Climbing from low-end manufacturing to high-tech industries has been the dream of China's business community for many years. Among them, semiconductors, biomedicine, and communications are the commanding heights for measuring the technological strength of countries. Nowadays, China's high-tech industry has relied on the development of industrial park clusters to sweep away the previous situation of weakness and poverty. However, there are still many problems in accelerating the further development of China's high-tech industry. Opening.
A world-class new drug development company is not worried about technology, but funds. This is exactly the crux of China's new drug development dilemma in the context of marketization.
During these eight years, Zhou Mingdong has been looking for funds to realize his dream. In 2000, with two world-class medical discoveries in Australia, he returned to Shanghai and founded the original new drug company Zesheng Technology. When he returned, he raised 3 million yuan from relatives and friends.
Zhou Mingdong understands that his ideas are very bold. He wants to develop a new medicine for treating cardiovascular and cerebrovascular diseases based on his medical findings. If successful, this will be China's second original new medicine in addition to artemisinin since its founding.
This is almost an impossible task. The full-cycle cost of developing a new drug by international pharmaceutical giants takes 10 to 15 years and costs about 1 billion US dollars, which is equivalent to the scientific research in the field of biotechnology during China's "Eleventh Five-Year Plan" Two-thirds of the total investment.
But Zhou Mingdong still decided to return to his country, and he returned to the country to make his own case. According to his investigation, in China, the cost of developing a new biological drug to clinical phase II trials is usually 20 million yuan, while in the United States, the same research will cost 100 million to 200 million US dollars.
The largest investment in R & D is the salary of scientific researchers. In China, the salary of a doctoral researcher does not exceed US $ 20,000 per year, but in the United States, it is nearly US $ 60,000.
Zhou Mingdong summoned some manpower and began to conduct early research step by step. But soon in 2002, Zhou Mingdong found out that the 3 million yuan he raised had little left, so he had to look for investment everywhere.
However, the development of new drugs is a high-risk investment, and it is not easy to persuade investors. Zhou Mingdong has done his homework for this. He told investors that his research is aimed at the number one killer of human health-cardiovascular and cerebrovascular diseases. There are more than 20 million people with heart failure worldwide, and it is increasing at a rate of 2 million cases per year. According to this speed estimate, Zhou Mingdong predicts that in 2005 the world market for his own heart failure drugs can reach 6 billion US dollars, and the market value created by more than 4 million patients in China alone is 5 billion yuan.
After unsuccessful foreign investment, Zhou Mingdong cut nearly half of the company's employees. A few months later, out of personal feelings, one of his friends engaged in construction invested millions of dollars in Zesheng to help Zhou Mingdong struggle to survive.
Zhou Mingdong called back his dismissed employees and continued R & D. When it was really impossible to turn around, he went to Zhangjiang Venture Capital Company to borrow part of the money to pay his salary, and temporarily passed the difficulty.
Fortunately, until mid-2004, the two new drugs developed by Ze Sheng for anti-tumor and treatment of heart failure, after successful animal testing, finally made a major breakthrough and obtained approval for clinical trials.
After receiving the approval, the number of venture capital funds interested in Ze Sheng suddenly increased, but most people were still hesitant. It is not difficult to understand that the research and development of new drugs by international giants often fails even if the research and development enters the later stage of the trial.
In October 2006, the pharmaceutical giant AstraZeneca announced that a drug for the treatment of myocardial obstruction failed late in the trial, which caused its stock price to plummet. At this time, the small drug research and development company Zesheng, the new drug has just entered the clinical phase one, the future is uncertain. At a critical moment, the government once again sent charity to Ze Shengxue, subsidizing 3 million yuan to help Zesheng get through the difficulties.
At this time, Zhou Mingdong met a Bole. This Bole is Chen Lezong, the younger brother of Chen Qizong, chairman of Hong Kong Hang Lung Group.
Chen Lezong is a Ph.D. in radiobiology from Harvard in the United States. He has a special liking for biomedicine. More importantly, he not only knows how to do it, but he is also responsible for the family investment business Morningstar Group. Morningstar has become an investor in well-known start-up companies such as Sohu, Jiucheng, Ctrip, and Juzhong Media in the Mainland. In recent years, it has been very active in the field of biotechnology startups.
After seeing Zhou Mingdong, Chen Lezong decided to give him an investment of 10 million US dollars. This is really a long drought. Since then, Zhou Mingdong temporarily got rid of the funding dilemma.
In 2005, in Pudong ’s “Huiyan†project, the government provided Zesheng with an interest-free loan of 61 million yuan that did not require guarantees, and also provided a total of 11.94 million yuan of unpaid subsidies. These support Zesheng completed the first phase and the second Part of clinical work.
This is definitely a miracle for most of the pharmaceutical companies in Zhangjiang Medicine Valley who are still in the early stages of development. For the four new drugs that Zhang Jiang has entered the clinical stage, it is extremely difficult.
However, the annual expenditure of RMB 40-50 million for Phase II clinical trials will make Zesheng face financial difficulties at the end of 2008. "We may still need to raise an investment of 200 million yuan to complete the third phase of clinical trials, conduct large-scale human trials, and finally obtain a Chinese new drug certificate for listing." Zhou Mingdong said, if all goes well, by the end of 2009, basically to achieve goals.
Although Ze Sheng has not yet faced the impact of the cooking break, the situation is not optimistic. Now every week, Zhou Mingdong has to receive several investors. However, the evaluation of Ze Sheng's value between them was not consistent.
According to Zhou Mingdong's estimate, Zesheng's market price is at least 400 million yuan, but most venture capital is only willing to pay a price of 300 million yuan. This price cannot account for the early shareholders who took greater risks. Zhou Mingdong can only continue to advance his research while continuing to look for funds.
This investment is impossible from domestic pharmaceutical companies. In 2005, the output value of China's pharmaceutical industry was 462.8 billion yuan, but the sales profit was only more than 30 billion yuan. In 2005, the sales of a lipid-lowering drug, Pfizer, the world's first pharmaceutical company, was $ 12.9 billion.
In fact, Pfizer, the world's No. 1 pharmaceutical giant, invested US $ 7.44 billion in new drugs in 2005, far exceeding all the investments in new drugs since China's founding. Because of the lack of attention and investment, in 2005, the new drug Huperzine A derivative ZT-1 of the Shanghai Institute of Chinese Academy of Sciences completed the clinical phase II in six European countries, but was forced to sell it to the Swiss De Biao Group due to financial problems, making China Lost a "blockbuster-class new medicine" that truly has world influence.
On the contrary, compared with only more than ten new drugs approved by the US government each year, the SFDA has approved more than 13,000 new drugs every year, which is ridiculous, and there are few truly original new drugs.
More importantly, for Zesheng to achieve sustainable development, it must step out of the Chinese market, which accounts for only 2% of the world pharmaceutical market, and enter the US market, which accounts for 43% of the world market. If this is not the case, Zesheng will not be able to invest huge amounts of money on the basis of making huge profits to support the sustainable development of new drug research and development. However, to enter the US market, it is necessary to conduct clinical trials in the US and obtain a new drug certificate. This requires a huge investment.
The general fund does not understand medicine and lacks the enthusiasm for long-term large-scale investment; Chinese pharmaceutical companies are stuck in a vicious cycle of imitation on the basis of meager profit margins and are unable to develop new medicines. So is it possible for an original new drug development company like Zesheng to have a worldwide impact in China? "Now, the country must increase investment and guide the establishment of a professional investment fund for biomedicine to support the development of the entire industry. "Zhou Mingdong told Southern Weekend reporters," China is not short of money, and Shanghai is not short of money. If the government takes the lead in establishing a professional fund in the field of medicine to guide the injection of social funds, Chinese new drugs will definitely rise. "
Zhou Mingdong's ideas have been accepted by the Shanghai Pudong and Zhangjiang governments. Under the government's planning, funds that were originally scattered in various government departments and had unsatisfactory results are being reorganized, and a professional investment fund in the field of biomedicine with a scale of 2 billion yuan is about to be born.
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