台灣製藥產業廠商競爭分析： 專心致志的東洋、如虎添翼的美時、一瞬千里的保瑞

Abstract

全球藥品市場規模為1.4兆美金，其中新藥約佔6,900億美金(46%)，學名藥市場約佔3,600億美金(24%)，而CDMO產值約為1,300億美金。全球製藥產業成長最快的疾病領域為癌症領域，每年約成長13-16%。然而，台灣生技產業整體產值約為7,000億台幣，其中製藥產業約佔960億台幣(僅佔全球藥品市場的0.2%)，台灣藥廠多數的營利模式為銷售自製學名藥、代理國外新藥或CDMO，然而因健保市場限縮，每年藥價調降幅度大，往往難以儲備足夠的國際競爭力。於台灣藥廠中，東洋、美時、保瑞三間公司與其他新創生技公司較多著重在本夢比不同，相對而言是穩健發展中、有一定獲利模式的三間企業，在國際化的過程中，也都逐漸有了一些成績，其成長及競爭策略亦可供台灣其他藥廠作為借鏡及參考。 本研究使用個案比較法，分析台灣東洋、美時製藥與保瑞製藥的公司發展及競爭策略。資料來源包括全球及台灣的生技產業報告、IMS報告、媒體新聞、公司年報、公司官網、永續發展計畫書及財務指標等。分析涵蓋五力分析、企業能耐分析及競爭策略分析等理論，並對比三間公司的財務指標，如經營能力、獲利能力及債償能力。 本研究發現，三間公司均在不同的市場區隔中建立了競爭優勢。台灣東洋利用其核心能力──微脂體及微球，著重發展癌症及重症領域，並持續研發困難學名藥，在國內市場中保持競爭力；美時製藥則通過與Alvogen集團的購併，擴展國際市場，並以成本領導策略選擇合適的新藥及學名藥標的；保瑞製藥則透過購併快速增加國外觸角，及拓展自身對於不同劑型的製造能力，其CDMO的業務能為集團提供穩定的現金流，協助集團發展全球銷售業務，保瑞亦採取差異化策略，著重生產特殊製劑，如口服控釋劑型及眼用製劑，以樹立較高的競爭門檻。 對於台灣藥廠的發展及競爭策略，研究者給予的建議有三：「集中資源、重點投資」、「借力使力，才能省力」，以及「放眼國際，發揮規模經濟」。 關鍵字：台灣製藥產業、東洋、美時、保瑞、成長策略、競爭策略

The global pharmaceutical market is valued at $1.4 trillion, with new drugs accounting for approximately $690 billion (46%), the generic drug market around $360 billion (24%), and the CDMO sector about $130 billion. The fastest-growing disease area in the global pharmaceutical industry is oncology, with an annual growth rate of 13-16%. However, Taiwan's biotech industry has an overall output value of about NT$700 billion, with the pharmaceutical industry accounting for around NT$96 billion (only 0.2% of the global pharmaceutical market). Most Taiwanese pharmaceutical companies' profit models involve selling self-produced generic drugs, acting as agents for foreign new drugs, or engaging in CDMO. Nevertheless, due to the constraints of the health insurance market and significant annual drug price reductions, it is often challenging to reserve enough international competitiveness. Among Taiwanese pharmaceutical companies, TTY Biopharm, Lotus Pharmaceuticals, and Bora Pharmaceuticals stand out from other new biotech startups. These three companies are relatively stable and profitable, and they have made gradual progress in their internationalization efforts. Their growth and competitive strategies can serve as references for other Taiwanese pharmaceutical companies. This study employs a case comparison method to analyze the development and competitive strategies of Taiwan's TTY Biopharm, Lotus Pharmaceuticals, and Bora Pharmaceuticals. Data sources include global and Taiwanese biotech industry reports, IMS reports, media news, company annual reports, official websites, sustainable development plans, and financial indicators. The analysis encompasses theories such as Porter's Five Forces, corporate capability analysis, and competitive strategy analysis, comparing the financial indicators of the three companies, such as operational capability, profitability, and debt repayment capability. The study finds that all three companies have established competitive advantages in different market segments. TTY Biopharm leverages its core competencies in liposome and microsphere technologies, focusing on the development of oncology and critical illness treatments, and continues to develop difficult-to-manufacture generic drugs to maintain competitiveness in the domestic market. Lotus Pharmaceuticals has expanded its international market through acquisitions with the Alvogen Group and adopts a cost leadership strategy to select suitable new and generic drug targets. Bora Pharmaceuticals rapidly increases its international reach and manufacturing capabilities for various dosage forms through acquisitions. Its CDMO business provides a stable cash flow for the group, assisting in the global expansion of its sales operations. Bora also adopts a differentiation strategy, focusing on producing specialized formulations such as oral controlled-release and ophthalmic preparations, establishing a higher competitive barrier. For the development and competitive strategies of Taiwanese pharmaceutical companies, the researcher offers three recommendations: "Concentrate resources and focus investments," "Leverage external forces for efficiency," and "Look internationally to achieve economies of scale." Keywords: Taiwan pharmaceutical industry, TTY Biopharm, Lotus Pharmaceuticals, Bora Pharmaceuticals, growth strategy, competitive strategy.