The pharmaceutical industry plays an important role in Chinese economic development. How to propel the innovation and growth of the pharmaceutical industry with capital market tools becomes an important question. With the increasing layout of venture capital (VC) in the pharmaceutical industry, the impact of VC participation on the innovation and growth of pharmaceutical enterprises should be carefully studied. For investment purposes, CVCs, which are established by industrial corporations, mainly focus on new technologies and modes in the relevant industrial chain of their parent companies, and try to establish strategic synergy through their equity investment. IVCs have no specific industry restrictions, and their purpose is to search for and identify innovative enterprises with high growth potentials, and to harvest financial gains by investing in them.In order to explore these issues, this paper collects and analyzes data from a sample of Chinese A-share listed pharmaceutical companies from 2015 to 2022, tests the impact of VCs on the innovation inputs, innovation outputs, and growth performance of this sample of companies, and examines the differences between the impacts of IVCs and CVCs on the relevant performance. It is found that VC investment has a significant positive impact on pharmaceutical firms' innovation input, innovation output, and firm growth. In particular, IVCs have a significant positive effect on innovation input, growth performance, and an insignificant effect on innovation output of pharmaceutical firms. CVCs, on the other hand, have a significant positive effect on innovation input, innovation output, and growth performance of pharmaceutical firms. In addition, the interaction between IVC and CVC can further enhance the innovation input level and growth performance level of pharmaceutical enterprises. This paper uncovers the differences in the impact of IVCs and CVCs on the innovation input, innovation output, and growth performance of pharmaceutical enterprises, expands the research on venture capital, enriches the driving mechanism of pharmaceutical enterprises' high-quality growth and innovation capability in the Chinese context. This paper also provides some insights into how pharmaceutical enterprises select VCs and how VCs can empower pharmaceutical enterprises in practice.

Most molecular fingerprinting techniques, including denaturing gradient gel electrophoresis (DGGE) [1], comparative genomic hybridization (CGH) [2], real-time polymerase chain reaction (RT-PCR) [3], destroy community structure and/or cellular integrity, therefore lost the info. of the spatial locus and the in situ genomic copy number of the cells. An alternative technique, fluorescence in situ hybridization (FISH) doesn't require sample disintegration but needs to develop specific markers and doesn't provide info. related to genomic copy number.

Here, a microbial analysis tool, Spatial Analytical Microbial Imaging (SAMI), is described. An application was performed with a mixture of Synechocystis sp. PCC 6803 and E. coli K-12 MG1655. The intrinsic property of their genome, reflected by the average fluorescence intensity (AFI), distinguished them in 3D. And their growth rates were inferred by comparing the total genomic fluorescence binding area (GFA) with that of the pure culture standards. A 93% of accuracy in differentiating the species was achieved.
• SAMI does not require sample disintegration and preserves the community spatial structure.
• It measures the 3D locus of cells within the mixture and may differentiate them according to the property of their genome.
• It allows assessment of the growth rate of the cells within the mixture by comparing their genomic copy number with that of the pure culture standards.