Over the past two years, large sums of financing have poured into the biotechnology and pharmaceutical industries, pushing up the amount of financing, including innovative drugs and cardiovascular and cerebrovascular medical devices, and the problems of excessive valuation and repetitive innovations have also emerged, and with the return of rationality to the capital market, the valuation of some of the biomedical segments has also seen a pullback.
On August 17, the 24th Shanghai International Biotechnology and Pharmaceutical Symposium hosted by Shanghai Biomedical Science and Technology Development Center (SBSTDC) released a "2022 Biomedical Industry-Wide Heat Index", which reviewed the past two years' investment in the biomedical technology primary market. It reviews the investment hotspots in the primary market of biomedical technology in the past two years, and also points out the direction of investment and financing in the biomedical industry in the second half of the year.
Data show that from 2020 to the first half of 2022, pharmaceuticals have always occupied half of the investment and financing in the field of biomedicine, as reflected in the high contribution of the heat index, reaching 49% in the first half of 2022; however, affected by the epidemic, services and digital health care sector index contribution has declined from 24% in 2020 to 15% in the first half of 2022; at the same time, service and digital health care sector index contribution has declined from 24% in 2020 to 15% in the first half of 2022; at the same time, the industry's investment in biomedicine technology in the past two years. 15%; meanwhile, the contribution of medical devices has been rising consistently, rising to 35% for the medical device sector as of the first half of 2022, compared to 26% in 2020.
From the point of view of the number and amount of specific financing, the total financing of the drug sector for the whole year of 2020 was 684, with a total disclosure of the financing amount of RMB 112.4 billion yuan; 2021 last year, the total number of financing 847, a year-on-year increase of 24%, the financing fund was basically flat; 2022 first half, a total of 244, with a total disclosure of the amount of RMB 34.5 billion yuan, the decline is more significant.
Innovative drugs accounted for most of the year's drug financing amount. 2020, the year's innovative drugs total financing 376, the total disclosure of financing amounted to 85.8 billion yuan; 2021, the year's total financing 519, an increase of 38% year-on-year, but the disclosure of the total amount of financing fell 21% year-on-year to 68.1 billion yuan yuan; the first half of 2022, a total of 156 financing and the disclosed financing amount was only RMB 20.9 billion, which continued to drop significantly from the previous two years. Innovative drug financing accounted for the proportion of drug financing amount in the past two years have remained at about 60%.
Targeted therapeutic drugs including antibody-coupled drugs (ADCs), cell therapy drugs such as CAR-T cell therapy, and nucleic acid drugs such as mRNA are all popular innovative drug segments in recent years.
In the medical device sector, the heat index of the cardiovascular track has increased significantly, mainly due to the large financing of Dejin Medical and Kenshi Technology in 2021. However, the heat of the track has declined since 2022.
From the point of view of the specific number and amount of financing, in the whole year of 2020, the cardiovascular and cerebrovascular device track had a total of 82 financings, with a combined disclosed financing amount of RMB 10.5 billion; in the whole year of 2021, a total of 106 financings were made, with a significant year-on-year increase of 64% in the total disclosed financing amount, to reach RMB 17.2 billion; and in the first half of 2022, a total of 30 financings were made, with a total disclosed financing amount of RMB 2.9 billion RMB, a significant decline from the previous two years.
In the field of medical robotics, in the year 2020, medical robotics total financing 43, total disclosed financing amount of RMB 5.2 billion; in the year 2021, total financing 65, total disclosed financing amount of RMB 6.2 billion; in the first half of 2022, total financing 27, total disclosed financing amount of RMB 4.2 billion, of which 9 financing amount of more than 100 million RMB .
Surgical robotics, medical imaging, ophthalmic and dental instruments, minimally invasive surgical instruments, biological new materials, etc. are medical devices more emerging technology track, although the current market size is still relatively small, but the prospect is broad.
"The biopharmaceutical industry has always been a sunrise industry, but from the third quarter of last year, the market has retreated, on the one hand, due to the previous valuation is too high, the fermentation of the problem of repeated innovation led; secondly, by the recurring impact of epidemics; and thirdly, the macro-economic downturn superimposed on the health care insurance fee-control leading to the market's concern about the lack of future purchasing power of biopharmaceutical innovation products. " Industry sources to the first financial reporter analyzed.
For enterprises, how to successfully get through the industry clearing and consolidation period is now worth thinking about. "Innovation requires sustained investment, the current round of biomedical industry investment and financing fervor of the decline and valuation of the return of the entrepreneurs and investors have had a considerable impact, but also for the market to provide a big wave of sand, identify the true and false opportunity." The above people said.
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