Beruflich Dokumente
Kultur Dokumente
Phase I
Phase II
Public offering/
capital markets
M&A market
Major corporations,
financial institutions
Non-profit funding
(Govt, foundations,
and contributions)
Growth VCs
Govt. subsidy
Startup VCs
Universities/
public institutions
Time
R&D
(core: basic research)
R&D (application)
Commercialization
(product)
Commercialization (business)
As a percentage of GDP
0.5
0.45
0.4
0.35
0.3
0.25
0.2
0.15
0.1
0.05
0
0.49
0.11
0.13
0.007
United States
Japan
Basic
Research
Non-Clinical
Test
Clinical Test
2~3 years
3 ~ 5 years
3 ~7 years
Application for
Approval
and Review
1 ~2 years
No. of Chemical
Compounds
535,049
203
73
43
27
Accumulated
Success Rate
12,636
17,329
112,443
119,817
Approval
and Selling
Over 20 years
Source: Data book 2008 from Japan Pharmaceutical Manufacturers Association
3500
3000
2940
2560
2500
2010
1930
2000
U.S.
Japan
1620
1350
1500
1000
500
193
137
88
113
0
2007
2008
2009
2010
124
2011
103
2012
USA
Organization
Banker, Securities
Salesperson
Temporary transfer
No Carried Interest
LP (short Liquidity)
Independent
Business Experience
No personnel rotation
Carried Interest
LP (long investment)
EXIT
Institutional investor
Low market price at IPO
A few M&A
Individuals
High market price at IPO
Many M&A
Investment
Distributed investment on
many target
Short-term holding
R&D oriented
Concentrated Investment on a
few target
Long-term holding
Shortly-profitable oriented
(Service)