技术研发投入大、周期长、风险高，是生物医药行业普遍面临的问题。上海技术交易所"生物医药管线 质押融资"模式从团队、市场、技术等维度对医药管线进行全面考量，为企业在研管线提供科学、公允 的价值赋能，助力银行深度剖析生物医药企业核心资产，形成"一价"。同时，上海技术交易所通过技术 权益登记和质押登记，为银行授信提供确权和质押佐证，解决了生物医药企业技术资产权益认定问题， 形成"两证"。上海技术交易所基于核心专利、临床数据及其他技术秘密对生物医药管线技术权益进行确 权登记并估值，并通过区块链存证技术保障企业方和金融机构的相关权益。 "这笔生物医药管线质押贷款是我们作为创新药研发公司获取大额、相对低成本、非稀释性资金的关键 工具。它有效盘活了公司的核心无形资产，加速了研发和商业化进程，提升了公司信用，并优化了资本 结构，为企业发展注入了金融力量。"和径医药科技（上海）有限公司（以下简称"和径医药"）相关负 责人对《金融时报》记者表示。 让和径医药受益的"生物医药管线质押融资"业务模式，是上海技术交易所携手银行探索出的一条金融赋 能生物医药和助力"知产"变"资产"的新路径，目前在上海地区已落地多笔业务，并在全国推广。除 ...

Core Viewpoint - The Shanghai Technology Exchange aims to enhance the efficiency and probability of technology transfer by establishing a comprehensive service system for rights confirmation, valuation, and transaction flow [1]. Group 1: Market Overview - The Shanghai Technology Exchange, established in 1993, has achieved a transaction volume of approximately 760 billion yuan, with over 13,000 technology achievements primarily in electronic information, biomedicine, and advanced manufacturing [1]. - The exchange anticipates that the transaction volume will exceed 1 trillion yuan by the end of the year, driven by increased societal emphasis on technology transfer and the development of national technology factor trading markets [1]. Group 2: Challenges in Technology Trading - The current volume of on-site transactions is relatively small compared to off-site transactions, primarily due to the information asymmetry in the market and the incomplete establishment of registration and ownership systems [2]. - Key challenges in technology transfer include rights confirmation and valuation, which are critical for reducing transaction costs and ensuring the protection of rights [2][3]. Group 3: Valuation and Pricing - Valuing technology is complex and cannot rely on a single dimension; multiple factors such as data, models, scenarios, and processes must be considered to ensure scientific and fair assessments [3]. - The Shanghai Technology Exchange has facilitated the first biopharmaceutical pipeline pledge financing in Shanghai, transforming intellectual property into assets through a structured valuation process [3][4]. Group 4: Development of Technology Factor Market - The technology factor market is one of the five major factor markets, and a vibrant technology trading market is essential for securing early-stage technology investments [5]. - The exchange aims to strengthen the construction and development of technology trading venues to promote the trading and transformation of technological achievements [5]. Group 5: Talent and Infrastructure - There is a shortage of talent in technology trading, particularly individuals who understand technology, industry, capital, and law, necessitating accelerated talent development and improved digital infrastructure [6].