全球製藥產業一直以來都被設定為高門檻的高端科技產業，新藥的研發程序上雖然繁瑣、需投入龐大資本、耗費時間長、失敗風險也高，但因開發成功後帶來的龐大獲利，與每年製藥市場約有1兆美元以上的商機，讓整個製藥產業的發展趨勢備受矚目。
但二十世紀以後，隨著全球化市場趨勢變遷、貿易型態改變、全球各國的醫療保險政策改變、藥品面臨專利懸崖困境、學名藥的崛起等等因素，導致製藥產業的豐厚利潤時代已不如以往，藥品的黃金盛世產生巨大的轉變，使得全球各大藥廠不得不重新審思投資方向與經營策略。
本研究以回溯性研究的方式，針對近二十年來全球製藥產業的趨勢變化，整理出各大跨國藥廠為了因應時勢的變遷，評估自身公司的條件與市場區隔後，做出哪些經營方針及併購策略以增加企業競爭優勢，達成營運目標，鞏固自身在產業的領先地位。其中又以輝瑞大藥廠做為研究個案，深入探討輝瑞大藥廠在2000年至2020年的併購發展歷程與動機，在分析各大藥企的併購成長軌跡之後，試圖分析探討以下的問題：
一. 藉由文獻探討，了解全球製藥產業的策略思維及營運規劃？
二. 國外原開發藥廠在不同時期是因發生哪些經營困境而產生併購動機？
三. 探討個案『輝瑞大藥廠』近二十年來的公司發展及併購行為，從中分析企業因應環境改變之經營模式？
四. 台灣製藥產業與國外原開發藥廠在整體經營模式、併購策略有無區別？

在分析全球製藥產業與輝瑞大藥廠的併購策略與併購綜效後，提出以下結論：
一. 全球原開發藥廠現今最大的困境為藥品專利懸崖、仿製藥競爭、醫療政策偏向縮減藥費;由回溯文獻可得知經營能力優異的企業會以企業核心能力與未來發展方向來擬定未來併購策略，為企業帶來外部成長機會。
二. 輝瑞大藥廠近二十年來隨著全球經濟型態的改變，併購策略也因應時局變化，有階段性的併購決策，以達到永續競爭優勢。
三. 國外原開發藥廠的併購策略多為專注於核心治療領域、提高新藥研發動能;但相對於台灣醫療市場雖然也是面臨成本不斷高漲、醫療健保制度政策改變、市場競爭激烈等問題，但台灣藥廠大多以低成本的競爭優勢做為主力。但是低成本優勢是無法持續的，唯有創新與研發才會是企業的持久性競爭優勢。

The global pharmaceutical industry has always been set as a high technology industry with a high threshold. Although the research and development process of new drugs is complicated, requires huge capital investment, takes a long time, and has a high risk of failure, the huge profits brought by the successful development of new drugs, There are business opportunities of more than $1 trillion in the pharmaceutical market each year, making the development trend of the entire pharmaceutical industry attract attention.

However, after the twentieth century, with changes in global market trends, changes in trade patterns, changes in medical insurance policies in countries around the world, pharmaceuticals facing the patent cliff dilemma, the rise of generic drugs and other factors, the pharmaceutical industry’s lucrative profit era is no longer as good as In the past, the golden age of pharmaceuticals has undergone tremendous changes, making the world's major pharmaceutical companies have to rethink their investment directions and business strategies.

This research uses retrospective research to focus on the changes in the global pharmaceutical industry in the past two decades, and sorts out the business policies that major multinational pharmaceutical companies have made in order to respond to the changes of the times and evaluate their own company’s conditions and market segmentation. And M&A strategies to increase the company’s competitive advantage, achieve operational goals, and consolidate its leading position in the industry. Among them, Pfizer Pharmaceuticals is used as a research case to deeply explore the development process and motivations of Pfizer Pharmaceuticals from 2000 to 2020. After analyzing the growth trajectories of major pharmaceutical companies, it tries to analyze and explore the following issues:

1. Through literature discussion, understand the strategic thinking and operational planning of the global pharmaceutical industry?
2. What business dilemmas did the foreign original pharmaceutical companies develop during different periods that resulted in M&A motivations?
3. Discuss the case "Pfizer Pharmaceuticals" company development and mergers and acquisitions in the past two decades, and analyze the company's business model in response to changes in the environment?
4. Is there any difference in the overall business model and M&A strategy between Taiwan's pharmaceutical industry and foreign original pharmaceutical companies?

After analyzing the global pharmaceutical industry and Pfizer's merger strategy and merger synergy, the following conclusions are made:

1. The biggest dilemma of the global original development pharmaceutical companies today is the cliff of drug patents, the competition of generic drugs, and the bias of medical policies to reduce drug costs; from the retrospective literature, it can be seen that companies with excellent business capabilities will use their core capabilities and future development directions to plan their future. M&A strategy brings external growth opportunities for enterprises.
2. In the past two decades, with the changes in the global economy, Pfizer's M&A strategy has also made phased M&A decisions in order to achieve a sustainable competitive advantage in response to changes in the current situation.
3. The M&A strategies of foreign original pharmaceutical companies are mostly focused on core therapeutic areas and improving the momentum of new drug research and development; but compared with Taiwan's medical market, it is also facing problems such as rising costs, changes in the medical and health insurance system and policies, and fierce market competition. Most Taiwanese pharmaceutical companies rely on their low-cost competitive advantages. However, the low-cost advantage cannot be sustained, and only innovation and R&D will be the company's lasting competitive advantage.

目錄
論文審定書………………………………………………………………………………i
誌謝…………………………………………………………………………………...…ii
摘要……………………………………………………………………………………..iii
Abstract ………..………………………………………………………………..……..iv
目錄……………………………………………………………………………………..vi
第一章 緒論…………………………………………………………………..……...01
第一節 研究背景與動機…………………………………………….....………01
第二節 研究目的…………………………………………………….…………02
第三節 重要名詞釋義………….…………………………………………………02
第四節 研究流程/研究方法……………………………………………………03
第二章 文獻探討…………………………………………………………………….05
第一節 藥物發展歷史與演進……………….…………………………………05
第二節 製藥產業的特色…………………………………………………….…07
第三節 全球製藥產業的現況與困境……………………………………….…09
第四節 全球製藥產業的演進與趨勢…………………………………….……10
第五節 全球製藥產業的排名…………………………….……………………15
第三章 併購理論基礎……………………………………………………….………18
第一節 併購的定義與模式………………………………………….…………19
3.1.1 併購的定義…………………………………………….………. 19
3.1.2 併購的動機……………………………………………………...19
3.1.3 併購的類型…………………………………………………….. 20
第二節 藥廠併購型態………………………………………………………….22
第三節 藥廠併購動機與併購後的延伸問題………………………………….24
第四章 個案分析…………………………………………………………………….27
第一節 美國輝瑞大藥廠簡介……….…………………………………………27
4.1.1 公司歷史與規模 ……………………………………………..27
4.1.2 產品策略 ……………………………………………………..28
第二節 美國輝瑞大藥廠面臨之困境…………………………………………...30
第三節 美國輝瑞大藥廠近二十年來的整併策略……………………………...31
第五章 結論與建議………………………………………………………………….37
第一節 研究發現………………….……………………………………………37
第二節 研究限制………………….……………………………………………40
第三節 研究建議........…………….……………………………………………40
參考文獻……………………………….………………………………………………41
 

參考文獻
一、中文文獻
楊曉彤(2011)，淺析我國反壟斷法的域外適用-以哈藥與輝瑞承轉合作為例.法律與經濟 Vol. 10。
許秋慧(2007)，區域技術知識網路與創新研究. 地政學系, 國立政治大學. 碩士論文。
余尚武與江玉柏(1998)，影響企業購併成敗之因素與策略探討，經濟情勢暨評論，第 4 卷第 2 期，P125-144。
黃文鴻、謝季峰(2004)，藥品創新與專利保護關聯之探討，政大智慧財產評論，第2卷第2期，34頁。
顧曼芹(2013)，掌握大藥廠開放性研發模式的合作商機." 當代醫藥法規月刊 Vol. 36。
蔡明田, et al. (2007)，併購和重整策略.策略管理雜誌。
余尚武與江玉柏(1998)，影響企業購併成敗之因素與策略探討，經濟情勢暨評論，第 4 卷第 2 期，P125-144。
羅慧萍(2002)，本國企業併購之實務研析(碩士論文)。東吳大學，台北市。
鄭帝允(2007.)。併購動機之實證研究 —以美國上市上櫃公司為例。政治大學（碩士論文）。
伍忠賢(2009)，企業併購：理論與實務（三版），台北，新陸經銷。
吳淑如（2015），藥廠併購歷程與內部整合之探討 以 A 藥廠台灣分公司為例。東吳大學（碩士論文）。
林孝樺（2014年5月1日），藥廠業務重組的選擇-併購或資產交換，宇智顧問宇邦智權。
科學月刊（2013/04/05）新藥的研發流程概論，第四十四卷第二期。



二、外文文獻
Aaron S. Kesselheim et al., Hatch-Waxman Turns 30: Do We Need a Re-Designed Approach for the Modern Era,YALE JOURNAL OF HEALTH POLICY, LAW, AND ETHICS 15:2 (2015), pp. 301.
Big Pharma's 2009-2013 Patent Cliff, B. Jardine.
Clinical development success rates for investigational drugs.Nature Biotechnology.32, 40-51(2014).
FDA Orange Book,1997-2001統計資料.
Gaughan, P.A.(1999). Mergers, Acquisitions, and Corporate Restructurings, 2nd edition. New York: John Wiley and Sons, Inc.
Global pharma & biotech M&A report – 2012,IMAP.
Melese, T., et al. (2009). "Open innovation networks between academia and industry: an imperative for breakthrough therapies." Nature Medicine 15: 502.
Nature(2011)480,16–17 ; http://www.nature.com/news/blockbuster-drug-bows-out-1.9495.
Nature(2011) 470,154; http://www.nature.com/news/2011/110209/full/470154a.html.
Nature (2011)474,433–434; http://www.nature.com/news/2011/110622/full/474433a.html
Pharm Exec's Top 50 Companies (2019,July 12), 2019.Michael Christel
Pfizer Annual Report to Shareholders(2009) .Pfizer Inc.
The Global Use of Medicines: Outlook Through (2016), IMS Health



三、參考網站
Healthcare產業訊息，取自網站：https://ibmi.taiwan-healthcare.org/news_detail.php?REFDOCTYPID=&REFDOCID=0pkbl1kadiubpt9u
【史海】神農嚐百草 中華農業和醫藥之鼻祖。取自網址: https://www.epochtimes.com/b5/15/7/30/n4492192.htm
維基百科。取自網址: https://zh.wikipedia.org/wiki
FIERCE Biotech,2019.取自網址：https://www.fiercebiotech.com/special-report/top-10-pharma-r-d-budgets-2018
Nature Reviews Drug Discovery。取自網址： https://www.nature.com/nrd/
輝瑞藥廠公開網頁。取自網址：http://www.pfizer.com http://www.pfizer.com/files/investors/presentations/q4earnings_january012509.pdf
衛生福利部中央健康保險署。取自網址： http://www.nhi.gov.tw/
製藥經理人(2014/06)。取自網址：http://www.y-lp.com
Mergermarket Group。取自網址：http://mergermarketgroup.com
IMS Health。取自網址：http://www.imshealth.com/portal/site/imshealth
Towers Watson 。取自網址：http://www.towerswatson.com