对话创东方投资合伙人卢刚：一级市场冷二级市场热，医药投资为何“冰火两重天”？

Core Insights - The current state of the biopharmaceutical market shows a stark contrast between the primary and secondary markets, a situation not seen in the past five years [3] - Since 2022, the investment enthusiasm in the biopharmaceutical sector has declined, leading to challenges such as reduced R&D efficiency and insufficient commercialization [3][4] - Key breakthrough areas for the biopharmaceutical industry include overseas licensing, AI healthcare, and the improvement of payment systems [8] Market Dynamics - The primary market is primarily funded by state-owned capital, while market-driven funds have not yet returned due to previous years of unprofitability and the temporary profitability in the secondary market [5] - The Hong Kong stock market has become an important option for biopharmaceutical companies to go public, but there is significant differentiation in market performance [4][5] - The secondary market has seen continuous index growth, attracting investors, while the primary market remains cold due to a lack of funding inflow [4][5] Investment Environment - The investment landscape has shifted, requiring entrepreneurs to be fully committed and possess comprehensive strategic planning to secure funding [6][7] - Entrepreneurs are encouraged to actively communicate their needs to investors, while investors should focus on long-term strategies rather than short-term performance [7] - The investment cycle in biopharmaceuticals is long, often exceeding ten years, necessitating patience from investors [7] Opportunities and Challenges - The domestic biopharmaceutical industry has a higher R&D success rate compared to overseas, but faces challenges such as declining output efficiency and product homogeneity [8] - In 2023, overseas licensing amounts reached $25.7 billion, marking a significant milestone for Chinese innovative drugs entering the global market [8][9] - Companies are advised to mitigate external policy risks by establishing local teams and collaborating with countries involved in the Belt and Road Initiative [9] Future Outlook - The current investment environment may have cooled, but the underlying logic of biopharmaceutical investment remains unchanged, with future opportunities still promising [10]