Across the times, nucleic acid drugs break the three dilemmas of traditional drugs. Traditional small molecule and macromolecular drugs are often restricted by their own molecular structure in the process of research and development; Due to the restriction that the target itself cannot be targeted, it can not be made into medicine. RNA (ribonucleic acid) is an important bridge connecting genes and proteins. Therefore, nucleic acid drugs are not only not restricted by their own structure and can break the "drug resistance"; they can also greatly expand the target range and break the "drug resistance"; in addition, compared with traditional drugs, their drug efficacy is more powerful and lasting, which is expected to overcome the "lack of efficacy" of existing therapies And so on. At present, mRNA vaccine, small interfering RNA (siRNA) and antisense oligonucleotide (ASO) are the main forms of nucleic acid drug development in clinic. With the innovation of gene sequencing, chemical modification and delivery system, nucleic acid drugs are about to usher in the harvest period and are expected to become a new generation of iterative treatment scheme.
Start a prairie fire and open up China's 100 billion market. The indications of nucleic acid drugs involved in the world are complex. We focus on systematically and comprehensively combing and analyzing the market from the two fields of infectious diseases and chronic diseases, It is estimated that the market for nucleic acid drugs in China in 2034 is about 100 billion 900 million yuan (excluding mRNA COVID-19 vaccine and rare diseases related drugs), among which the market space of infectious diseases (chronic hepatitis B) is about 54 billion yuan, and the market gap of chronic diseases (cardiovascular diseases and type II diabetes) is about 45 billion yuan.
The moat can be built by breaking through the patent medicine technology. At present, Main problems in nucleic acid drug research and development (drug stability, targeting and safety) has not been completely solved, so it is urgent to develop a new generation of technology and quickly promote its industrialization process. At present, the direction of technological breakthrough includes: 1) sequence design technology → improving drug stability and specificity; 2) structural modification technology → enhancing drug stability in blood and reducing immunogenicity; 3) delivery system technology → protection Protective drugs target the action site, improve cell endocytosis efficiency and ensure full effectiveness.
Investment suggestion: the nucleic acid drug industry will enter a rapid growth period, and China's 100 billion drug market will be opened. We are optimistic about enterprises that master core technologies and have the ability to commercialize. Covid-19 epidemic has accelerated the development of nucleic acid drug industry, and China's 100 billion drug market will be opened. At present, enterprises focusing on the research and development of nucleic acid drugs are still in their infancy and still focus on authorization cooperation; Large pharmaceutical enterprises quickly enter and layout through authorized introduction and joint development. Nucleic acid drugs belong to an iterative treatment scheme. We believe that it will set off an upsurge in the research and development of a new generation of innovative drugs. We are optimistic about enterprises that really master the core technology and are capable of completing clinical trials and promoting commercialization. It is recommended to pay attention to the listed pharmaceutical enterprises Walvax Biotechnology Co.Ltd(300142) , Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) (a + H) that have laid out the nucleic acid technology track, as well as the unlisted enterprises Ruibo biology, which focus on the research and development of nucleic acid drugs Shengnuo pharmaceutical, Aibo biology, s microorganism, etc.
Risk analysis: risks related to new drug R & D; Intellectual property risk; The risk that the acceptance of nucleic acid drugs in the Chinese market is less than expected.
