從利基到競爭-友華生技之經營發展策略分析

Abstract

在全球化與區域市場競爭日益加劇的背景下，台灣生技產業正面臨多重挑戰與轉型壓力，包括高齡化社會加速、少子化影響、醫療政策調整、生技技術演進及國際市場不確定性等。在此環境中，本土的生技公司如何調整經營策略、提升事業彈性並維持競爭優勢，成為關鍵課題。本研究選擇本土生技企業友華生技醫藥公司作為研究對象，探討其如何因應整體產業變化，進行事業重整與資源配置的策略行動。

本研究目的為分析友華公司於面對台灣與亞太市場變遷的環境下，如何透過事業組合管理、價值鏈優化與策略布局，維持營運穩定並尋求成長突破。本研究先說明台灣生技產業之產業結構與外部變化，進而剖析友華公司的主要事業，並進行五力分析、BCG矩陣與價值鏈評估，探討各事業的市場定位、資源掌握能力與未來發展潛力。

在研究方法方面，採用質性個案研究法，輔以次級資料分析，包括公司近五年之年報、營運數據、政府與產業公協會資料（如經濟部技術處、IQVIA、台灣藥品研發暨製造工業同業公會等），並參考產業年複合成長率（CAGR）指標，作為事業成長性與產業成熟度之衡量基礎。BCG矩陣的兩組圖形分別以現在與未來五年成長率為縱軸，橫軸則為各事業的市場占有率變化，進一步描繪各事業於不同時點之相對位置與轉變動態。

研究結果指出，友華生技的製藥事業長期以代理國際藥品為主要營運模式，然而與同業相比，其整體營收表現顯著偏低，顯示在產品代理策略與產品組合規劃方面仍有優化空間。此外，藥品研發的投入雖持續進行，但研發成果的商業化轉換效益仍顯不足，與同業相比在策略執行的速度與深度方面呈現落後態勢。至於營養保健品作為其長期的利基事業，近年來亦受到地緣政治與人口結構變化的影響，未來應加速海外市場布局，尋求新興市場作為成長動能來源，以分散內需市場風險。 本研究之貢獻在於，透過具體個案剖析與策略工具應用，提供中型生技企業於高度變動市場下，進行多事業組合規劃與轉型布局之參考架構。研究建議企業應建立「穩定現金流 + 長期研發投資」的雙軌策略，同時強化價值鏈整合、跨部門資源協同與風險分散能力，以提升整體競爭韌性與永續發展潛力。

Under the intensifying competition driven by globalization and regional market dynamics, Taiwan’s biotechnology industry faces multiple challenges and transformation pressures, including an aging population, declining birth rates, shifting healthcare policies, advances in biotechnology, and growing international uncertainties. In such an environment, how local biotech firms adapt their business strategies, enhance operational flexibility, and maintain competitiveness has become a critical issue. This study selects Orient EuroPharma Co., Ltd., a representative Taiwanese biotechnology company, as the case subject to explore how it responds to overall industry changes through business restructuring and strategic resource allocation. The purpose of this research is to analyze how Orient EuroPharma, in the context of evolving conditions in Taiwan and the broader Asia-Pacific market, utilizes portfolio management, value chain optimization, and strategic positioning to maintain stable operations while seeking growth breakthroughs. This study first outlines the structure and external dynamics of Taiwan’s biotech industry, then investigates Orient EuroPharma major business segments. Through the application of Porter’s Five Forces, the BCG matrix, and value chain analysis, it evaluates each business segment’s market positioning, resource leverage, and future development potential. Methodologically, the study adopts a qualitative case study approach, supported by secondary data analysis. This includes an examination of the company's financial reports and operating data over the past five years, along with government and industry association data (such as from the Department of Industrial Technology, IQVIA, and TGPA). Industry compound annual growth rate (CAGR) figures are referenced to assess each business’s growth potential and market maturity. Two sets of BCG matrices—based on past and projected five-year CAGR—are used to illustrate the temporal shifts in strategic positioning across Orient EuroPharma business portfolio. Findings reveal that Orient EuroPharma pharmaceutical business has long relied on international drug licensing; however, its overall revenue growth lags behind peers, suggesting a need to improve product licensing strategy and portfolio design. Furthermore, while investment in R&D is ongoing, the conversion of research into commercial outcomes remains limited, indicating slower and shallower strategic execution compared to competitors. The nutritional supplement business, a longstanding niche for the company, has recently encountered challenges due to geopolitical issues and demographic shifts. It is recommended that Orient EuroPharma accelerates overseas market expansion and targets emerging regions to diversify growth risks beyond the domestic market. The study contributes by offering a strategic analysis framework for mid-sized biotech companies operating in volatile markets, emphasizing the importance of balanced cash flow generation and long-term R&D investment. It recommends that companies adopt a dual-track strategy, strengthen value chain integration, promote cross-functional resource coordination, and implement risk diversification to enhance competitiveness and ensure sustainable growth.