Background: As an emerging technology of human therapeutics, biopharmaceutical is rapidly growing around the world as well as in China representing a promising prospect for continuous development. But biopharmaceutical always demands huge funding and a lot of time to research. Thus how to make technology into products and finance biopharmaceutical innovation are great challenges. Objective: to explore the status of financing and technology commercialization of biopharmaceutical in China. Methods: mixed research method is applied by combining text analysis and multidimensional design. The study data was collected from high technology statistical yearbook (biopharmaceutical industry), CFDA and Web of Yaozhi (domestic products 2007 2015) and companies’ official websites (biopharmaceutical enterprises). Results: in terms of technology commercialization, the sample drugs have not carried out drug discovery. And there are three types according to biopharmaceuticals technology development: independent R&D, cooperation R&D and accessing technology from external and the technology from home and abroad, respectively. All the companies have participated in clinical trials and production. And self-marketing, co-marketing and outsourcing the marketing rights are used in the stage of marketing. In terms of financing, there are five funding sources in Chinese biopharmaceuticals. In the early stage of R&D, self-investment from companies and governmental grants support the R&D within companies. When R&D enters the phrase II trials, loans from financial institutions venture capital and private equity invest in product R&D projects. When product enters its mature stage, companies obtain capital through public equity financing. The self-investment supports the development of firms from start to finish, which is the main source of funding. Conclusions: state-owned enterprises and private enterprises control the Chinese biopharmaceutical industry and the self-investment is the main force to support the development of bio-firms in immature capital market. On the other hand, Chinese biopharmaceutical companies obtain technology mainly from abroad, and they focusing on developing and manufacturing and marketing the “me better” drugs.

研究背景：作為人類治療的新興技術，生物製藥已經成為製藥產業中發展最快、 技術含量最高的領域。由於生物製藥具有研發週期長、技術不確定性高、研發 資金需求量大等特點，因此如何融資和如何推動技術商業化成為了生物製藥发 展的一大挑戰。中國作為新興製藥大國之一，在生物製藥技術方面發展迅猛， 受到了全球製藥部門越來越多的關注。研究目的：探索中國生物製藥的技術商 業化及融資現狀。研究方法：本研究運用了文本分析法和多維度設計。所研究 的数据包括：高技術統計年鑒中載入的與中國生物製藥產業相關的數據；2007 年至2015年間CFDA批准上市的國產生物新藥數據；樣本新葯對應的生產企業 數據。研究發現：在技術商業化方面，樣本藥品均未進行藥物探索；在藥物開 發階段，開發技術分別來源於國內和國外，開發方式有企業自主開發、合作開 發和直接獲取外部技術三種；在臨床研究和生產階段，所有企業均參與其中； 在銷售階段，企業的營銷方式有自主營銷、合作營銷和外包銷售三種。在融資 方面，中國生物製藥產業目前有企業自投、政府資助、金融機構貸款、風險投 資或私募基金投資和公開募股五種融資方式，在研發初期，企業自投資金和政 府資助注入企業支持藥物開發；研究進入到臨床II期試驗之後，金融機構貸款、 風險資金或私募股權基金會投資產品項目；在產品成熟期，部份企業通過公開 股權融資獲取資金，其中企業自投資金是主要資金來源，并存在于企業發展始 末。研究結論：中國生物製藥產業由國有企業和民營企業主導，在本土資本市 場發展不成熟的情況下，企業自投資金是推動企業發展最主要的資本力量；中 國生物製藥企業主要從國外獲取技術，他們致力於開發、生產和銷售“me better’ 藥物。