In the above-mentioned "tax reduction list", there are many CAR-T drugs with a price of more than one million yuan, such as Agilent and Reggioside, as well as star products such as PD- 1 drug, Ampley monoclonal antibody and BTK inhibitor obutinib.
In this regard, Li Jianjie, a senior investment consultant of Jufeng Investment, told the "Securities Daily" reporter that the above tax cuts are aimed at major and difficult diseases such as rare diseases and cancer. Patients need to take drugs for a long time, and the drug price burden is high. The inclusion of such drugs related to major and difficult diseases in the applicable value-added tax is conducive to reducing the price of drugs and reducing the medical burden of patients. The application scope is expected to be further expanded in the future, benefiting more patients.
The "tax reduction list" continued to expand.
Since 20 18, China has announced that two batches of anticancer drugs and rare diseases will be subject to value-added tax policy.
Among them, the first batch of drug list includes: the notice of value-added tax policy for anticancer drugs issued on 20 18, involving 103 medical drugs and 5 1 APIs. The Notice on Value-added Tax Policy for Rare Diseases Drugs issued on 20 19 involves 2 1 rare diseases drugs and 4 APIs; In the Catalogue of the Second Batch of Anti-cancer Drugs and Rare Diseases Drugs Subject to VAT Policy published in 2020, 39 varieties of anti-cancer drug preparations and 14 varieties of rare diseases drug preparations were added to the Catalogue of Tax Reduction.
According to the reporter's understanding, there are 45 anticancer drugs, 19 rare disease drugs and 7 APIs in the "List of the Third Batch of Anticancer Drugs and Rare Disease Drugs Applicable to VAT Policy" (referred to as the "List") jointly issued by the Ministry of Finance, and most of them are star products approved in the past two years.
For example, Aquilencel injection from Fosun Kate is the first domestic CAR-T cell therapy product officially approved for listing by the State Pharmaceutical Products Administration on June 23rd, 20021. Yao Ming Junuo's Ruiqilong Injection is the second CAR-T cell therapy product approved for marketing in China on September 3rd of the same year. Rongchang Bio-1 Vedixituzumab was approved for marketing in June, 20021,which is the first ADC drug independently developed in China.
"According to China's tax policy, the VAT rate of imported drugs is 13%." Yang Xiuren, financial director of Oriental Goldman Sachs, told reporters that enjoying VAT concessions at the same cost and price can improve the profit rate of enterprises.
The relevant companies are testing the specific impact.
In response to the above announcement issued by the Ministry of Finance, the Securities Daily reporter contacted a number of companies involved in the above-mentioned "list" drugs. For this news, many companies said that the specific impact is still being measured.
Yang Xiuren told the "Securities Daily" reporter that "the price reduction of drugs depends on corporate decision-making and the price elasticity of drugs. To reduce the price of drugs, it is necessary to consider whether the increase in sales can offset the impact of the decline in gross profit, which requires accurate measurement. "
In the above list, "high-priced anticancer drugs", CAR-T products with a million yuan or more, Aquilencel and Reggiolencel have attracted much attention. According to the "List of Drugs for National Basic Medical Insurance, Work Injury Insurance and Maternity Insurance in 2022" published by the National Medical Insurance Bureau on June 1 16, Ruijiaolong Injection entered the list of new medical insurance catalogue declaration. Last year, Fosun Kate's Aquilencel injection passed the preliminary formal examination, but it did not enter into formal negotiations. Will the above two CAR-T products enjoy the preferential policies of value-added tax, which will lead to product price reduction?
In this regard, Yao Mingjunuo said in an interview with a reporter from Securities Daily that the company has also noticed the release of the above announcement, and Regino glycoside is on the list of anticancer drugs. Relevant teams within the enterprise are studying the content of this policy announcement and its business impact, and there is no conclusion yet.
Encourage research and development through tax supervision
At present, drugs for rare diseases in China mainly rely on imports. The reporter noted that many rare diseases drugs such as dimethyl fumarate, aminopyridine, nitric oxide, butylphenylhydrazine, risperidone and Villaneau glucosidase α have not been listed in China.
Through the adjustment of tax policy, it is expected to promote more drugs to enter the domestic market, which will help domestic innovative drug research and development gather strength in this field.
You Xiaogang, senior investment consultant of Jufeng Investment, told the Securities Daily that the drugs and raw materials on the list all have the characteristics of targeted drugs. It can be seen that targeted drugs are an important research direction for the treatment of related rare diseases in the future, and also point out the research direction for enterprise innovation.
Li Jianjie said, "The state's preferential treatment of value-added tax for rare diseases will enhance the enthusiasm and initiative of relevant enterprises, promote the input and supply of more enterprises and related drugs, and help to enrich the variety of drugs, reduce market prices and promote the quantity of drugs on the basis of ensuring the profits of enterprises, thus forming a virtuous circle of enterprise production and sales, which is conducive to the long-term healthy development of enterprises and the medical industry."