Name: 焦點產業：COVID期間的生技投資「開花結果」！ (Sectors Up Close: Biotech investment during COVID 'paying off')
Uploaded: 2026-02-16T17:27:16.000Z
Duration: 6 min 10 s

Money has been flooding into biotech and drug makers.

This is sectors up close and we're talking healthcare.

這裡是產業的近距離觀察，我們正在談論醫療保健。

Big Pharma is flush with cash as obesity, drugs and new cancer treatments drive significant revenue.

大型製藥公司手頭寬裕，因為肥胖症、藥物和新的癌症治療推動了可觀的營收。

Investors are also hoping AI can be used to discover new drugs and boost production margins.

投資人也希望 AI 能用於發現新藥並提高生產利潤。

Overall, the sector is up so far this year and seems immune to the recent sell off.

整體而言，該產業今年至今表現不錯，似乎不受近期賣壓影響。

Leah Bennett is chief investment strategist at Concurrent Leo.

Leah Bennett 是 Concurrent Leo 的首席投資策略師。

We've had sell offs over the last couple of weeks across the board because of worries about AI.

過去幾週，由於對 AI 的擔憂，市場出現了全面的賣壓。

But is health care one sector that's set to be a winner?

但醫療保健是其中一個準備成為贏家的產業嗎？

Yeah, I think health care is a really interesting area that should really perform well over the next several years.

對，我認為醫療保健是一個非常有趣的領域，在未來幾年應該會表現得相當好。

I think there's some secular changes that could play out and in particular when we're talking about health care, I think it's kind of emerging health care and biotechs.

我認為有些長期趨勢正在發酵，特別是在談到醫療保健時，我認為它有點像是新興的醫療保健和生技。

So if we think about the period that we've been through over the last few years, I mean, there's been lots of discussion about the big tech companies that have performed so well.

所以如果我們想想過去幾年的時期，我的意思是，有很多關於表現非常好的大型科技公司的討論。

But I think anytime, just kind of basic economics, you can only earn an outsized return for a certain period of time before you attract competition.

但我認為任何時候，就像基本的經濟學一樣，你只能在一段時間內獲得超額回報，之後就會吸引競爭。

And you've seen the big tech companies really competing with themselves in the meantime, the broader market.

而且你看到大型科技公司在這段時間裡，與整個市場互相競爭。

There are many companies that have been trading at much lower multiples.

有很多公司的股價交易在遠低於其價值的倍數。

And I think healthcare and particular biotech is just really fascinating right now.

我認為醫療保健，特別是生技，現在真的非常吸引人。

In 2020, the industry or the sector raised about 50 billion in capital.

在2020年，該產業或該領域募集了約500億美元的資金。

Obviously at the time we were really concerned about sequencing the DNA of viruses.

顯然，當時我們非常擔心病毒DNA的定序。

We were concerned about COVID and finding solutions.

我們擔心COVID，並尋找解決方案。

But that money went to work in discovering other areas as well.

但這筆資金也被用來發現其他領域。

And now we're six years past that period and those funds and I think the potential productivity from those funds combined with AI making everything more efficient could really drive multiples in that area.

而且現在我們已經過了那段時間六年了，那些資金，加上AI讓一切更有效率的潛在生產力，真的能在那塊領域帶動好幾倍的成長。

So how exactly is that huge investment from the COVID era paid off in new drug discovery to cope with other diseases?

那麼，COVID時期那筆巨額投資究竟是如何在其他疾病的新藥開發上獲得回報的呢？

You're starting to see, like mRNA for example.

Obviously they produced some vaccines for Covid, but they are definitely having the potential.

顯然，他們為COVID生產了一些疫苗，但它們絕對有潛力。

Or they're doing trials for cancer applications as well.

或者他們也在進行癌症應用的試驗。

There's a lot more that that technology could be applied for.

那項技術還有更多可以應用的地方。

Also the area that I'm most excited about is gene sequencing.

另外，我最感興趣的領域是基因定序。

And you've seen some material information come out on the gene sequencing companies and there's multiple that exist.

你也看到了一些關於基因定序公司的重要資訊出現，而且這樣的公司有好幾家。

And if you think about those companies, they haven't had products.

如果你想想那些公司，它們還沒有產品。

There's only one product that has been approved and on the market.

目前只有一個產品已經獲準上市。

But they've been funding their pipelines during a period where interest rates have been relatively high and it's been expensive.

但他們在利率相對高且成本昂貴的時期，一直在資助他們的研發管線。

So a lot of them still aren't trading at valuation that I think they could be trading at.

所以很多公司的股價還沒有達到我認為他們應該有的價值。

And if you look at the next couple years, we should get some of these products actually coming to market.

如果你看看未來幾年，我們應該會看到一些產品真正上市。

And that would be very impactful for not only the industry investors, but

這不僅對產業投資人會有很大的影響，

There's been a huge amount of M and A in this sector.

這個領域已經發生了大量的併購案。

Why is big pharma acquiring so many smaller firms?

大型製藥公司為什麼要收購這麼多家小型公司？

Yeah, so I think you have two things going on.

是的，我想有兩件事正在發生。

One, if you think back again, the COVID era, you had companies like Becton, Dickinson and Abbott Labs making a tremendous amount of cash through COVID test kits.

第一，如果你回想一下 COVID 疫情時期，像 Becton, Dickinson 和 Abbott Labs 這樣的公司透過 COVID 檢測套組賺進了巨額的現金。

And then you look at Lilly and Novo in particular.

再來看看 Lilly 和 Novo 這兩家公司。

Lilly, the amount of capital, the amount of profits They've created through GLP1s and GLP1s being used in a different way is another great example of how you're seeing a lot of big pharma companies do very well during this period.

Lilly 透過 GLP1 藥物，以及 GLP1 的不同應用，創造了巨額的資金和利潤，這又是另一個大型製藥公司在這段期間表現非常好的絕佳例子。

But Lilly, GLP1 is now half their sales, half their revenues, which is a huge number.

但對 Lilly 來說，GLP1 現在已經佔了他們一半的銷售額、一半的營收，這是一個非常驚人的數字。

So if you take that, combined with the amount of drugs that are coming off patent between now and 2030, we're looking at between 250 and 300 billion in sales coming off patent.

所以，如果你把這個情況，加上從現在到 2030 年專利到期的藥物數量來看，我們預計將有 2500 億到 3000 億美元的銷售額專利到期。

And the only other period that we've had that's somewhat similar was 2015 through 2016, where $100 billion came off Patton.

上一個類似的時期是 2015 年到 2016 年，當時有 1000 億美元的專利到期。

So you have companies that are flush with clash and they're facing revenues under pressure.

所以，你會看到一些公司手握大量現金，但營收卻面臨壓力。

And the most obvious thing is it's easier to buy than build.

而最明顯的做法就是「收購比自行開發更容易」。

And if you look at the biotech industry, their new technologies, they should have longer runways.

如果你看看生技產業，他們的新技術應該有更長的發展空間。

As it relates to some of these new products coming on the market, margins should be higher because in a lot of cases, these are going to be brand new classes of drugs.

隨著這些新產品陸續上市，利潤應該會更高，因為在很多情況下，這些將是全新的藥物類別。

So we've seen some consolidation, but I think consolidation is going to increase.

所以我們看到了一些整併，但我認為整併只會越來越多。

How can investors hope to find the next Ozempic then?

那投資人要怎麼找到下一個 Ozempic 呢？

How do you pick and choose a health care investment?

要怎麼挑選醫療保健的投資標的？

Yeah, I think one of the most critical things right now, I think of 2026 as being the year of disruption.

對，我覺得現在最關鍵的一件事，我認為 2026 年將是顛覆的一年。

We've gone through an interesting period again of kind of all this new technology coming out on the market.

我們又經歷了一段有趣的時期，各種新技術紛紛問世。

I think across the board, it's really thinking about companies that have moats, and

我認為總體來說，真的要思考那些擁有護城河的公司，

I think you've got to look at companies that are doing things that are fairly unique, but

我覺得你得看看那些做的事情相當獨特，但

also with a trying to solve a broader problem.

同時也在試圖解決更廣泛問題的公司。

And then I think looking at what companies burn rates are is exceptionally important.

然後我認為，看看公司的燒錢速度有多快，這點非常重要。

Again, we should be an environment where financing becomes more attractive and less of a headwind.

再次強調，我們應該處在一個融資變得更有吸引力、阻力更小的環境。

It's obviously been a big headwind for biotechs in 2023, even through today.

這顯然是生技產業在2023年到現在都面臨的一大阻力。

It's just been expensive to develop products.

But I think looking for companies where that burn rate is decreasing and where there truly is a moat and less competition where they're developing and the track record of management.

但我認為，要尋找那些燒錢速度正在下降、真正擁有護城河且競爭較少、他們正在開發的產品以及管理團隊的過往紀錄。

Don't forget you can watch more videos on Reuters.

別忘了你可以在 Reuters 上觀看更多影片。