Chen Penghui, a partner of Sequoia Capital: There are two phenomena in the domestic medical industry . First, many domestic companies are highly valued, and overseas mergers and acquisitions are cheaper. Therefore, funds and listed companies are doing more and more overseas mergers and acquisitions; Valuation is rising very fast, and many investment funds are moving forward. In addition to talent reasons and technology-driven, there is another reason to have a good return on investment and have to move forward. Going backward is another trend that involves participation in mergers and acquisitions.
Jiang Xiaodong, global partner of NEA: The biggest difference between the medical and health industry and TMT is that there are many sub-sectors. The leaders of the sub-sectors are not established in the generalized TMT, so they see that BAT is ubiquitous and basically the boss. And medical care does have a sub-sector, and there are indeed leaders in the sub-sectors. Once the leading position has been formed, it is relatively stable. For listed companies, if you can buy high-quality assets at a relatively good price, as long as you ensure profit in the next three years, this merger will become more reliable. In fact, there are not many types of targets in the medical industry, so there will be many opportunities for the industry to exit the channel in the next two years.
Lu Yibo, Partner of Tongchuang Weiye: Innovative medicine is one of the most important sectors in all of our medical investment fields, and there are many opportunities for innovative medicines in the future. The major pharmaceutical companies in the world rely mainly on innovative drugs, relatively high gross profit and technical barriers, and rely on patent protection. We believe that China is still at a very early stage and that there are still some opportunities for blockbuster through innovative drugs. How to avoid the phenomenon of relatively high valuation in the field of innovative medicine? From the perspective of investors, it is necessary to properly control this ecological chain, otherwise it will be blindly touted because this field is hot. In fact, its risk is still relatively high. How to control risks while grasping opportunities is a good balance and reflection.
Sun Bin, head of Everbright Holdings Medical Health Fund: The current pharmaceutical industry is very hot, and it is the blue ocean. In the future, China will have opportunities in four directions: First, medicine. Whether it is medicine, medical equipment, or clinical technology, many fields are gradually blossoming, and it is becoming a direction of global technological progress, and there are many investment opportunities. Second, the doctor. The core of medical care is doctors, so in the medical field, how to make good use of doctor resources is a global problem. Third, pay. From the perspective of treatment and medical treatment, payment is a very core issue. Each country has different methods, and the Chinese government has been exploring it all the time. Fourth, from the perspective of investment, medical care is now a market for globalization.
Wu Ronghui, founding managing partner of Tongdu Capital: What is the investment situation in the entire medical and health field? In one sentence, it is described as "the world of ice and fire." On the one hand, if the relevant policies change drastically, many startups will be in jeopardy; on the other hand, a number of new startups are emerging, especially Internet startups feel that the opportunity has come. Therefore, under the sharp policy and environmental changes, this area of ​​this era has both opportunities and challenges. I think this is an era in which all entrepreneurs and investors feel lucky.
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