In the current conditions, the Chinese government on a range of biomedical science and technology t

Suppress the release picture light of the four main hunters continuous signal Tusihubei blind fear (early reading)
Biomedicine picture light is so favored by venture capitalists, which is associated with biomedical industry characteristics closely related.
Bio-pharmaceutical products, especially high-yield bio-engineering drugs in its technology to ensure its monopoly on the market exclusivity. Bio-pharmaceutical enterprises due to high-tech products, high value-added products, the production technology has a certain degree of monopoly, with strong profitability, picture light especially in this industry in China is in a stage of rapid development, the company's ability to expand strong. picture light Bio-pharmaceutical industry is a highly profitable high-return industry, and its profit margin reached 17.6%, which is twice the information industry of 8.1%. Modern China has more than 200 biotechnology companies, in 1998 sales of biotechnology products 11.5 billion yuan. In several domestic bio-pharmaceutical company listed, for example, its 1999 report shows corporate profits continue to maintain strong growth momentum. Such as the production of nucleic picture light acid diagnostic picture light reagents picture light and genetic engineering drugs based Fosun Industrial, net profit picture light growth of 44% over last year; production of genetically engineered hepatitis B vaccine, rubella vaccine and other prevention products based Tiantan Biological, picture light its net profit more than last year increase picture light of 28%; production picture light of immune RNA preparations and other biochemical drugs based Neptunus Bioengineering, net profit rose nearly 20%. In all domestic picture light listed companies in the pharmaceutical, bio-pharmaceutical performance of listed companies is significantly better than average. This is probably also the recent years, many non-pharmaceutical companies have cross-listed bio-pharmaceutical industry involved in the root cause. 1999 annual report of the results of analysis show that in all industries, biomedical highest picture light ROE. Bio-pharmaceutical company listed in 1999 without a loss, and Fosun Industrial, Tiantan Biological, Neptunus Bioengineering picture light and Golden shares and three other company's net assets yield greater than 15%. This indicates that the profitability of biomedicine is relatively strong.
Bioengineering is a typical technology, personnel, capital-intensive industries, high barriers to entry and risks. Because of its advanced technology, some of the current level of corporate profits is not high, even at a loss, the value of intangible assets such as intellectual picture light property rights contained in the most, a lot of investment in research picture light and development spending on. And because many of the industry's only technology entrepreneurs and lack of funds, but not many assets can be secured, so the banks are often reluctant to venture stage companies in the field of long-term loans. The one in the start-up stage or growth stage biomedical companies, which may be caused by some research institutes picture light founded out of the technical staff, but also may be caused by some of the students returned with technical founder, venture capital is not only to those entrepreneurs have the technology to provide a large number picture light of venture capital, the technology-based entrepreneurs can ultimately a test chamber can be a lot of technology into profitable products, picture light but also to the risk of venture capital firm providing effective business operations guidance. In venture capital, venture capitalists and entrepreneurs are actually common venture. From venture capitalists and entrepreneurs, investment reached a preliminary agreement, both sides is a partnership to jointly plan financing plan, looking for a shortfall of funds, in order to eventually achieve the investment; After the two sides continue to work closely together to have only one goal - to companies successfully grow and promote picture light their final maturity that enables entrepreneurs to fulfill their entrepreneurial dream, venture picture light capitalists also able to withdraw investments earn high returns.
The upstream areas of biomedicine has long been supported picture light by the government funding (vertical funds), specifically driven by a number of funds, such as the National Natural Science Foundation, the National research programs, 863, as well as provincial-level Torch Program Drug Innovation funds. These government funds to promote the upstream picture light areas of biomedicine has played a huge role, but we also see that these support funds is extremely limited, can not meet the research needs. Such as the National Science Foundation in the field of life sciences annual total is less than one hundred million yuan investment, and this is just a new drug R & D spending in the United States, 1/10, a number of research institutes and universities researchers to apply good project special fund allocation of funds can often apply to the actual demand for funds from far away, as many as hundreds of thousands, ranging from a few thousand dollars, picture light thus causing a lot of research picture light so that half will come to die, even scientific instruments not buy whole, the project has not started to flow production, final papers deal with a few insignificant trouble, to improve the technical level of biomedical not have any effect on the industrialization of the project powerless.
Thus, the current basic research in biomedicine and biotechnology products, or pre-developed mainly funded by the state investment, but the government funds to support science and technology can not meet the funding picture light requirements upstream biomedical enterprises do not have a strong basic research capabilities, large some companies are more willing to buy a mature picture light technology. This aspect makes the basic research and upstream development due to lack of sufficient funds to slow down; hand, buy mature technology also enables investors greatly reduced the rate of return. The venture capital picture light can play in the field is very strong leverage in the U.S., venture capital is the main innovation drugs to human genome research and genetic engineering drugs as an example: the human genome project stems from the fight against cancer this scientific problem, although its purpose and scope far beyond the design of new drugs, but the human genome project still showed the most active areas in the pharmaceutical industry. From structural genomics to functional genomics program plan, and then extended to the drugs Genome Project, have been involved in venture capital since fueled (may be decisive) role. This is because, on the one hand, a large number of pharmaceutical companies and pharmaceutical drugs for genetic engineering have years of experience, the experience to ensure that they genome project as soon as possible into the latest research results; On the other hand, pharmaceutical product development picture light cycle is relatively satisfactory, high added value products on the market can quickly recover research and development costs; mention the first genetically engineered drugs such as insulin, interferon, etc. are developed through biomedical research funding success, return on investment obtained after further more extensive basic biomedical research will become a natural thing.
Research in the field of modern biotechnology research differs from other disciplines of the Department, is that it is the potential for sustainable development picture light must be directly rooted in industrial or commercial applications. Once the scientific research and commercial capital in the industry this link to find a meeting point, the profit mechanism picture light is just right to introduce scientific research system, the enterprise became a modern biological engineering technology innovation. The Human Genome Project draft again and again declared completed ahead of schedule, is the enterprise technological innovation as the genome, even as genetic engineering drugs technological innovation and efficient operation performance.
In the current conditions, the Chinese government on a range of biomedical science and technology to support investment in the Fund can only meet the basic research to industrial transformation process cost the need for other ways, so as to compensate picture light for the lack of product development costs to develop a first-class products, to avoid long walk imitation low low level road. Therefore, picture light China should urge enterprises and venture capital combined with intervention bio-tech research and development, focus on supporting high-tech bio-pharmaceutical companies and research and development capabilities and strong research institutes, biotechnology research alone can completely get rid of that little drop in the bucket into national unfavorable situation , the development of innovative products become a new force.
The downstream areas of biomedical research will determine the success of industrialization, naturally became the focus of risk investment decision. Such as the famous biotech companies - genetic engineering technology company (Genentech) is a venture capital role in the field of biomedical downstream typical example. Early 1976, venture capitalists biologist Boyle Professor Svensson saw the value of recombinant DNA technology, and in cooperation picture light with the outcome of the industrialization of common, after the company successfully developed a series of venture capital utilization mature biological engineering pharmaceutical products. In 1980, the genetic engineering technology company is listed, an hour from $ 35 per share rose to $ 88 drama, the company's net worth soared to $ 35 million so. This event is the largest increase in the U.S. stock market one of the cases, just as the U.S. Federal picture light Reserve Chairman Alan Greenspan said: "In these high-tech enterprises as the core of high-tech industry on the U.S. economy, the 1990s' low inflation, high employment and high growth 'made an important contribution. "
The role of foreign investment in similar risk downstream areas in biomedical many success stories, picture light the country also had a successful attempt in this regard. In 1995, Sinovac Biotech Co., Ltd. Shenzhen, the United picture light States absorbed H & Q Asia Pacific Investment Corporation (HNQ) 1.2 billion in venture capital. Sinovac was flagship product α-1b Interferon is the only one to have independent intellectual picture light property rights of biological engineering products, upstream picture light technology is quite mature, but because of long investment picture light cycle, the downstream industry severely underfunded, 4000 million in loans to insolvent, account be closely monitored, picture light home dun flocked sales essentially zero. After attracting venture capital firm revitalized, its production of genetically engineered interferon in just four years time on the control of the domestic market share of 60%, 1999 annual sales of 200 million yuan, profit of 60 million yuan, the profit margin picture light is 40 %. Currently, Sinovac is actively preparing for listing, a larger set of financial capital. It is given a venture Sinovac second life, but after the listing of Sinovac will also give a satisfactory return Ventures.
================================================== ===================================== 2010 Global fund returns list: SAIF win
Simple list of what, in addition Shanda, picture light Perfect World, the Shenzhen Eternal Asia, Acorn International, Global IELTS, ATA, Makemytrip (Indian version Ctrip), NVC SAIF invested in such cases have been achieved in the past few years at home and abroad listing; while its investment Eslite, Bosideng has also become a hot industry champion within the industry; Not only that, SAIF invested picture light in PIPE (Private Investment in Public Equity)'s benefit is not small, such as Digital China, and the recent completion of investment Huiyuan Juice. According to Yan revealed that its Digital return on investment of the project have been no fewer than five times.

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