Investment Highlights:
The favorable policy has given birth to the overall bullishness of the pharmaceutical industry sector. The circulation sector has directly benefited from the implementation of the new medical reform-related programs; the national basic pharmaceutical system and the “drug-level tendering and unified distribution†policy for basic medicines have been implemented one after another, bringing unprecedented development opportunities to the entire pharmaceutical industry. .
Driven by the supply and demand of the upstream and downstream industry chains, the scale and concentration of the entire industry will be further enhanced in the future.
With the successive introduction of a series of national policies to encourage independent research and development and innovative drugs, the overall R&D and production capabilities of the pharmaceutical manufacturing industry have been further enhanced, and its total industrial output value has continued to grow at a rapid rate. On the other hand, the awareness of health care among domestic residents has increased significantly. As well as the new medical reforms gradually incorporating the vast rural market into the scope of medical insurance, these undoubtedly further expanded the vast domestic pharmaceutical market, prompting the acceleration of medical consumer demand, and attracting more domestic and foreign pharmaceutical companies to step up their strategic plans in the market to cope with the future. Industry opportunities and challenges.
The speed of integration in the industry has accelerated, leading companies have taken into account internal intensive cultivation and external expansion, and the situation has begun to emerge.
In the past year, the domestic pharmaceutical and commerce giants have accelerated the pace of integration and restructuring. The establishment of New Drugs, New China National Drugs, and New China Resources marked the successful completion of the merger and reorganization of the three largest pharmaceutical giants in the country, and the competitive landscape of the pharmaceutical market has changed significantly. The idea that the country has required the formation of several pharmaceutical leaders in China has been initially realized.
Risk factors: (1) The impact of the “Drug Price Management Regulations†recently introduced by the country on the pharmaceutical distribution industry is mainly related to the regulation of profit margins and periodic expense ratios. , SMEs are not competitive, and large enterprises will adjust their structure and business; (2) In the future, industry consolidation will mainly rely on the power of market self-regulation; the government gives policy guidance and assistance, and does not directly regulate The speed of integration is estimated to be slower than our expectation; (3) The implementation of the zero-difference rate system for essential drugs in grass-roots health institutions will further reduce the sales scale and the living space of retail chain pharmacies, forcing some companies to have business models and their sales. Variety adjustments, so the overall view of the short-term turmoil in the future.
Company Recommendations: Sinopharm (600511), Accord Pharmaceutical (000028), Shanghai Pharmaceutical (601607), Huadong Medicine (000963), Jiatang (002462), Kyushu Link (coming soon).
The favorable policy has given birth to the overall bullishness of the pharmaceutical industry sector. The circulation sector has directly benefited from the implementation of the new medical reform-related programs; the national basic pharmaceutical system and the “drug-level tendering and unified distribution†policy for basic medicines have been implemented one after another, bringing unprecedented development opportunities to the entire pharmaceutical industry. .
Driven by the supply and demand of the upstream and downstream industry chains, the scale and concentration of the entire industry will be further enhanced in the future.
With the successive introduction of a series of national policies to encourage independent research and development and innovative drugs, the overall R&D and production capabilities of the pharmaceutical manufacturing industry have been further enhanced, and its total industrial output value has continued to grow at a rapid rate. On the other hand, the awareness of health care among domestic residents has increased significantly. As well as the new medical reforms gradually incorporating the vast rural market into the scope of medical insurance, these undoubtedly further expanded the vast domestic pharmaceutical market, prompting the acceleration of medical consumer demand, and attracting more domestic and foreign pharmaceutical companies to step up their strategic plans in the market to cope with the future. Industry opportunities and challenges.
The speed of integration in the industry has accelerated, leading companies have taken into account internal intensive cultivation and external expansion, and the situation has begun to emerge.
In the past year, the domestic pharmaceutical and commerce giants have accelerated the pace of integration and restructuring. The establishment of New Drugs, New China National Drugs, and New China Resources marked the successful completion of the merger and reorganization of the three largest pharmaceutical giants in the country, and the competitive landscape of the pharmaceutical market has changed significantly. The idea that the country has required the formation of several pharmaceutical leaders in China has been initially realized.
Risk factors: (1) The impact of the “Drug Price Management Regulations†recently introduced by the country on the pharmaceutical distribution industry is mainly related to the regulation of profit margins and periodic expense ratios. , SMEs are not competitive, and large enterprises will adjust their structure and business; (2) In the future, industry consolidation will mainly rely on the power of market self-regulation; the government gives policy guidance and assistance, and does not directly regulate The speed of integration is estimated to be slower than our expectation; (3) The implementation of the zero-difference rate system for essential drugs in grass-roots health institutions will further reduce the sales scale and the living space of retail chain pharmacies, forcing some companies to have business models and their sales. Variety adjustments, so the overall view of the short-term turmoil in the future.
Company Recommendations: Sinopharm (600511), Accord Pharmaceutical (000028), Shanghai Pharmaceutical (601607), Huadong Medicine (000963), Jiatang (002462), Kyushu Link (coming soon).
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