Dear friends, my name is Zheng Lixin of Dema Capital. I am very grateful to everyone for taking the time to participate in the medical industry investment seminar organized by Alpha Plant in the cold winter of the medical capital market.
I want to start a topic for everyone tonight, called: "Roche Jump". Everyone knows Roche.
(Roche) is a very good company. In the more than 100 years since its founding in 1896, Roche has made three important jumps. I refer to these jumps as different versions of the medical industry, including Roche in the 2.0 era, Roche in the 3.0 era, and Roche in the 4.0 era.
Tonight, I want to use Roche as the opening statement. The human technology in medical treatment has come to a state of singularity. In the next 5-10 years, the medical industry will change dramatically. Then this change may be Very huge.
When Roche started, he started his business with Vitamins and made a large number of chemical drugs. He is a master of medical commercial operation. When I was at Skaglan, it was our strong opponent in chemistry.
In the past ten or twenty years, they first started interferon and entered biologics, then expanded into the cancer market, and finally entered the gene, diagnosis, and pharmaceuticals through the acquisition of a great genetic company such as Genentech. Inside the three-in-one business model, it has become a great company in the era of Medicine 3.0.
But in the last decade or so, that is, since 2000, after the launch of personalized medicine, Roche has seen a new leap, which I call Roche in the 4.0 era. Roche and Google, and the companies they acquired, have made large-scale acquisitions and developments in personalized medicine, especially around major diseases such as cancer.
First, it worked intensively with PatientsLikeMe, the largest social data sharing and analysis platform in the United States, and then joined Google in a platform for cancer electronic medical records and big data analysis.
At the same time, it acquired the second generation of genetic testing and big data leader, Foundation Medicine, for $1.2 billion. Foundation Medicine is a leading company for cancer personalized treatment for Jobs diagnosis.
Roche, a pharmaceutical group that has been ranked more than a dozen in the world, has become a leader in the medical 4.0 era through triple jump. How do we view China's medical investors and the Chinese medical industry's triple jump like Roche? How can I complete a triple jump? Another question is, how do we invest in the process of upgrading and upgrading such an industry? How do we find those great companies that can complete the triple jump?
More than ten years of medical industry investment history: from medical 2.0 to 4.0
So this is the topic we want to share with you tonight. I still want to introduce myself to you. First of all, I am not a scientist, not a clinical expert. I studied for a master's degree in civil engineering at the University of Toronto and then I went to an MBA. Therefore, my understanding of medical care can only be analyzed from the perspectives of marketing, investment, and industrial structure evolution. I can't answer some professional questions.
I was the first Chinese consultant to join McKinsey & Company in 1994. My main major in McKinsey is the management consulting in the medical industry. During this period, I served Johnson & Johnson for a long time, including his Chinese strategy and strategic layout of medical devices.
After leaving Johnson & Johnson, he began to work in China and the United States, Shike, as the marketing manager of China, and then the vice president of Glaxo China, and later served as a consultant to serve more than a dozen companies. In this process, I felt the strategy of China's medical industry, stepping forward step by step, and connecting with the world. But in many places, it has not come. Unlike other industries, China has become the world's leading country, but the medical industry is not like this.
I have invested in medical care since I started in 2001. The earliest companies I invested in include Huaying Biological (which is the beauty mask) listed in Hong Kong. However, in China, we all know that the earliest investment is the generic drugs, brand health products, brand drugs, thus forming a huge consumer brand listed company.
In 2003, it began investing in medical device listed companies, including Weigao. At that time, the sales of Weigao were more than 3 billion, and the first listing in Hong Kong was unsuccessful. When we went public for the second time, we entered Weigao and invested in helping them with strategic planning. At that time, they considered how to make Weigao China's BD (BD is the world's largest medical consumables company).
Later, the chairman of Weigao Chen Xueli asked me how to become a bigger company. I answered him that it was to become a Johnson of China. The development of Weigao in these years has completely exceeded our expectations, that is, to become "China's Johnson & Johnson." This is very gratifying, because this is our first stock that has risen 100 times.
After that, we invested in traditional enterprises such as Xinhua Medical.
Since 2006, we have begun to think about breakthroughs in medical technology, especially physical medical technology breakthroughs. Will material science lead to changes in the medical industry? So since 2006, we have invested in a dental company in Shanghai called the Age Angel for invisible correction.
At that time, Angels introduced 3D printing technology from Israel, joined the CAD/CAM-based medical design, and combined with Germany's new material, high-strength resin, to form a new medical technology company for dental treatment for adults. . Last year the company was sold to an international medical investment group. Angel of the Age is still the first invisible correction group in the country, second only to the world's first Invisalign.
Our conclusion from the experience of the past decade is that if China's industry is to move forward, it must combine advanced manufacturing technologies like 3D printing; advanced medical design techniques like CAD/CAM; advanced materials science. So we invested in some dental companies with advanced manufacturing technology in Shenzhen. Including Guangzhou Ruitong Biotechnology, a dental company that can do metal 3D printing.
These constitute a journey of our investment, dozens of front and back. Now our main investment areas are focused on medical algorithms, artificial intelligence, and POCT, IVD, etc. These are some of the potential invisible champions we believe in the medical 4.0 era.
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