本研究旨在探討健喬信元醫藥生技股份有限公司（以下簡稱「健喬公司」）如何透過併購策略，從臺灣小型藥品代理商逐步轉型為亞洲中大型區域型製藥企業(以下稱 「健喬集團」)。研究動機在於臺灣本土製藥業長期面臨產業高度分散、企業規模不足與國際化能力受限等結構性挑戰，亟需透過具代表性的成功個案，理解其可行的成長路徑與策略機制。
本研究採個案研究法，聚焦健喬公司自1992年以來之併購發展歷程，分析其如何透過併購整合完成一般與特殊劑型製藥廠之分類布局與產能升級；在營銷面向，健喬公司亦成功建立涵蓋醫院、診所、藥局與非處方藥(OTC)市場之全通路體系，並以此吸引全球大型藥廠建立策略聯盟，成為臺灣市場中具備高度通路效率與合作價值之夥伴。進一步而言，健喬公司結合製造與營銷優勢，透過事業體分割成立益得生技與優良生醫，以聚焦國際化布局並強化自費市場之經營策略。在研究方法上，本研究透過多元資料來源進行交叉驗證與參與利害關係人的訪談，以提升研究之信度與效度。
本研究結果顯示健喬公司能在臺灣產業環境與法規框架下，透過製藥產能升級作為核心基礎，並持續以併購整合、策略聯盟與國際佈局等多元策略推動企業轉型，逐步朝「亞洲型製藥集團」之方向發展。本研究之管理意涵在於，企業可將併購視為建構關鍵能力與加速國際化的重要工具，透過有效的整合與資源配置強化長期競爭優勢；而在政策面，政府可藉由鼓勵製造升級投資、完善法規與合規環境、強化國際人才培育、以及導入資本支持與產業整併誘因等措施，促進產業升級與提升整體全球競爭力。

This study aims to examine how Synmosa Biopharma Corporation (hereinafter referred to as 「Synmosa」) leveraged merger and acquisition (M&A) strategies to transform from a small pharmaceutical agent in Taiwan into a medium-to-large regional pharmaceutical enterprise in Asia (the 「Synmosa Group」). The motivation of this research arises from the long-standing structural challenges faced by Taiwan’s domestic pharmaceutical industry, including high market fragmentation, limited firm scale, and constrained internationalization capabilities. Therefore, it is necessary to draw insights from a representative and successful case in order to better understand feasible growth pathways and the underlying strategic mechanisms.
This study adopts a case study approach and examines Synmosa’s M&A trajectory since 1992. It analyzes how Synmosa strengthened its manufacturing capabilities by integrating conventional and specialized dosage-form facilities, and upgrading production capacity. On the commercialization side, Synmosa built full-channel market access across hospitals, clinics, pharmacies, and the OTC segment, which enabled strategic alliances with global pharmaceutical companies and enhanced its partnership value in Taiwan. Leveraging both manufacturing and commercial strengths, Synmosa further reorganized its business through spin-offs, establishing Intech Biopharm and Upright Healthcare to support international expansion and the self-pay market strategy. In terms of methodology, this study enhances reliability and validity by triangulating evidence from multiple data sources and conducting interviews with key stakeholders.
The findings show that, within Taiwan’s industrial and regulatory context, Synmosa has driven its transformation through manufacturing upgrades, supported by M&A integration, strategic alliances, and international expansion, steadily progressing toward an Asia-focused pharmaceutical group. Managerially, the study highlights M&A as an effective tool for capability building and accelerating internationalization, strengthened by disciplined post-merger integration and resource allocation. From a policy perspective, targeted support for manufacturing investment, a more enabling regulatory environment, international talent development, and capital incentives for consolidation can facilitate industry upgrading and enhance global competitiveness.

一﹑外文參考文獻
1. Accenture. (2022). A new playbook for today's M&A deals. Accenture. https://www.accenture.com/us-en/insights/strategy/m-and-a-playbook
2. Agnihotri, A. (2014). Corporate reputation based theory of choice between organic, hybrid and inorganic growth strategies. Corporate Communications: An International Journal, 19(3), 234-250. https://doi.org/10.1108/CCIJ-11-2012-0080
3. Ansoff, H. I. (1957). Strategies for diversification. Harvard Business Review, 35(5), 113-124.
4. Ansoff, H. I. (1965). Corporate strategy: An analytic approach to business policy for growth and expansion. McGraw-Hill.
5. Bain & Company. (2021). M&A in 2021: A new, more aggressive playbook. Bain & Company. https://www.bain.com/insights/ma-in-2021-a-new-more-aggressive-playbook-snap-chart/
6. Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108
7. Barney, J. B. (1986). Strategic factor markets: Expectations, luck, and business strategy. Management Science, 32(10), 1231–1241. https://doi.org/10.1287/mnsc.32.10.1231
8. Baxter, P., & Jack, S. (2008). Qualitative case study methodology: Study design and implementation for novice researchers. The Qualitative Report, 13(4), 544-559.
9. Bowen, G. A. (2009). Document analysis as a qualitative research method. Qualitative Research Journal, 9(2), 27-40. https://doi.org/10.3316/QRJ0902027
10. Braun, V., & Clarke, V. (2006). Using thematic analysis in psychology. Qualitative Research in Psychology, 3(2), 77–101. https://doi.org/10.1191/1478088706qp063oa
11. Carter, N., Bryant-Lukosius, D., DiCenso, A., Blythe, J., & Neville, A. J. (2014). The use of triangulation in qualitative research. Oncology Nursing Forum, 41(5), 545–547. https://doi.org/10.1188/14.ONF.545-547
12. Cohen, W. M., & Levinthal, D. A. (1990). Absorptive capacity: A new perspective on learning and innovation. Administrative Science Quarterly, 35(1), 128–152. https://doi.org/10.2307/2393553
13. Creswell, J. W., & Creswell, J. D. (2018). Research design: Qualitative, quantitative, and mixed methods approaches (5th ed.). Sage Publications.
14. Das, T. K., & Teng, B. S. (2000). A resource-based theory of strategic alliances. Journal of Management, 26(1), 31–61. https://doi.org/10.1177/014920630002600105
15. Eisenhardt, K. M. (1989). Building theories from case study research. The Academy of Management Review, 14(4), 532–550. https://doi.org/10.2307/258557
16. Eisenhardt, K. M., & Graebner, M. E. (2007). Theory building from cases: Opportunities and challenges. Academy of Management Journal, 50, 25-32. https://doi.org/10.5465/amj.2007.24160888
17. Eisenhardt, K. M., & Schoonhoven, C. B. (1996). Resource-based view of strategic alliance formation: Strategic and social effects in entrepreneurial firms. Organization Science, 7(2), 136–150. https://doi.org/10.1287/orsc.7.2.136
18. Geertz, C. (1973). The interpretation of cultures. Basic Books.
19. Graebner, M. E. (2004). Momentum and serendipity: How acquired leaders create value in the integration of technology firms. Strategic Management Journal, 25(8-9), 751–777. https://doi.org/10.1002/smj.419
20. Greiner, L. E. (1997). Evolution and revolution as organizations grow: A company’s past has clues for management that are critical to future success. Family Business Review, 10(4), 397-409. https://doi.org/10.1111/j.1741-6248.1997.00397.x
21. Guba, E. G. (1981). Criteria for assessing the trustworthiness of naturalistic inquiries. ECTJ, 29(2), 75-91.
22. Gulati, R. (1998). Alliances and networks. Strategic Management Journal, 19(4), 293–317. https://doi.org/10.1002/(SICI)1097-0266(199804)19:4
23. Hamel, G. (1991). Competition for competence and inter-partner learning within international strategic alliances. Strategic Management Journal, 12(S1), 83–103. https://doi.org/10.1002/smj.4250120908
24. Haspeslagh, P. C., & Jemison, D. B. (1991). Managing acquisitions: Creating value through corporate renewal. Free Press.
25. IQVIA. (2023). Potential impact of newly proposed drug price policy in Taiwan. https://www.iqvia.com/locations/asia-pacific/blogs/2023/10/potential-impact-of-newly-proposed-drug-price-policy-in-taiwan
26. IQVIA. (2025a). Key tailwinds and headwinds impacting the outlook for the Asian pharmaceutical market. https://www.iqvia.com/library/articles/key-tailwinds-and-headwinds-impacting-the-outlook-for-the-asian-pharmaceutical-market
27. IQVIA. (2025b). The global use of medicines 2025: Outlook to 2029. https://www.iqvia.com/-/media/iqvia/pdfs/events/presentation_global-meds-webinar_public.pdf
28. Kiger, M. E., & Varpio, L. (2020). Thematic analysis of qualitative data: AMEE Guide No. 131. Medical Teacher, 42(8), 846–854. https://doi.org/10.1080/0142159X.2020.1755030
29. Kor, Y. Y., & Mahoney, J. T. (2003). Edith Penrose's contributions to the resource-based view of strategic management. Strategic Management Journal, 24(10), 987-1006. https://doi.org/10.1111/j.1467-6486.2004.00427.x
30. Lincoln, Y. S., & Guba, E. G. (1985). Naturalistic inquiry. Sage Publications.
31. Lockett, A., Wiklund, J., Davidsson, P., & Girma, S. (2010). Organic and acquisitive growth: Re-examining, testing and extending Penrose's growth theory. Strategic Management Journal, 32(6), 703-713. https://doi.org/10.1111/j.1467-6486.2009.00879.x
32. Palinkas, L. A., Horwitz, S. M., Green, C. A., Wisdom, J. P., Duan, N., & Hoagwood, K. (2015). Purposeful sampling for qualitative data collection and analysis in mixed method implementation research. Administration and Policy in Mental Health, 42(5), 533–544. https://doi.org/10.1007/s10488-013-0528-y
33. Patton, M. Q. (2015).Qualitative research & evaluation methods (4th ed.). Sage Publications.
34. Penrose, E. T. (1959). The theory of the growth of the firm. John Wiley & Sons.
35. Peteraf, M. A. (1993). The cornerstones of competitive advantage: A resource-based view. Strategic Management Journal, 14(3), 179–191. https://doi.org/10.1002/smj.4250140303
36. PitchBook. (2025). Synmosa Biopharma 2025 company profile. https://pitchbook.com/profiles/company/164878-75
37. Porter, M. E. (1980). Competitive strategy: Techniques for analyzing industries and competitors. Free Press.
38. Roll, R. (1986). The hubris hypothesis of corporate takeovers. The Journal of Business, 59(2), 197–216. https://doi.org/10.1086/296333
39. Stake, R. E. (1995). The art of case study research. Sage Publications.
40. Teece, D. J. (2007). Explicating dynamic capabilities: The nature and microfoundations of (sustainable) enterprise performance. Strategic Management Journal, 28(13), 1319–1350. https://doi.org/10.1002/smj.640
41. Teece, D. J., Pisano, G., & Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 18(7), 509–533. https://doi.org/10.1002/(SICI)1097-0266(199708)18:7
42. Wernerfelt, B. (1984). A resource-based view of the firm. Strategic Management Journal, 5(2), 171–180. https://doi.org/10.1002/smj.4250050207
43. Weston, J. F., & Chung, K. S. (1983). Do mergers make money? A research summary. Mergers and Acquisitions, 18(2), 40-48.
44. Weston, J. F., Chung, K. S., & Hoag, S. E. (1990). Mergers, restructuring, and corporate control. Prentice Hall.
45. Yin, R. K. (2018). Case study research and applications: Design and methods (6th ed.). Sage Publications.

二、中文參考文獻
1. 王興弘（2006）。製藥產業發展模式研究—以生物科技公司和跨國性製藥公司為例〔碩士論文，國立臺灣大學〕。華藝線上圖書館。https://doi-org.mhdla.flysheet.com.tw:8443/10.6342/NTU.2006.01961
2. 安永 (2025)。2025安永超越邊界生物科技報告。取自 https://www.ey.com/zh_tw/newsroom/2025/10/ey-taiwan-news-release-2025-10-03
3. 何廣蘭（2009）。跨國藥廠併購策略的研究---以B藥廠為例〔碩士論文，元智大學〕。華藝線上圖書館。https://www-airitilibrary-com.mhdla.flysheet.com.tw:8443/Article/Detail?DocID=U0009-2007200923353700
4. 吳淑如（2015）。藥廠併購歷程與內部整合之探討-以A藥廠臺灣分公司為例（碩士論文）。東吳大學，企業管理學系。https://hdl.handle.net/11296/93bmer
5. 汪曉雲（2025）。併購對新產品開發的影響-以羅氏(Roche)藥廠為例〔碩士論文，國立臺灣大學〕。華藝線上圖書館。https://doi-org.mhdla.flysheet.com.tw:8443/10.6342/NTU202503481
6. 林彩梅、周文鈴（2008）。我國西藥及生技製藥業國際競爭力分析。多國籍企業管理評論，2(1)，29-50。https://www-airitilibrary-com.mhdla.flysheet.com.tw:8443/Article/Detail?DocID=18134548-200803-2-1-29-50-a
7. 邱智勳（2014）。企業併購中員工投入度之研究—以輝瑞藥廠併購案為例〔碩士論文，國立清華大學〕。華藝線上圖書館。https://www-airitilibrary-com.mhdla.flysheet.com.tw:8443/Article/Detail?DocID=U0016-2912201413564470
8. 張証評（2009）。臺灣本土西藥藥廠對法令制度不確定性之資源管理策略:以資源基礎學派分析之〔碩士論文，國立暨南國際大學〕。華藝線上圖書館。https://doi-org.mhdla.flysheet.com.tw:8443/10.6837/NCNU.2009.00120
9. 張簡凌馦、蕭恬亞、吳芳瑜與陳姿妤（2022）。大型海外併購對股市表現的影響－臺灣德國明基西門子事件研究。東亞論壇，516(11-25)。
10. 梁立衡、遊馨慧與李慧珊（2007）。臺灣企業併購歐洲企業之成功關鍵因素分析－以明碁併購西門子為例。全球管理與經濟，3(1)，69-94。
11. 許淑燕（2018）。生技產業政策對生技製藥公司發展之影響〔碩士論文，國立政治大學〕。華藝線上圖書館。https://doi-org.mhdla.flysheet.com.tw:8443/10.6814/THE.NCCU.EMBA.067.2019.F08
12. 郭松光（2012）。實質選擇權觀點於策略聯盟後之併購行為探討: 生技醫藥產業之個案分析〔碩士論文，國立臺灣大學〕。https://hdl.handle.net/11296/q5xkex
13. 郭靜芬（2017）。從國際生技製藥業併購趨勢看臺灣生技公司被併購價值〔碩士論文，國立臺灣大學〕。華藝線上圖書館。https://doi-org.mhdla.flysheet.com.tw:8443/10.6342/NTU201700311
14. 陳昱宏、廖耕賢、沈湯龍（2021）。臺灣科技農企業進軍國際市場之價值戰略：運用非對稱垂直策略結盟與專屬獨賣模式創造優勢與利基。農業生技產業季刊，(63)，1-8。https://www-airitilibrary-com.mhdla.flysheet.com.tw:8443/Article/Detail?DocID=P20140709001-202103-202103020019-202103020019-1-8
15. 陳珮婕（2018）。生技製藥業之經營策略：以國際藥廠併購為例〔碩士論文，國立交通大學〕。華藝線上圖書館。https://www-airitilibrary-com.mhdla.flysheet.com.tw:8443/Article/Detail?DocID=U0030-0205201911080069
16. 曾維薇（2024）。2024年生技醫療產業發展趨勢。臺灣經濟研究月刊，47(5)，123-128。https://doi-org.mhdla.flysheet.com.tw:8443/10.29656/TERM.202405_47(5).0016
17. 楊品誠（2016）。臺灣PIC/S GMP製藥現況與製程品質暨實例分享。臺灣臨床藥學雜誌，24(4)，300-307。https://doi-org.mhdla.flysheet.com.tw:8443/10.6168/FJCP.2016.2404.05
18. 葉銀華（2016）。解析鴻夏戀。會計研究月刊，365(21-25)。
19. 董凱強（2018）。生技醫藥產業併購與競爭法問題之研究〔碩士論文，國立臺灣大學〕。華藝線上圖書館。https://doi-org.mhdla.flysheet.com.tw:8443/10.6342/NTU201803132
20. 資誠（2024）。製藥產業併購新方針。https://www.pwc.tw/zh/publications/bio-insights/pdf/a-new-prescription-for-pharma.pdf
21. 廖又生、陳正道、張寶仁（2013）。製藥產業員工工作價值觀與工作士氣對工作滿意度影響之研究─以瑞安大製藥廠為例。亞東學報，(33)，131-148。https://www-airitilibrary-com.mhdla.flysheet.com.tw:8443/Article/Detail?DocID=18133754-201312-201602250004-201602250004-131-148
22. 趙必暉、林芝琬、邱郁淳、蔡雅芸、鄧書芳、吳孟修、許蒨文、陳文雯、蕭斐元、謝右文（2020）。我國第一級、第二級管制藥品2008-2017年銷售及使用趨勢分析。食品藥物研究年報，(11)，352-364。https://www-airitilibrary-com.m7hdla.flysheet.com.tw:8443/Article/Detail?DocID=22195718-202012-202101210008-202101210008-352-364
23. 劉秀珍（2012）。併購決定因素及整合對併購綜效的影響〔碩士論文，中原大學〕。
24. 蔡昇達（2014）。全球動物藥廠併購整合策略：以B公司為例探討區域併購後行銷策略〔碩士論文，國立清華大學〕。華藝線上圖書館。https://www-airitilibrary-com.mhdla.flysheet.com.tw:8443/Article/Detail?DocID=U0016-2912201413544012
25. 鄭博元（2012）。整合式創新商業模式之建構與實證 ─ 以生物科技業及西藥業為例〔碩士論文，長榮大學〕。華藝線上圖書館。https://doi-org.mhdla.flysheet.com.tw:8443/10.6833/CJCU.2012.00100

三、網路參考文獻
1. BioPharma BoardRoom. (2025). Biopharma M&A activity surges in Q3 2025. https://www.biopharmaboardroom.com/
2. Synmosa Biopharma Corporation. (2023a). 2023 Q2 consolidated financial statements. https://www.synmosa.com.tw/EN/ImgSynmosa/2023
3. Synmosa Biopharma Corporation. (2025a). Company profile. https://www.synmosa.com.tw/en/
4. Synmosa Biopharma Corporation. (2025b). Therapeutic areas and products. https://www.synmosa.com.tw/en/
5. Taiwan Healthcare. (2025). SYNMOSA reports 5.7 billion NTD consolidated revenue in June. https://www.taiwan-healthcare.org/en/news-detail?id=0sz7mc4fexgbdc1m
6. Taiwan News. (2025). Taiwan's Synmosa Biopharma eyes up to 30% stake in Genovate Biotechnology. https://www.taiwannews.com.tw/news/6202019
7. Xtalks. (2025). Pharma and biotech M&As in 2025 roundup. https://xtalks.com/pharma-and-biotech-mas-in-2025-roundup-4105/
8. UAnalyze (2025年7月25日)。六年挑戰300億！健喬(4114)火力全開！ 國內學名藥龍頭。取自 https://www.facebook.com/UAnalyze/posts/%E5%85%AD%E5%B9%B4%E6%8C%91%E6%88%B0300%E5%84%84%E5%81%A5%E5%96%AC4114%E7%81%AB%E5%8A%9B%E5%85%A8%E9%96%8B%E5%9C%8B%E5%85%A7%E5%AD%B8%E5%90%8D%E8%97%A5%E9%BE%8D%E9%A0%AD-%E5%81%A5%E5%96%AC4114-%E5%AE%A3%E5%B8%83%E5%95%9F%E5%8B%95%E7%82%BA%E6%9C%9F%E5%85%AD%E5%B9%B4%E7%9A%84%E5%9C%8B%E9%9A%9B%E5%8D%87%E7%B4%9A%E8%A8%88%E7%95%AB%E5%8A%9F%E6%8C%872030%E5%B9%B4%E7%87%9F%E6%94%B6%E7%AA%81%E7%A0%B4300%E5%84%84%E5%85%83%E5%A4%A7%E9%97%9C-2024%E7%87%9F%E6%94%B655%E5%84%84%E5%85%83-20/1166631488830685/
9. 健喬公司網站。https://www.synmosa.com.tw/tw/home/Default.asp
10. 唐可欣(2022年6月22日)。健喬愛克痰發泡錠今年台灣可賣1億顆，拚全球市佔一成。工商時報。取自 https://www.ctee.com.tw/news/20220622700004-430501
11. 健喬公司製藥(2024年 3月10日)。健喬2024年EPS 1.63元，2025年2月營收4.67億元，月減7.81%，年增62.28%。基因線上 Genet。取自 https://www.genetinfo.com/investment/featured/item/85722.html
12. Healthcare+ B2B 全球醫療採購網(2024, 1月17日)。呼吸道／泌尿科藥續高歌，健喬今年成長拚優去年。取自 https://www.healthcareplus.com.tw/news/detail/1301
13. 環球生技月刊(2022年11月22日)。健喬愛克痰發泡錠今年台灣可賣1億顆，拚全球市佔一成。取自 https://news.gbimonthly.com/tw/article/show.php?num=65225
14. 自由時報 (2025)。被評只會財務操作、收購價格偏低健喬深夜發重訊回應了。自由時報。取自 https://stock.ltn.com.tw/article/szexasapqndp
15. 環球生技 (2025)。破局！健喬公開收購健亞未達15％最低門檻。環球生技。取自 https://www.biotech-edu.com/20251008-synmosa-genovate-acquisition-fail/
16. 陳曼林(2025a, September 26). 【景岳法說會】、【健亞】對【健喬公司】以... Genetinfo.com. https://www.genetinfo.com/
17. 陳曼林(2025b, October 29). 《日法人買超》10/29(三)外資買超前三名：順藥(344張)、浩鼎(164張). Genetinfo.com. https://www.genetinfo.com/
18. 陳曼林(2025c). 健喬公司醫藥生技(4114)持續期望開啟溝通合作大門，深化製藥產業之布局與合作. Genetinfo.com. https://www.genetinfo.com/
19. 陳曼林(2025d). 健喬公司(4114)引進日本合作夥伴Kissei創新新藥口服GnRH拮抗劑. Genetinfo.com. https://www.genetinfo.com/
20. 劉莞青（2024）。健喬今年營運續看成長，2026年拚營收登百億。MoneyDJ新聞。https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=724411fa-7b15-42b0-8006-98f4c280a9f7
21. 徐玉君（2025）。焦點股：健喬邁向區域型國際藥廠，公司重啟併購拚營運翻倍，今年營收拚新高。https://tw.stock.yahoo.com/news/%E7%84%A6%E9%BB%9E%E8%82%A1-%E5%81%A5%E5%96%AC%E9%82%81%E5%90%91%E5%8D%80%E5%9F%9F%E5%9E%8B%E5%9C%8B%E9%9A%9B%E8%97%A5%E5%BB%A0-%E5%85%AC%E5%8F%B8%E9%87%8D%E5%95%9F%E4%BD%B5%E8%B3%BC%E6%8B%9A%E7%87%9F%E9%81%8B%E7%BF%BB%E5%80%8D-%E4%BB%8A%E5%B9%B4%E7%87%9F%E6%94%B6%E6%8B%9A%E6%96%B0%E9%AB%98-012517809.html
22. 蘇健忠（2025年7月14日）。健喬董座林智暉專訪／大投資拚世界級藥廠 三大布局揮軍全球。https://money.udn.com/money/story/5612/8869933
23. 謝柏宏（2025年10月22日）。生技論壇11月12日登場 健喬公司董座林智暉：製藥業出擊 五力並進，經濟日報，https://money.udn.com/money/story/5648/9086674
24. 杜惠蓉（2025年5月12日），生技人才大盤點》空有藥證，缺才阻礙生技公司製藥生產
https://www.ctee.com.tw/news/20250514700123-439901
25. IMARC Group. (n.d.). Generic drugs market size, share, trends & growth by 2033. https://www.imarcgroup.com/generic-drug-manufacturing-plant
26. 銀亨科技商機媒合平台，chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://ccd.nat.gov.tw/biopharm/images/2025/2-2025%20Biotechnology%20Industry%20in%20TaiwanV1001.pdf
27. 經濟日報2025生技論壇，健喬董座林智暉:整合壯大迎戰國際https://money.udn.com/money/story/5648/9135867
28. 謝柏宏（2026年1月5日）健喬結盟再鼎台灣醫藥 取得六項創新療法台灣市場代理與商業化權利
https://money.udn.com/money/story/5612/9245954