mergers and acquisitions exceeds 50%, only 30% of enterprises have achieved synergy. PwC Taiwan published 2019 Taiwan Biomedical M&A report still pointed out that the biomedical industry was the industry with the highest M&A value in the world in 2018, with a total value of US$376.1 billion, of which pharmaceutical M&A transactions reached US$272.3 billion the most active. It has become normal for Western pharmaceutical companies to use M&A to increase their scale and achieve rapid growth. Traditional Japanese pharmaceutical companies used to focus on improving their R&D capabilities and rarely achieved growth goals through large-scale cross-border M&A transactions. However, changes in the Japanese economic policy and environment have caused the market to shrink, and the development trend of biomedical technology is not the small molecule drugs that Japanese pharmaceuticals used to focus on. As a result, Japanese pharmaceutical companies are facing internal and external pressure, and must seek external resources for transformation as soon as possible. The research method of this paper adopts the case study method. Analysis of Japanese pharmaceutical company undergoing various stages of transformation through M&A. Analyze the elements of the company's transformation and change with the Enterprise Transformation Growth Framework (C-SOP). Secondary data collection and analysis are carried out for the historical context of the case company. Discuss the transformation process faced by the case company and the synergy and problem analysis after the transformation. As a traditional Japanese pharmaceutical company in the process of transforming into globalization. First, the family business was transformed into a professional manager to enter the organization, and the organization remodeling was initiated. Focus on the acquisition of small and medium-sized pharmaceutical companies in specific fields, gradually transfer to special treatment fields, and enter Western market channels. In the second stage of transformation, through large-scale cross-border acquisitions of rare disease pharmaceutical company” Shire,” the global market penetration was accelerated. The results of the study found that, as a second mover, choosing to acquire and enter a niche market in the field of rare diseases can be both financial stable and efficient. Through acquisitions, cash cow drugs in the growth stage and rare disease drugs in the late stage of R&D can be obtained, so as to obtain future growth momentum. Revenue has grown significantly after the acquisition, mainly from European and American markets. After the transformation of the case company, it was promoted to the top 10 pharmaceutical companies in the world, the only one in Asia.