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Despite the impressive growth observed in China over the last two decades and with a projected healthcare market of RMB 8 trillion (USD 1.2 trillion), Chinese life science companies lag behind toptiered Western counterparts, both in terms of market capitalisation and innovation. What makes 2017 remarkable is that the age of pure window shopping by Chinese players seems to be something of the past and companies are actively pursuing international strategies. Ambitious and visionary pharmaceutical companies and healthcare investors are all establishing their footprints across the world. The next five years point to exponential growth in crossborder knowledge and capital exchange, offering unprecedented opportunities for deal making between the West and the East for those who are prepared. This article highlights some of the changes, opportunities and challenges. We believe that three key themes will dominate this coming period: industry consolidation, technological innovation and optimisation of capital operation and deployment.
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On May 26th 2017, a new set of European Medical Device Regulations (“MDR”) and In Vitro Diagnostic Regulations (“IVDR”) entered into force. They represent a major overhaul and tightening of the previous directives and affect all companies marketing or developing devices and/or diagnostics under their name or trademark in the EU (termed ‘manufacturers’ in the regulations). The changes introduce a standardised regulatory framework for the EU that aims to be robust, transparent, and to overcome differences in interpretation and weaknesses brought to light in recent safety scandals.
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Today the top ten best-selling antibody therapeutics for cancer have accumulated revenues approaching $200 Billion, the bulk of which is accounted for by sales of the four leading agents.
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The term Nanotechnology refers to the domain of science and engineering that is applied to structures and materials that measure only a few billionths of a meter. The term was coined by Japanese scientist Norio Taniguchi almost 40 years ago, and then popularised by Eric Drexler in his “Engines of Creation: The Coming Era of Nanotechnology” in 1986. Over the next 20 years the convergence of experimental advances in manipulation of materials no bigger than the width of a DNA molecule facilitated the development of this field from the closed confines of leading research labs into the world of applications for the general public. At the beginning of this century President Clinton put a political seal of approval on the sector by announcing the U.S. National Nanotechnology Initiative (NNI).
It is hard to believe the technology is almost 40 years old as it is only in the last 5-10 years that Nanotechnology has found favour in commercially viable products. Among areas where it is having the most significant impact is medicine.
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It’s easy to find trading and M&A multiples for mid and top tier CROs as their financial data are plentiful, often in the public domain and are the subject of discussion both in print and at conferences globally. Although consolidation in this sector is often dramatic and draws the attention of the entire industry, we should not lose sight of what is happening lower down the food chain, as it is these companies that will form the next generation of mid-tier CROs feeding further consolidation. It is a less defined sector of the market where data are much less available, and value more variable.
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Pain management continues to face the dual hurdles of abuse of the most efficacious (opiod based) therapies and the difficulties of developing and commercialising new treatments. This challenging environment presents difficulties both for large pharmaceutical companies looking to bring new solutions to market and the mid size and smaller biotechs developing new approaches and seeking commercial partners.
