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On China's pharmaceutical industry M & a development trend analysis

Author: ZhangJianXin ShenJunLong WangH From: www.yourpaper.net Posted: 2010-06-02 13:05:24 Read:
Keywords thesis: the pharmaceutical industry mergers and acquisitions after the merger and acquisition time of
Abstract: five global M & A to promote the domestic pharmaceutical industry M & a leaping development.In the challenging environment, China's pharmaceutical industry, there is a balance between momentum with high-speed growth, and gradually from free competition to monopoly competition stage development stage.After entering the era of M & A in time, must grasp the development trend of mergers and acquisitions of the pharmaceutical industry, the rational treatment of the pharmaceutical industry.
M & A is referred to as the enterprise mergers and acquisitions, is a property rights trading activities for controlling access to other enterprises. Enterprises optimize the allocation of resources, adjust the industrial structure, the effective use of economies of scale, an important means to achieve rapid expansion of production and capital market conditions.For high technology, high investment, high risk, high yield and long cycle in the pharmaceutical industry, M & A is the most convenient way of expanding strength, fight.
Since 2002. To promote the economic policy and international pharmaceutical industry development trend. China's pharmaceutical industry has entered a peak period of mergers and acquisitions.Foreign large-scale pharmaceutical giants have entered China. The pressure of competition to domestic pharmaceutical enterprises merger and acquisition is increasing year by year.However, high-speed expansion built on weak foundation in improving the domestic pharmaceutical industry concentration at the same time. Imbalances will inevitably bring the pharmaceutical industry.According to the current development trend. Master the pharmaceutical industry development of merger and acquisition. M & a rational treatment of the pharmaceutical industry is the focus after merger era.
The 1 merger and acquisition of China's pharmaceutical industry background and development of
Since the founding of new China. China's pharmaceutical industry mergers and acquisitions can be divided into three stages: the first stage is rationalized administrative 80 years ago: second stage of enterprise reform in the early half of half of enterprises, administrative enterprise joint, mergers, acquisitions: the third stage is the implementation of a market economy, M & A [to 1] morphological characteristics of pharmaceutical enterprises ltd..The whole development process highlights China's characteristics. The development trend of mergers and acquisitions show great vitality.
The first stage of the administrative closure in the traditional highly centralized planned economy system, pharmaceutical enterprises to carry out the reorganization of assets are subject to administrative regulation of country. Characteristics of this period is the administrative compulsory and assets allocated free of charge, pharmaceutical enterprises merger is only a product of countries in exploring the road of economic development during the period of the economic system.1963 - 1964 years, under the unified leadership of the central government, the State Administration of recombinant trust pilot enterprises. This is the first acquisition of pharmaceutical enterprises.Chinese Medicine Industry Co., Ltd. (formerly China Pharmaceutical Industry Company), is the 12 national Professional Company in 1964 the CPC Central Committee, the State Council approved the pilot (trust), was founded that year. The company took over the 187 national production enterprises, become the unified management of the national pharmaceutical industry economic accounting and planning units.
Half enterprise, second stages of enterprises reform in the early half administrative pharmaceutical enterprise joint, mergers, acquisitions, based on the market driven.After the reform and opening up. China's economy started to recover. Many technical equipment behind the planned economy and the period of Cultural Revolution, not suitable for the backward development of the market of enterprise must rectify.In two the city of Baoding and under the leadership of Wuhan. "Support for advanced, eliminate backward" purpose, set off the second wave of mergers and acquisitions.This period of pharmaceutical enterprises merger began to merge regions and industries, large scale, wide span of merger to expand and improve the competitiveness for the purpose of standardization merger transition.In 1989 February 1913 promulgated the "Interim Measures concerning the merger of enterprises", effectively regulate and guide the pharmaceutical industry mergers and acquisitions
The third phase began in 1994. "The capital, transformation, distribution, bankruptcy" for the characteristics of "optimizing capital structure" in the implementation of pilot city, launched a national in the form of pharmaceutical enterprises merger.The establishment of the market economic system is mainly triggered during this period the boom in mergers and acquisitions of pharmaceutical enterprises, state-owned medicine enterprise reform, nationwide were eliminated backward pharmaceutical enterprise bankruptcy, accomplish at one stroke in the comprehensive adjustment of capital structure in the wave.With the gradual development company and the securities markets. Our country appeared the phenomenon of company merger and acquisition through equity trading, the period of pharmaceutical enterprises showing a trend of diversification, securitization and internationalization.
China's pharmaceutical industry mergers and acquisitions since the nineteen ninties has been showing increased momentum of rapid, stable, the reform of state-owned enterprises, transformation for the pharmaceutical industry mergers and acquisitions provide an opportunity.Since the end of 2001, China M & a market after the entry into WTO, China's pharmaceutical industry more active.By the end of 2002, China Worldbest Group restructuring of Shanghai Pharmaceutical Group. Set off a new upsurge of domestic pharmaceutical industry restructuring, a total of 1000 domestic pharmaceutical enterprises eliminated.Then in 2003 the pharmaceutical industry mergers and acquisitions, strong reorganization, merger, reorganization of 2004 continues the story.And the emergence of a new climax: Sinopharm ~ induced, Yunyao, Huayuan merger pharmacy, North China Pharmaceutical to DSM, CITIC Group Holdings of Harbin Pharmaceutical Group, Huarun Group acquired Dong'e E-Jiao. Large state-owned enterprises is a series of mergers and acquisitions, restructuring particularly attract sb.'s attention. Domestic medicine industry predators are gradually formed.
2005 was a turning period of the development of the pharmaceutical industry mergers and acquisitions (see Figure 1), industry mergers and acquisitions appear decline.Mainly in 2005 and 2006, the government introduced the hospital drug bidding, drug prices, prolong drug review period policy, exerts a negative impact on the pharmaceutical enterprises merger. Add three nine lines and Huayuan department have collapsed. Pharmaceutical industry to the M & a hit a dose of burning down the needle, Xinhua letter is slightly Jun strategy management consulting company the sum of its pharmaceutical enterprises after merger era "".

From China's pharmaceutical industry mergers and acquisitions of the overall point of view, three development phases in different height of economic policy during the period of planned economy, the reform and opening up and the market economy background, regardless of is the motivation for mergers, acquisitions or mergers and acquisitions of the nature of the methods are quite different: from administrative regulation to market regulation mandatory from the administrative purpose; to adapt to the international market for the purpose of: from the assets allocated to today's standard stock transactions.Development history of only 40 years, the span is amazing.Early acquisition is mainly affected by the impact of economic policy, the late especially after entering WTO, pharmaceutical industry M & a situation to the market especially the world market dynamic sensitivity of climbing.Of course, the development speed leap will bring about a series of problems: lagging accumulation of planned economy, state-owned enterprises policy as well as the universal existence of the weak, lack of funds, blind Merger Regulation, three nine series, all in the recent emergence of Huayuan department and the East Sheng Department of the successive collapse by warning.
factors affecting the development of 2. industry of our country medicine "after the merger and acquisition period"
(1) the micro environment.
The lack of major defects in their property rights of new drugs is still China's pharmaceutical industry, research and development of new drugs is the pharmaceutical industry of our country against foreign competition way, but if it is to increase investment in research and development, the objective requirements of enterprises with the size of the set to bear the corresponding technology R & D costs and risks.Foreign pharmaceutical giant new drug R & D investment in sales in the proportion of general in 13% ~ 15%. the expenses for domestic large medicine enterprises is out of reach. In the face of the global pharmaceutical market competition pressure pushing domestic pharmaceutical industry improve concentration, accelerate the pace of mergers and acquisitions.
In recent years, China's pharmaceutical enterprises generally implement a bigger and stronger expansion plans, eager to snatch digested, the pharmaceutical industry of company management group within a variety of corporate culture integration difficulties, dispersive chaos, before the acquisition of and expectations too high, cash flow problems, for the future development of the industry left many M & a sequela.Disease of accumulated will be problems, three nine, Huayuan and Dongsheng are due to capital chain crisis.The three factions have been the collapse of a wake-up call to the M & a faction, many pharmaceutical companies have recently said, want to maximize the resource allocation within the culvert, asset restructuring, architecture reconstruction to strive for benefit of investment.
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