Release date: 2016-05-05 He is the founding founder of Incyte, the world's second-largest gene sequencing company ($Nasdaq's $14 billion); he founded the first and most human history in history with Sir Stanford professor Irving Weissemen, known as the "father of stem cells." Successful stem cell treatment company SyStemix; he was the first Harvard biomedical doctor in China after the founding of the People's Republic of China, and was a Nobel laureate professor, Professor Walter Gilbert; he is a respected medical investor on Wall Street and has supported Bob Horvitz on the verge of 20 million US dollars. The hepatitis C drug company with a broken capital chain, in the same year, Horvitz won the Nobel Prize in medicine for drugs; he is the chairman and leading investor of CITIC Medicine, a classic case of Chinese medical investment ; he is the godfather of China's medical investment , stem cell research and precision medicine . Level character - Dr. Yang Zhi, founding partner of BVCF Fund. Buffett's Annual Meeting is an annual global investors feast, known as the Woodstock carnival capitalism. This year's 51st General Meeting of Shareholders was held in Omaha on April 30th. As an invited guest speaker, Dr. Yang Zhi gave a keynote speech on the trend of medical investment at the China-US Investment Forum. The arterial network conducted an exclusive interview with Dr. Yang Zhi at the scene. The following is the interview content: Artery Jun: What was your idea when you returned to China? You have been very successful in scientific research. Why did you choose to invest after research? Dr. Yang Zhi: After graduating from Harvard, I was only engaged in pure research for only three years, and I was an assistant professor at Rockefeller University. Later, by Rockefeller University President and Nobel Prize winner David Baldimore, I created the world's first and most successful stem cell treatment company, SyStemix, together with Stanford University professor, stem cell father Irving Weissemen and other scientists. Pharmaceuticals was acquired for $1 billion and became an important research department. After four companies were created and sold, my good friend was also the outgoing CEO of BioGen, the world's largest biopharmaceutical company, who invited me to copy the BioGen model with him, enter China and create SinoGen. That is to say, starting from the financing of this project, I have frequent contacts with investment companies and gradually entered the investment field. I officially founded the BioVeda Fund in Silicon Valley in 2000, focusing on venture capital in the healthcare sector. After entering the investment field, I found that the technology and management experience that influenced a company in the past can be unimpededly transmitted to several companies through funding channels . For example, we provided key financial support to the company founded by Bob Horvitz and transformed the incentive model of its R&D team to successfully complete the development of hepatitis C drug with apoptosis mechanism and won the Nobel Prize in the same year. . The BioVeda Fund also won a tribute to Wall Street and became the most active and profitable venture capital fund in life sciences on Wall Street. In 2005, I returned to Shanghai to establish the BioVeda China Fund (BVCF). This is also the world's first dollar fund dedicated to investing in China's pharmaceutical health sector. Counting, we have been focusing on medical investment in Asia for nearly 20 years. The world's most professional medical research and development institutions, including Novartis, Eli Lilly, Johnson & Johnson, Mayo Clinic, NEA, and prominent financial institutions have also continued to give us capital support over the past decade. Artery Jun: What do you think is lacking in China's domestic medical industry? What are the challenges? Dr. Yang Zhi: Real and high-quality source innovation is the most scarce of China's entire medical entrepreneurial circle . This lack is essentially rooted in the pursuit of short-term profits and corporate market value by Chinese investors and capital markets. The source innovation of medical technology is still concentrated in the United States, with the Stanford and Harvard as the radiation centers of California and Boston. We have seen many young people in the United States start their own businesses and are able to withstand loneliness. When they are studying the artificial intelligence, stem cell therapy, cloud computing, and genomic big data in a tough way, most of China's medical startups are still relying on micro-innovation and speculation. Concept, platform, look forward to a commercial chaos, opportunistic, find a profit breakthrough. Just like the difference between Google and Baidu in realm, many Chinese entrepreneurs still stay in the two-dimensional Internet model innovation, but we see that real medical innovation is upgrading to three-dimensional innovation with big data as the core. Americans call medical data the oil of the future. This kind of technological innovation that combines biotechnology, big data and artificial intelligence will attack the two-dimensional Internet model innovation enterprise with the power of deteriorating. The pursuit direction of entrepreneurial enterprises is the development orientation and future of the whole country. The bottleneck of medical entrepreneurial enterprises is also a bottleneck for the development of China's entire economic structure. Artery Jun: Whether it is domestic or foreign precision medical industry is very popular, what is your evaluation of this market? Dr. Yang Zhi: Regardless of the East or the West, the misdiagnosis rate of the modern medical system is very high. In China, this number is probably over 40%. Misdiagnosis brings great waste of resources and fallacy in disease treatment to patients and insurance payers. The high misdiagnosis rate is not unique to the Chinese medical system. The high rate of misdiagnosis is due to the incomplete testing tools and data that the modern mainstream medical system relies on. There is less information that can be relied upon for diagnosis. The mission of precision medicine is to end the high rate of misdiagnosis and ultimately realize the ideal future of the medical system “pay by effectâ€. However, there is a problem with precision medicine – due to the characteristics of its personalized treatment, its commercialization threshold is high. However, we believe that the era of precision medicine has arrived and related technologies are ready. At this stage, precision medicine is still the privilege of the rich. This is an era in which death is becoming more and more unequal. The rich who can bear the cost can recover their lives through new treatment in the terminally ill, even when the singularity finally comes. Humans may even achieve eternal life. Of course, the high-priced nature of precision medicine does not affect the innovative companies in this field to make money and make high profits. This is also in line with the law of economic value. However, I believe that the door to precision medical care will be more and more open to ordinary consumers at an exponential rate under the protection of rapid technological development, and become part of Pratt & Whitney Medical. Artery Jun: Have you invested in some projects in the field of precision medicine? Dr. Yang Zhi: In the field of precision medicine, we have a layout very early. Nowadays, the startup companies in this field in China are somewhat like the antique market. If they are not careful, they will go out and buy fake goods. 99% of companies are using foreign outdated patented technology, through technology integration, or even pure concept aggregation, packaging into new companies, new platforms. We choose companies that are very cautious and rigorous, and the companies that are invested must have real high quality technical barriers. Of course, thanks to the deep scientific background and professional contacts of our investor team. We have layouts in the latest technology molecular diagnostics, CAR-T, PDX molecular immunotherapy, medical big data, genetic big data. Some of these projects are from the United States and some are from China. Our technical and team judgments are very high. We believe that the precision medical related companies we invest in will become the hottest leader in this field in the near future. Artery: The biomedical field requires a lot of capital investment, a high level of professionalism, and a long output cycle. Inevitably, there is a huge risk in this field. How do you think about it? Dr. Yang Zhi: As a sunrise industry, the biomedical field is well-known. In the context of economic downturn, biomedical companies have attracted many professional or quasi-professional investment institutions. However, here I want to pour some cold water for everyone. This area is the most trapped place in all medical investment sectors, and the most embarrassing place for Li Gui. There is a black box between the investment inputs and outputs of biopharmaceutical companies and great uncertainty. The same is true for innovative medical devices. Although the period of entry of the devices into the market is very short, once the competition enters the market, the competition will be fierce. In addition, the market areas facing the devices are relatively narrow, and the profit margin is not easy to be higher than that of medicine. The market space is not that big. This is why everyone will first choose biomedical investment, followed by medical devices. Compared with pharmaceutical investment, the threshold for medical services is lower. As long as a business starts to make money, it will soon gather a group of enterprises and capital. The result of full competition is that everyone is hard to make money. Looking for a well-valued medical service target investment is now more difficult. We can see this medical investment status very clearly. After nearly 20 years of polishing Chinese medical investment, we have experienced the full cycle of investment in this field. The failure case brings us the lesson. The scars on our back actually teach us more, how to bypass the traps of pharmaceutical investment in R&D, industry, circulation, and policy. Biomedical investment is ultimately a team of experts with industry backgrounds, medical backgrounds, bioscience backgrounds, and business operations in China's policy environment. It is not a game in which one or two biological doctors or medical doctors can quickly enter the role. We have noticed that investments in this area have been very active in the last year or two, but everyone has to remember one truth : projects are not lacking, and really good projects, money-making projects are always scarce resources. Everyone is not willing to talk about failure and talk about losing the experience of Maicheng. However, we believe that most investors in this field at this stage are still in the stage of accumulating experience and using money to buy lessons. After three or five years, biopharmaceutical investors who have survived this baptism of the wave will become truly rational, and will also realize the importance of the scientific background of the industrial background in doing such investment. Artery Jun: At present, many investment institutions are also focusing on the biomedical field. What advantages do we have compared to them? What is the status in the industry? Dr. Yang Zhi: Our main advantage is the experience of the Chinese investment field in the past 20 years. Among them, the most valuable is the failure experience. I personally not only experienced the founding of several core biotech companies in the last biotechnology wave in the United States, but also experienced the process of SinoGen's transition from the peak to the decline after returning to China. Since then, he has served as the chairman of CITIC Pharmaceuticals, helping such state-owned pharmaceutical companies to restructure and restructure, and ultimately profit. These experiences are beyond the reach of investors who have not experienced these cycles. Our fund is from the DNA scientists in terms of a combination of background entrepreneurs, not bankers background generalist fund, which is why in the past ten years, our fund is the only company in China by many specialty pharmaceutical company, Medical research institutions and medical funds invested by top international financial institutions. About Buffett Annual Meeting The Buffett Annual Meeting began in 1956 and involved approximately ten shareholders in the first year. It is not so much a company annual meeting, it is better to say that it is actually a carnival festival of American investment elites. According to Buffett's biographer, Ms. Schroeder, the shareholders' meeting was still about a thousand people in the 1980s. In the mid-to-late 90s, especially the 30-year bull market of US stocks, a large number of new shareholders were attracted to participate. In the past ten years, more than 40,000 participants have participated. In recent years, due to globalization and the development of the stock market, a large number of overseas investors have come to attend the conference of Berkshire Hathaway. The Chinese also have thousands of people every year. Source: Arterial Network Canned Tuna,Fresh Canned Tuna,Frozen Canned Tuna,Canned Skipjack Chunk ZHEJIANG RETRONX FOODSTUFF INDUSTRY CO.,LTD , https://www.retronxfoods.com
In the mid-1990s, I founded Incyte as a founding scientist and became the unicorn of the American pharmaceutical industry and the second largest human genome company in the world.
We are now in a great era of tremendous change in medical technology. Large-scale biological sample databases (such as human genome sequences) and other powerful medical technologies (proteomics, metabolomics, genomics, cytology, and mobile medical wearables), computing tools, big data development, precision medical The times are coming to us exponentially at an exponential rate.
Of course, the popularity of precision medicine also needs to meet the challenges of talent. Although genetics is still a relatively new field in the United States, doctors who graduated more than a decade ago may have little exposure to genetics. For clinicians, the integration of genetics into medicine is a new learning process. Coupled with the complexity of genetics and the sheer volume of data, doctors need to constantly update the development of genetics, which is difficult to achieve. However, we have recently observed a direction in which the breakthrough biotechnology, big data era and artificial intelligence era are coming together, which is likely to fundamentally alleviate the talent bottleneck. 