1, Hengrui Medicine: the king of research and development
(1) Among the three giants of medicine, the biggest hit by the collection is undoubtedly the king of domestic innovative drugs Hengrui Medicine.
(2) due to a variety of products are included in the collection of price reduction, Hengrui this year's performance has been greatly affected. In the first three quarters of this year, Hengrui's revenue of 20.2 billion, up only 4% year-on-year, net profit of 4.2 billion, down 1.21% year-on-year. Among them, the third quarter of the company's revenue and net profit is a double drop, revenue decline even reached 14.84%, which is the last 10 years has never been the case.
(3) set of performance pressure, so that Hengrui in the capital market is also low performance. Since the beginning of this year, Hengrui's shares have fallen more than 40 percent, the worst performance in the 20 years since it was listed.
2, Myriad Medical: internationalization ambitions
(1) As the largest medical device company in China, Myriad Medical is a dominant player in the industry. Among them, the monitor, ventilator, color ultrasound, in addition to infusion pumps, lamp bed tower, POC ultrasound, etc. are the first in the country; and monitor, anesthesia machine, blood cell analysis products market share is among the world's top three. In the three important areas of life information and support, in vitro diagnosis, medical imaging, Myriad has almost no rivals in the country.
(2) What's more, compared with the pressure of overtaking by late-stage enterprises in the innovative drug track, the industry pattern of the medical device track is much more stable, because the iteration of device technology is a gradual innovation, and the competitiveness of the enterprise comes from the long-term accumulation of technology, and it's difficult for late-stage enterprises to overtake through disruptive innovation.
3, WuXi AppTec: innovative drug seller
(1) the collection of the lack of technological advantages of the impact of generic drugs, domestic pharmaceutical companies to innovative drugs will be more strong transformation of the demand for innovative drugs, as innovative drug seller, pharmaceutical outsourcing industry leader is obviously the beneficiary of the boom of innovative drugs.
(2) The logic behind this is because innovative drug development is very complex and difficult. The industry has long been rumored to be the "law of two tens", that is, the development of a new drug, on average, to spend 10 years, at the same time to burn 1 billion U.S. dollars. Hengrui R & D investment in the past 10 years close to 20 billion, only to develop eight kinds of innovative drugs, visible pharmaceutical R & D cycle is long and difficult.
(3) The value of the existence of pharmaceutical outsourcing enterprises is to promote the speed and quality of innovative drug R & D through the ability of scale and specialization, and at the same time to reduce the cost of research and development.