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題名 生技製藥企業之智財併購策略-以輝瑞藥廠為例
The M&A strategy of intellectual property management in bio-pharmaceutical industry - a case study of Pfizer Inc.
作者 翁以哲
Weng, Yi Che
貢獻者 馮震宇
Feng, Chen Yu
翁以哲
Weng, Yi Che
關鍵詞 企業併購
策略管理
新藥開發
智財併購策略
Mergers and Acquisitions
Stratgic Management
New Drug Development
M&A Strategy of Intellectual Property Rights Management
日期 2017
上傳時間 1-Mar-2017 17:35:57 (UTC+8)
摘要 近幾年生技製藥企業的跨國併購活動頻繁,動輒數百億美元的鉅額交易案不時出現在各大媒體版面,風起雲湧的併購活動顯示出併購乃生技製藥產業獲取高價值技術資源的重要策略之ㄧ。而現今藥廠面臨的挑戰包括:研發費用增加幅度高於銷售成長、新藥開發速度較產業需求緩慢、必須從其他生技新藥企業獲取授權產品與技術,及面臨許多藥品將喪失專利權、虎視眈眈的學名藥廠的威脅。
生技製藥產業的發展有漸趨集中化的趨勢,全球前十大藥廠的銷售額約佔總藥品市場的一半,在全球醫療環境改變、人口老化、新興治療模式等需求下,又面臨全球醫療保險給付、專利藥品過期的威脅,藥廠併購擁有創新技術與不同類型產品的生技公司勢必不會消退。藥品研發期長、高產品開發風險使得小型生技新藥企業常面臨資金短缺的問題,而大藥廠豐沛的資金、擅長開發、製造、市場及行銷的特性,促使藥業與生技業併購風潮四起。
本研究即以生技製藥產業內的龍頭Pfizer為研究主體,探討大型藥廠的併購動機,與其以獲取智慧財產權為目的的併購策略的規劃。藉由本論文對個案公司背景、併購歷程、併購策略、產品組合、研發與智財等面向的探討,期望能提供台灣生技新藥企業尋求成長時的參考,是否除了透過IPO上市取得資金外,也能透過併購或被收購來加速發展,使台灣生技的研發製造能量提升到國際舞台上。
Tens of billions of dollars in large transactions shows that M&As are one of the most important strategies for pharmaceutical and the biotechnology industry to gain access to valuable technological resources in recent years. Nowadays, the challenges of pharmaceutical company include the growth rate of R&D cost were higher than sales, new drugs development were slower than industry demand, licensing from other company and high profit patent drugs turned into generics, which facing the threat from other competitors.
The development of pharmaceutical company becoming more concentrated that the top ten pharmaceutics account for half of the global sales. Moreover, with the growing demand from the health care, aging and novel therapeutics and under the threatens of health insurance payment and patent cliff, the tide of M&As for pharmaceutical and biotech companies will not decline. The purpose of M&A activities from the global top pharmaceutical companies, is to obtaining innovative technology and different types of biotechnology company. However, large R&D expenditure and high risk product development result in capital shortage problems. The abundant working capital and well-experienced manufacture, marketing and sales characteristics of big pharma enable the M&As of pharma and biotech arise.
The M&A strategic planning of acquiring intellectual property rights of the leading pharmaceutical company was investigated in this study. The background of Pfizer, its M&A process, strategies, product matrix, R&D and intellectual property-oriented discussion were examined. Therefore, this study may fulfill and provide some suggestions and references for further pharmaceutical and biotech M&A activities in Taiwanese biotechnology companies such as JHL. Except for seeking IPO as the only growing strategy, through M&A is another way to accelerate the development of Taiwan`s biotechnology R&D and manufacturing ability to the international level.
參考文獻 中文文獻
專書、學位論文、研究報告
張勝春,2006,企業併購法制之經濟分析,第四章
麥可波特, 2009, 競爭論, 天下文化出版社
森秀明, 2015, 外商顧問超強資料製作術, 時報出版社
游明德等, 2016, 企業併購策略與最佳實務(第三版), 三民出版社
台灣併購與私募股權協會,2016,企業併購的第一堂課,洪圖出版社,CH2
謝昀成,2014,公開收購法制與爭議問題之研究-以英美及我國法制為中心
羅敏菁,2011,生技投資聖經-看懂台灣生技股的第一本書,旗標出版社,CH3
經濟部生技醫藥產業發展推動小組,2016,2016生技產業白皮書,CH2, 3
《金融家月刊》第63期,2013
崔聖如,2014,式微的巨人,Pfizer下一步該怎麼走,工研院
撥開迷霧看生技:生技,原來要這樣看,2016,聯經出版社,p. 49-51
彭劍鋒,2016,輝瑞-造就全球第一健康守護者,有意思出版社,CH2,3
周延鵬,2015,智富密碼:智慧財產運贏及貨幣化,CH8
Dennis J.Roberts, 2014, 并购之王:投行老狐狸深度披露企业并购内幕, 金多多出版社, CH3
陳則銘,2003,企業併購之相關智慧財產管理策略與法律規劃研究-以併購美國高科技公司時之專利查核評估探微

網路資料
美國專利訴訟史上最高侵權賠償25.4億美元:Idenix Pharmaceuticals,科技產業資訊室,http://iknow.stpi.narl.org.tw/Post/Read.aspx?PostID=13056
台灣併購與私募股權協會,http://www.mapect.com/knowledge_organ_pra01.php
葉雲卿,淺談美國專利聯結制度系列,北美智權報123-125期,http://www.naipo.com/Portals/1/web_tw/Knowledge_Center/Industry_Economy/publish-318.htm
Money DJ理財網,簡易新藥申請規定(Abbreviated New Drug Application),http://www.moneydj.com/KMDJ/wiki/wikiViewer.aspx?keyid=b2d09132-82ef-4553-9264-de3a3bf00513
林孝樺,藥廠業務重組的選擇-併購或資產交換,http://www.phycos.com.tw/articles/109
這10家生物醫藥公司是華爾街下一個併購的「香餑餑」,2016,壹讀, https://read01.com/KGgyDB.html
Deloitte 新藥研發模式白皮書 2016,https://www2.deloitte.com/tw/tc/pages/life-sciences-and-healthcare/articles/2016drug-development.html


英文文獻
專書、學位論文、研究報告
Deloitte Insights, 2016, Measuring the return from pharmaceutical innovation 2015
DIENS, L. R., 2002, Maximising the value of intellectual property assets in US M&A, Tax planning international M&A, Vol.1, No.3,3-7
Michael A.Hitt,R. Duane Ireland,Robert E.Hoskisson ,1999, Strategic Management 3rd edition,p 216,240,245.
Aiswariya Chidambaram ,et al., 2014, Generic Pharmaceuticals Market–A Global Analysis Ripe for Growth and Opportunities:Several Key Blockbuster Drugs to go off Patent
Jonathan Norris, 2014, Trends in Healthcare Investments and Exits
Jayne Pearl , 2001, Value of investments in intangibles, MIT Sloan Management Review 2001 , p13-14
Turowski, D.,2011,Intellectual Property: its growing to corporate finance, in WILD, J., op. cit., p.9
Bruce Berman,2002,From Idea to Assets: Investing Wisely in Intellectual Property, New York: John Wiley & Sons, Inc., p.281-282
Pfizer 2010-2016 Financial Report

網路資料
2016 Global Innovation 1000 Study, http://www.strategyand.pwc.com/innovation1000#GlobalKeyFindingsTabs4|VisualTabs3
描述 碩士
國立政治大學
科技管理與智慧財產研究所
103364209
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0103364209
資料類型 thesis
dc.contributor.advisor 馮震宇zh_TW
dc.contributor.advisor Feng, Chen Yuen_US
dc.contributor.author (Authors) 翁以哲zh_TW
dc.contributor.author (Authors) Weng, Yi Cheen_US
dc.creator (作者) 翁以哲zh_TW
dc.creator (作者) Weng, Yi Cheen_US
dc.date (日期) 2017en_US
dc.date.accessioned 1-Mar-2017 17:35:57 (UTC+8)-
dc.date.available 1-Mar-2017 17:35:57 (UTC+8)-
dc.date.issued (上傳時間) 1-Mar-2017 17:35:57 (UTC+8)-
dc.identifier (Other Identifiers) G0103364209en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/106995-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 科技管理與智慧財產研究所zh_TW
dc.description (描述) 103364209zh_TW
dc.description.abstract (摘要) 近幾年生技製藥企業的跨國併購活動頻繁,動輒數百億美元的鉅額交易案不時出現在各大媒體版面,風起雲湧的併購活動顯示出併購乃生技製藥產業獲取高價值技術資源的重要策略之ㄧ。而現今藥廠面臨的挑戰包括:研發費用增加幅度高於銷售成長、新藥開發速度較產業需求緩慢、必須從其他生技新藥企業獲取授權產品與技術,及面臨許多藥品將喪失專利權、虎視眈眈的學名藥廠的威脅。
生技製藥產業的發展有漸趨集中化的趨勢,全球前十大藥廠的銷售額約佔總藥品市場的一半,在全球醫療環境改變、人口老化、新興治療模式等需求下,又面臨全球醫療保險給付、專利藥品過期的威脅,藥廠併購擁有創新技術與不同類型產品的生技公司勢必不會消退。藥品研發期長、高產品開發風險使得小型生技新藥企業常面臨資金短缺的問題,而大藥廠豐沛的資金、擅長開發、製造、市場及行銷的特性,促使藥業與生技業併購風潮四起。
本研究即以生技製藥產業內的龍頭Pfizer為研究主體,探討大型藥廠的併購動機,與其以獲取智慧財產權為目的的併購策略的規劃。藉由本論文對個案公司背景、併購歷程、併購策略、產品組合、研發與智財等面向的探討,期望能提供台灣生技新藥企業尋求成長時的參考,是否除了透過IPO上市取得資金外,也能透過併購或被收購來加速發展,使台灣生技的研發製造能量提升到國際舞台上。
zh_TW
dc.description.abstract (摘要) Tens of billions of dollars in large transactions shows that M&As are one of the most important strategies for pharmaceutical and the biotechnology industry to gain access to valuable technological resources in recent years. Nowadays, the challenges of pharmaceutical company include the growth rate of R&D cost were higher than sales, new drugs development were slower than industry demand, licensing from other company and high profit patent drugs turned into generics, which facing the threat from other competitors.
The development of pharmaceutical company becoming more concentrated that the top ten pharmaceutics account for half of the global sales. Moreover, with the growing demand from the health care, aging and novel therapeutics and under the threatens of health insurance payment and patent cliff, the tide of M&As for pharmaceutical and biotech companies will not decline. The purpose of M&A activities from the global top pharmaceutical companies, is to obtaining innovative technology and different types of biotechnology company. However, large R&D expenditure and high risk product development result in capital shortage problems. The abundant working capital and well-experienced manufacture, marketing and sales characteristics of big pharma enable the M&As of pharma and biotech arise.
The M&A strategic planning of acquiring intellectual property rights of the leading pharmaceutical company was investigated in this study. The background of Pfizer, its M&A process, strategies, product matrix, R&D and intellectual property-oriented discussion were examined. Therefore, this study may fulfill and provide some suggestions and references for further pharmaceutical and biotech M&A activities in Taiwanese biotechnology companies such as JHL. Except for seeking IPO as the only growing strategy, through M&A is another way to accelerate the development of Taiwan`s biotechnology R&D and manufacturing ability to the international level.
en_US
dc.description.tableofcontents 壹、緒論 1
1.1 研究背景與動機 1
1.2 研究目的與預期效益 5
1.3 研究範圍、方法與限制 8
1.4 研究對象之選取原則 11
1.5 研究流程與章節安排 13
貳、文獻回顧–企業併購與策略管理理論 15
2.1 企業併購的基本理論 15
2.2 台灣企業併購的相關法制 25
2.3 企業併購的策略思維 29
2.4 企業併購的策略與手段 38
參、生技製藥企業的策略管理 51
3.1 生技製藥產業現況與發展趨勢 51
3.2 創新與智財保護在生技製藥產業的重要性 70
3.3 生技製藥企業的外部成長策略 80
3.4 生技製藥企業的退出策略 84
肆、個案研究與探討 91
4.1 Pfizer藥廠沿革 91
4.2 剖析Pfizer的併購策略布局 100
4.3 台灣生技製藥產業之併購活動概況 110
4.4 台灣生技製藥企業的智財併購因應策略–以喜康生技為例 122
伍、結論與建議 135
5.1 研究結論 135
5.2 建議 138

zh_TW
dc.format.extent 5107291 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0103364209en_US
dc.subject (關鍵詞) 企業併購zh_TW
dc.subject (關鍵詞) 策略管理zh_TW
dc.subject (關鍵詞) 新藥開發zh_TW
dc.subject (關鍵詞) 智財併購策略zh_TW
dc.subject (關鍵詞) Mergers and Acquisitionsen_US
dc.subject (關鍵詞) Stratgic Managementen_US
dc.subject (關鍵詞) New Drug Developmenten_US
dc.subject (關鍵詞) M&A Strategy of Intellectual Property Rights Managementen_US
dc.title (題名) 生技製藥企業之智財併購策略-以輝瑞藥廠為例zh_TW
dc.title (題名) The M&A strategy of intellectual property management in bio-pharmaceutical industry - a case study of Pfizer Inc.en_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 中文文獻
專書、學位論文、研究報告
張勝春,2006,企業併購法制之經濟分析,第四章
麥可波特, 2009, 競爭論, 天下文化出版社
森秀明, 2015, 外商顧問超強資料製作術, 時報出版社
游明德等, 2016, 企業併購策略與最佳實務(第三版), 三民出版社
台灣併購與私募股權協會,2016,企業併購的第一堂課,洪圖出版社,CH2
謝昀成,2014,公開收購法制與爭議問題之研究-以英美及我國法制為中心
羅敏菁,2011,生技投資聖經-看懂台灣生技股的第一本書,旗標出版社,CH3
經濟部生技醫藥產業發展推動小組,2016,2016生技產業白皮書,CH2, 3
《金融家月刊》第63期,2013
崔聖如,2014,式微的巨人,Pfizer下一步該怎麼走,工研院
撥開迷霧看生技:生技,原來要這樣看,2016,聯經出版社,p. 49-51
彭劍鋒,2016,輝瑞-造就全球第一健康守護者,有意思出版社,CH2,3
周延鵬,2015,智富密碼:智慧財產運贏及貨幣化,CH8
Dennis J.Roberts, 2014, 并购之王:投行老狐狸深度披露企业并购内幕, 金多多出版社, CH3
陳則銘,2003,企業併購之相關智慧財產管理策略與法律規劃研究-以併購美國高科技公司時之專利查核評估探微

網路資料
美國專利訴訟史上最高侵權賠償25.4億美元:Idenix Pharmaceuticals,科技產業資訊室,http://iknow.stpi.narl.org.tw/Post/Read.aspx?PostID=13056
台灣併購與私募股權協會,http://www.mapect.com/knowledge_organ_pra01.php
葉雲卿,淺談美國專利聯結制度系列,北美智權報123-125期,http://www.naipo.com/Portals/1/web_tw/Knowledge_Center/Industry_Economy/publish-318.htm
Money DJ理財網,簡易新藥申請規定(Abbreviated New Drug Application),http://www.moneydj.com/KMDJ/wiki/wikiViewer.aspx?keyid=b2d09132-82ef-4553-9264-de3a3bf00513
林孝樺,藥廠業務重組的選擇-併購或資產交換,http://www.phycos.com.tw/articles/109
這10家生物醫藥公司是華爾街下一個併購的「香餑餑」,2016,壹讀, https://read01.com/KGgyDB.html
Deloitte 新藥研發模式白皮書 2016,https://www2.deloitte.com/tw/tc/pages/life-sciences-and-healthcare/articles/2016drug-development.html


英文文獻
專書、學位論文、研究報告
Deloitte Insights, 2016, Measuring the return from pharmaceutical innovation 2015
DIENS, L. R., 2002, Maximising the value of intellectual property assets in US M&A, Tax planning international M&A, Vol.1, No.3,3-7
Michael A.Hitt,R. Duane Ireland,Robert E.Hoskisson ,1999, Strategic Management 3rd edition,p 216,240,245.
Aiswariya Chidambaram ,et al., 2014, Generic Pharmaceuticals Market–A Global Analysis Ripe for Growth and Opportunities:Several Key Blockbuster Drugs to go off Patent
Jonathan Norris, 2014, Trends in Healthcare Investments and Exits
Jayne Pearl , 2001, Value of investments in intangibles, MIT Sloan Management Review 2001 , p13-14
Turowski, D.,2011,Intellectual Property: its growing to corporate finance, in WILD, J., op. cit., p.9
Bruce Berman,2002,From Idea to Assets: Investing Wisely in Intellectual Property, New York: John Wiley & Sons, Inc., p.281-282
Pfizer 2010-2016 Financial Report

網路資料
2016 Global Innovation 1000 Study, http://www.strategyand.pwc.com/innovation1000#GlobalKeyFindingsTabs4|VisualTabs3
zh_TW