Core Insights - The investment cycle for innovative drugs is long, often misaligned with the short duration of funds, which has been extended to "5+2" years but still does not meet the actual development needs of innovative drug companies [1][3] - Guangdong Province aims to build a trillion-level biopharmaceutical and health industry cluster, emphasizing the need for systematic evaluation of industry innovation, competitive advantages in niche areas, and cross-regional collaboration mechanisms [1][3] Group 1: Investment and Capital - The "Double Ten Rule" (ten years and ten billion USD investment) is a common pattern in innovative drug development, highlighting the need for long-term capital, particularly from state-owned funds and market-oriented investments [3] - The investment case of the ophthalmic biotech company, Bokan Vision, illustrates the importance of capital, policy, and talent in entrepreneurial success, with the company raising 1 billion RMB before going public [3][5] Group 2: Product Differentiation and Market Strategy - Product differentiation is crucial for global competitiveness, with Bokan Vision focusing on a niche treatment for pterygium, a common eye disease with high incidence in the US [4][5] - Bokan Vision employs different commercialization strategies for various regional markets, partnering with companies like Santen Pharmaceutical for Southeast Asia and retaining rights for the European and American markets, where the disease prevalence is high [5] Group 3: Evaluation of Early-Stage Projects - Early-stage projects are primarily evaluated based on the founder's background and experience, emphasizing the adage "investing is investing in people" [5] - In addition to human factors, the evaluation of technology products should consider global competitiveness and differentiation advantages, particularly the ability to address unmet clinical needs [5]