Value Assessment Of Biopharmaceutical Companies From The Perspective Of Innovation Value Chai

As the most active and far-reaching emerging industry in the 21 st century,the biological industry is the main direction of China’s strategic emerging industries.As the third largest industry after the automobile and machinery manufacturing industry,biomedicine is facing the scene of global competition,and the research and development of innovative drugs has become the key to China’s prominence.Biomedical enterprises take the research and development of innovative drugs as the core business,and the innovation value chain,as the product of the combination of technological innovation theory and value chain,provides new ideas for the process of research and innovation.Based on the theory of innovation value chain,this paper divides the development of innovative drugs into three stages,analyzes its composition and finds that there are adjustment decisions in each stage,that is,flexible management.These decisions are equivalent to expansion options and waiver options,and are also uncertainties in the valuation of biomedical companies,so their evaluation consists of two parts,namely the existing value and the potential value.The analysis of the innovation value chain realizes the macro control of the overall value of the biomedical enterprise,and also reminds enterprises and investors to pay attention to flexible management and correct strategic decision-making.Therefore,it has certain reference significance in the choice of evaluation methods and the determination of model parameters.Taking Wantai Biologics as a case study,based on the flexible diversity of decision-making at various stages of the innovative drug value chain,this paper introduces the idea of real options to quantify the uncertainties in the valuation of enterprises.The value of the biomedical enterprise is divided into two parts,and the free cash flow discount model is used to evaluate the existing enterprise value and the real option model to predict the potential value of the enterprise,and finally the evaluation results of the combination model are compared with the stock market price and the predicted market value of the industry research report to obtain the final conclusion: In the valuation of the biomedical enterprise,the evaluation system combining the real option model and the free cash flow discount model can evaluate the existing asset value reflected in the current profitability.It can also include the value of future growth opportunities.The models and conclusions of this paper have certain reference value for the market-oriented development of biomedical enterprises.