Looking at China through the World: US Pharmaceutical Industry 60 Years

After the Second World War, it was a glorious era for the development of the pharmaceutical industry in the United States. It replaced Germany as the number one power in the world's pharmaceutical industry. A group of currently familiar pharmaceutical giants such as Pfizer and Merck all came to the fore. Understanding changes in the background of the era is a prerequisite for a thorough look at the business history of these companies.
After the Second World War, in the face of huge market demand, some companies began to focus on the development of new products and gradually changed from production to R&D. At the same time, health care coverage has expanded rapidly, and health care spending as a percentage of GDP has continued to rise. From 1940 to 2006, it increased from 4.1% to 16%.
After a plain 60-70 era, the pharmaceutical industry ushered in a new era. There have been two wave of innovations in technology, and the pharmaceutical industry has brought a series of new products to the market. In the 1980s, the number of new molecular entities approved by the FDA was 217, which is the peak in recent decades!
In the 1980s, the Reagan government issued a series of laws to promote the conversion of basic research into new products, which greatly promoted the development of the biotechnology industry and large pharmaceutical companies. Thousands of companies have access to financing and a number of new products are on the market. In the early 1980s and 1990s, the American biopharmaceutical industry was a feast. In 2000, the implementation of the Human Genome Project led Wall Street biotechnology stocks to reach their peak market value! The industry rebounded after a short-lived bubble and the biopharmaceutical market expanded rapidly in the last five years. Some companies, such as Amgen and Genentech, have risen in the ebb and flow of sand, and in 2007 sales were over US$15 billion.
After the mid-1990s, it was the era of corporate mergers and the birth of a hegemon. The concentration of the world's pharmaceutical industry has greatly increased, and the market share of the top 10 pharmaceutical companies has exceeded 40%.
After the mid-2000s, the growth rate of the global pharmaceutical industry began to slow down. From 2003 to 2007, the CAGR of prescription drug sales in the United States was only 6.87%. The main reasons include: the number of approved new drugs has been reduced, and the issue of drug safety concerns has risen; the United States has controlled medical care expenditures and encouraged the use of generic drugs; a large number of branded drug patents have expired, and competition has led to price declines.
At the same time, emerging markets represented by China are growing rapidly, and multinational pharmaceutical companies are accelerating their deployment to emerging markets. Take China as an example. As of 2007, there have been more than 1,000 joint-venture foreign companies with sales revenue exceeding 150 billion yuan. Among them, the US pharmaceutical companies are the main players, occupying half of the shares, and Pfizer, Roche, Eli Lilly and others have infiltrated more and more, and built the entire industrial chain from R&D to sales in the Chinese market. It is inevitable for local companies to face competition. However, government support has increased significantly. In the follow-up report, we will combine the development trend of the global pharmaceutical industry and the development history of foreign large-scale pharmaceutical companies to us to study the competitive strategies and development trends of different types of pharmaceutical companies in China and discuss which companies may be in this process of economic restructuring. It has emerged as a dominant player in the industry.

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