中國醫藥創新何時才能趕上美歐
A spate of fundraisings by Chinese biotech companies has highlighted a scramble for leadership of the country’s nascent life sciences sector and raised questions over how quickly China can rival the US and Europe as a source of blockbuster medicines.
中國生物科技公司掀起了一波融資潮，凸顯在中國新興的生命科學行業，各家公司正在爭奪行業領導地位。人們也隨之發出疑問：中國多久以後能追趕上美國和歐洲，推出重磅藥物？
Several promising Chinese drug developers have raised money in recent weeks or are preparing to do so in defiance of stock market volatility as investors show increasing interest in the commercial potential of China’s expanding medical research base.
近幾周來，多家看起來前景光明的中國醫藥研發公司不顧股市動盪，完成了融資或者準備融資。這是因爲投資者對中國日益增強的醫療科研基礎表現出越來越大的興趣。
China has not produced a new drug for the global market since artemisinin for malaria in the 1970s — a breakthrough for which chemist Tu Youyou was awarded a Nobel Prize last year. Even that was not adopted widely until its commercialisation by Novartis of Switzerland in the 1990s.
自從上世紀70年代治療瘧疾的青蒿素問世以來，中國還沒有爲全球市場研製出過一款新藥。青蒿素是一次突破，化學家屠呦呦因此在去年榮獲諾貝爾醫學獎。即便是青蒿素，也是直到上世紀90年代被瑞士的諾華(Novartis)商業化以後，纔得到了廣泛應用。
However, a new generation of biotech groups is racing to develop the next “made in China” medicine.
然而，新一代的生物科技集團正在爭相研發下一款“中國製造”藥物。
BeiGene, a Beijing-based cancer drug developer, raised $158.4m in an initial public offering on Nasdaq this month and Hutchison China MediTech, backed by Li Ka-shing, the Hong Kong tycoon, said last week it was pressing ahead with plans for a New York listing.
本月，總部位於北京、從事抗癌藥研發的百濟神州(BeiGene)在納斯達克(Nasdaq)完成首次公開發行(IPO)，融資1.584億美元。香港李嘉誠(Li Ka-shing)支持的和黃中國醫藥科技(Hutchison China MediTech)日前也表示，正在推進赴紐約上市計劃。
Meanwhile, two more established drugmakers, Jiangsu Hansoh and Simcere, are reportedly plotting Hong Kong IPOs later this year. Neither company responded to requests for comment.
兩家較老牌藥企，江蘇豪森醫藥(Hansoh)和先聲藥業(Simcere)，據報道也計劃今年晚些時候赴香港IPO。這兩家公司都沒有迴應記者的置評請求。
The burst of financing is part of a wider push by China’s pharmaceuticals industry to move beyond cheap copycat drugs into higher-value products, in keeping with Beijing’s ambitions to foster a more innovative economy.
這波融資潮是中國製藥行業力求跨越廉價的仿製藥階段、轉向研製更高價值藥品的整體努力的一部分，這種努力符合中國政府發展創新型經濟的宏大抱負。
“China’s goal is to embrace biotech just like they embraced high-speed rail and semiconductors,” says Racho Jordanov, chief executive of JHL Biotech, a Taiwan-based drugmaker which is building a manufacturing plant on the mainland. “China is already the biggest exporter of antibiotics. There is no reason they cannot be a big exporter of biotech drugs in future.”
“中國的目標是，就像擁抱高鐵和半導體那樣擁抱生物科技，”總部位於臺灣的喜康生技(JHL Biotech)首席執行官喬石瑞(Racho Jordanov)說。“中國已是全球第一大抗生素出口國，未來沒有理由不會成爲生物科技藥物的重要出口國。”喜康正在中國大陸興建一家制藥廠。
Companies have a growing talent pool to draw from as Beijing invests heavily in academic science, while many western-trained scientists — so-called sea turtles — return home from overseas.
由於北京方面在醫藥科研上投入巨大，藥企可以利用的人才庫越來越大，而在西方受過教育的科研人員也紛紛回國，就是所謂的“海龜”。
Between 2012 and 2014, China’s life science research output rose 30 per cent, measured by number of published academic papers and other factors, according to the journal Nature. In chemistry, the country has overtaken Germany, Japan, the UK and France, to become the number two research nation behind the US.
《自然》(Nature)雜誌數據顯示，以學術論文發表數量和其他因素來衡量，2012年至2014年，中國的生命科學研究成果增加了30%。在化學方面，中國已超過德國、日本、英國和法國，成爲僅次於美國的世界第二科研強國。
“There is a clear direction of travel: China has decided to be an innovator,” says Min Li, who heads global neuroscience research for GlaxoSmithKline from the UK group’s research and development base in Shanghai.
“中國有明確的前進方向：它決心成爲創新者，”英國製藥集團葛蘭素史克(GSK)上海研發中心的全球神經科學研究負責人Min Li說。
GSK is one of several multinational groups to have built R&D centres in China, aiming to tap the strengthening science base and tailor drugs for the growing local market — already the world’s second-largest after the US.
GSK是在中國設立研發中心的數家跨國製藥企業之一，旨在利用中國日益增強的科研基礎，並針對中國市場研發藥物——不斷增長的中國市場，已經是僅次於美國的全球第二大醫藥市場。
Foreign companies are also forging R&D partnerships with Chinese groups in deals which promise to deepen their ties to the country while helping the local industry develop. China-MediTech, for example, is working with AstraZeneca and Eli Lilly, while BeiGene is paired with Merck of Germany.
外國藥企也紛紛在研發領域與中國企業建立合作，這些合作協議既有助於它們深入中國市場，也能幫助中國製藥行業發展。比如，和黃中國醫藥科技正在跟阿斯利康(AstraZeneca)與禮來(Eli Lilly)合作，而百濟神州與德國的默克(Merck)進行合作。
Zai Lab, a Shanghai biotech company, recently agreed a deal with Hanmi of South Korea to develop and commercialise a lung cancer drug for the Chinese market. This was followed last month by a $100m private fundraising from backers including Sequoia Capital and OrbiMed, two big US investment companies.
不久前，總部位於上海的生物科技公司再鼎醫藥(Zai Lab)宣佈與韓國的韓美集團(Hanmi)達成一項協議，將針對中國市場研發一種治療肺癌藥物，並將其商業化。上月，再鼎醫藥從多傢俬人投資機構籌資1億美元，出資人包括兩家美國大型投資公司——紅杉資本(Sequoia Capital)和奧博資本(OrbiMed)。
While Zai is collaborating with foreign companies for now, its chief executive, Samantha Du, says the long-term ambition is clear. “We want to build a China champion,” she says. Other contenders include Shenyang-based 3SBio, which raised $711m in a Hong Kong IPO last year, and Nasdaq-listed Cellular Biomedicine Group, which this month received $43m of investment from Wuhan Dangdai Science & Technology Industries, a Chinese conglomerate.
雖然再鼎醫藥目前與外國藥企合作，但該公司首席執行官杜瑩(Samantha Du)表示，再鼎醫藥有清晰的長遠目標。“我們要打造一家中國領軍企業，”她說。其他競爭對手包括總部位於瀋陽的三生製藥(3SBio)，以及在納斯達克上市的西比曼生物科技集團(Cellular Biomedicine Group)。去年，三生製藥在香港IPO，融資7.11億美元。而在本月，西比曼從武漢當代科技產業集團(Wuhan Dangdai Science & Technology Industries)獲得了4300萬美元投資。
One of the most prominent young companies is not developing its own drugs but providing outsourced research and manufacturing to foreign and local pharma groups. WuXi AppTec was delisted from the New York Stock Exchange last year and taken private in a $3.3bn management buyout. It plans to invest $120m in new research and manufacturing facilities in Shanghai to house 800 scientists.
最有名的中國年輕藥企之一併沒有自己研製藥物，而是爲國內外藥企提供研發和製造方面的外包服務。無錫藥明康德(WuXi AppTec)去年從紐約證交所(NYSE)退市，被管理層以33億美元收購，由此完成了私有化。該公司計劃投資1.2億美元，在上海興建可容納800名科學家的新研發和製造設施。
There are plenty of sceptics who point out how far China still has to go to catch up with the US and Europe. Most of its drugmakers are still focused on the 90 per cent of the domestic market made up of generic medicines. Biotech R&D is generally still at a relatively early stage and far thinner than the US in terms of financing and volume of assets. Slow-paced regulation of clinical trials by the China Food and Drug Administration is often cited as another obstacle.
有很多懷疑人士指出，中國要追趕美歐還有很長的路要走。中國大多數藥企仍然把目光放在佔國內市場90%份額的仿製藥這一塊。生物科技研發總體上仍然處於相對初級的階段，在融資和資產規模方面比美國薄弱得多。中國國家食品藥品監督管理總局(China Food and Drug Administration)在臨牀試驗監管方面行動緩慢，往往被認爲是另一個障礙。
“The government is working hard to encourage R&D capability but the starting point is very low,” says Xudong Yin, chairman of the China arm of Novartis. “We will see some ‘me-too’ drugs developed as China-only products. But when will we see breakthrough products? That requires scientific capability, finance and a strategic mindset. Those things take time to build.”
“政府正在盡力鼓勵提高研發能力，但是起點太低了，”諾華大中國區主席尹旭東稱，“我們將看到一些‘me-too藥物’作爲中國特有藥品被研發出來。但是我們何時才能看到突破性藥品問世？這要求科研能力、財力以及戰略性思維。具備這些需要時間。”
Luke Miels, head of global product and portfolio strategy for AstraZeneca, says the regulatory environment is improving as authorities streamline the system. AstraZeneca announced plans in December to invest hundreds of millions of dollars expanding its capacity to develop and make drugs in China in partnership with WuXi AppTec.
阿斯利康全球產品組合及產品戰略執行副總裁盧克猠爾斯(Luke Miels)稱，隨着中國當局不斷簡化制度，監管環境正在改善。去年12月，阿斯利康宣佈將投資數億美元，擴大自身與藥明康德合作在中國研發與生產藥品的能力。
Mr Miels says that, with local companies stepping up investment, it is only a matter of time before they turn into global challengers. “I would not be surprised if, in 10 years’ time, China was a major source of innovation in pharma.”
米爾斯稱，在中國本土藥企加大投資的情況下，它們成爲全球挑戰者將只是時間問題。“假如10年後中國成爲醫藥方面重要的創新源頭，我不會感到驚訝。”
