基于商业模式视角的药企估值模型探析

The Valuation Model Analysis of Pharmaceutical Enterprises from the Perspective of Business Model

由于企业的经营活动复杂和商业模式的多样性变化,在对并购标的的商业模式考量时,要结合企业的整体战略来实施,其中对商业模式中核心要素的考量分析是关键。医药行业受行业政策的影响巨大,在医药企业中表现为以专利保护为中心的创新药及在研管线价值。通过对药企中创新药、仿制药和在研管线的商业模式、盈利能力、风险要素等的差异分析和量化,结合多方面的影响因素,提出了相应的估值方法和模型。

Due to the complexity of business activities and the diversity of business models,it is necessary to combine with the overall strategy of the enterprise,when considering the business model of the subject of m&a,especially the core elements of the business model.Pharmaceutical enterprises are greatly influenced by the pharmaceutical industry policies,furthermore the core value of pharmaceutical enterprises is reflected in innovative drugs and drug product lines under development centering on patent protection.This paper analyzes and quantifies the differences in business models,profitability,risk factors and other factors of drug companies'newly created drugs,generic drugs and drug product lines under development,and tries to put forward corresponding valuation methods and models based on various influencing factors.