台灣生技醫藥產業經營項目與市場評價之研究

Abstract

我國早於1982年即將生技列入八大重點科技中，2016年新政府成立後，更將「生技醫藥」列為未來重要的扶植產業之一。近年來，生技類股的上市櫃家數及市值逐年成長，其中新藥研發公司大部份是虧損企業尚未有盈餘，但股價卻屢創新高，更吸引眾多創投與資本市場關注的眼光。

2013年8月胖達人食安問題，揭開了基因公司借殼上市及炒股事件，其雖掛名生技股，本質上卻幾近觀光餐飲類股，令投資人損失慘重。冀經由個案研究檢視生技醫藥產業經營項目的異同性所呈現的財務特質與經營績效，並了解市場評價背後的原因，期能降低投資人之投資風險。

新藥開發的風險高，研發時程冗長，需要大量的資金，無法只看EPS，故本研究透過個案分析，整理出4項判斷指標：

指標1. 政府是否參與投資：政府參與投資，市場評價高。 指標2. 從經營項目了解商業模式：單一經營項目，市場評價高。 指標3. 從研發項目及持續性判斷研發動能：研發動能強勁，市場評價高。 指標4. 從市場國際化看未來發展潛力：有國際競爭力，市場評價高。

期能讓投資人撥開生技迷霧，找到有潛力的生技股，並期待這些公司將本夢比化為本益比的同時，能真正開發出改變人類命運的藥品，嘉惠全球病患。

Biotechnology has been included as one of the eight main technologies in Taiwan since 1982. In 2016, when new government established, Biopharmaceutics was even listed as one of the most important supporting industries in the future. In recent years, the number of listed companies and the market value of biotech stocks have grown year by year. Most of the R & D companies contribute to new medicines have lost their earnings, yet the share price hits their record highs all the time. This attracts more venture capital and capital market concern.

In August, 2013, the issue of food safety on Top Pot Bakery, uncovered an event that Genome International Company’s backdoor listing and stock speculation, though with the name of biotech, actually it’s nearly a tourism and restaurant stock, and which made investors suffer heavy losses. Hopefully through this case study, we may offer some information to help investors to reduce their risk, by inspecting the similarities and differences of the business items of biopharmaceutics industry, and its financial characteristics and operating results. Furthermore, to realize its reason behind market evaluation.

To develop new medicine is a high-risk business. It takes long process of research and development, with much financial support. We shouldn't just consult EPS. Therefore, I sorted out four indicators of estimation via case analysis in this study:

Indicator I- Whether the government is involved in this investment or not: With government’s participation, it will be high market evaluated. Indicator II- Get to know its business model through its operational items: Single business item usually has higher market evaluation. Indicator III- Evaluate its research and development capability through its R & D projects and persistence: Higher R & D capability gets better market evaluation. Indicator IV- From the internationalization of market to see its potential in the future development: More international competitiveness wins better market evaluation.

Hope these could help investors to clear the mist of biotechnology, and find the potential biotech stocks. And expect these firms could turn their price-to-dream ratio as price-earnings ratio, and at the same time, could really develop the medicine change human’s fate and benefit patients all over the world.