2022-06-20-埃森哲-Scientific_innovations_for_more_sustainable_growth_17页_967kb

报告摘要

Summary of "Scientific Innovations for More Sustainable Growth"

Core Content

This document explores the evolving landscape of biopharmaceutical innovation and growth strategies, emphasizing the need for sustainable approaches in the face of rising costs, shifting market dynamics, and technological advancements. It outlines the traditional and emerging growth pathways in the industry and provides insights into how companies can adapt to remain competitive.

Main Points

Rapid Innovation: The life sciences industry is experiencing an unprecedented pace of innovation, especially highlighted by the rapid development of effective Covid-19 vaccines and therapies.
Shift in Growth Strategies: The traditional reliance on M&A for growth is becoming unsustainable due to rising costs and profitability pressures.
Four Growth Pathways:
- Builder: Late-stage asset acquisitions (most common in the past decade).
- Architect: Early-stage asset acquisitions with biotechnology platforms.
- Ecosystem: Acquisitions of know-how and capabilities to innovate faster.
- Controller: Deals focused on geographic expansion or vertical integration.
Market Trends:
- Builder has dominated M&A activity, but its long-term sustainability is questionable.
- Architect has seen significant growth in the last five years.
- Ecosystem and Controller are less common but show increasing potential.
Stock Market Reactions:
- Ecosystem deals generate more positive short-term market reactions.
- Builder deals typically result in negative stock price movements.
Company Maturity and Strategy:
- Different types of companies (Mid-size, Smaller, Conglomerates, Large) adopt different growth pathways based on their size, growth stage, and strategic goals.
- Smaller, high-growth companies focus on pipeline development.
- Conglomerates and large companies are diversifying their strategies with Ecosystem and Controller pathways.

Key Information

M&A Analysis: Over 300 M&A deals by the top 30 biopharma companies from 2010–2021 were analyzed, totaling over $900B in capital.
Transaction Premiums: Biotech transaction premiums reached record highs in 2021, making late-stage acquisitions increasingly expensive.
Profitability Pressures: Expected margin declines across therapeutic areas, especially in anti-infectives, are impacting the ability of biopharma companies to fund acquisitions.
Future Outlook:
- The Architect pathway will likely become more prominent as companies seek to access biotechnology platforms.
- Ecosystem pathways will be utilized more often to access AI and data capabilities.
- Controller pathways are expected to increase due to opportunities in China and pricing pressures in the U.S.
Strategic Recommendations:
1. Combine Bio-Platforms and Capabilities: Leverage bio-platforms to drive innovation and create value across therapeutic areas.
2. Develop Cross-Platform Organization: Foster a culture and structure that supports cross-therapeutic area learning and collaboration.
3. Create S&T Incubator: Establish a dedicated team to incubate and manage novel science and technology collaborations, reporting directly to the C-suite.

Authors

Dr. Petra Jantzer: Senior Managing Director, Global Life Sciences Lead
Selen Karaca-Griffin: Senior Principal, Global Life Sciences Research Lead
Kenneth R. Munie: Managing Director, Life Sciences Strategy Lead
Stuart Henderson: Senior Managing Director, Northeast Market Unit Lead
Austin Corbett: Managing Director, Life Sciences Strategy

Acknowledgements

Nic Simitzi: Supported the overall perspective and analysis.
Vincenzo Palermo and Data Science Team: Developed the growth pathways algorithm and conducted stock price and company clustering analyses.

About Accenture

Accenture is a global professional services company with expertise in digital, cloud, and security. Its Life Sciences group combines science and technology to transform how medical treatments are discovered, developed, and delivered, serving clients across more than 120 countries with over 624,000 professionals.