A few days ago, the medical insurance bureau led by the "4 + 7" band purchasing bidding results came out, because the winning varieties of price cuts beyond the market expectations, Shanghai and Shenzhen two cities pharmaceutical stocks collective plunge. A number of pharmaceutical companies have recently responded to investor questions on the interactive platform, and most companies said that the policy has no significant impact on the company's operations.
It is understood that the "4 + 7 band purchasing" refers to the organization of centralized drug purchasing pilot, the pilot area scope of Beijing, Tianjin, Shanghai, Chongqing and Shenyang, Dalian, Xiamen, Guangzhou, Shenzhen, Chengdu, Xi'an 11 cities (4 + 7 cities). According to media reports, Huahai Pharmaceuticals has become the most bidding enterprises, Jingxin Pharmaceuticals, Shiyao Group, Yangzijiang Pharmaceuticals have a number of products shortlisted, multinational pharmaceutical companies only AstraZeneca, Bristol-Myers Squibb shortlisted.
Q: The company won the bidding for 11 cities with volume purchasing, the impact on the company geometry?
Jingxin Pharmaceuticals (002020): The collection is organized as a pilot centralized purchasing of medicines, the implementation of which requires the 4 + 7 city medical institutions to give priority to the use of centralized purchasing of selected varieties and ensure the completion of the agreed amount of purchases, if the company is able to successfully win the bidding and signing of the procurement contract and the implementation of the company, which will help to expand the market coverage and sales of the relevant products.
Q: 1, your amlodipine tablets on December 5 through the consistency of evaluation, has participated in the December 6 volume purchasing bidding?2, your amlodipine tablets of raw materials are also self-produced?
Jingxin Pharmaceuticals (002020): 1, the company's amlodipine tablets participated in the bidding for the centralized drug procurement in 4+7 cities on December 6 and won the bid. 2, the raw materials of amlodipine are not self-produced.
Q: 47 How much impact will the bidding system of volume purchase have on the company's operation and efficiency?
Renhe Pharmaceuticals (000650): The company's main business is mainly OTC medicines, and there is no impact on the band purchasing at present, and the company's sales model is based on controlled sales.
Q: the band purchasing policy on the impact of Qianhong Pharmaceutical geometry?
Chihong Pharmaceutical (002550): The company does not have any products within the scope of the announced band purchasing list. In our opinion, the ultimate goal of the policy of the Medical Insurance Bureau is to benefit the general public, so that the people can use "more economical, more effective, safer" drugs, which is also the direction of our company has always been adhering to and efforts.
Q: What is the impact of "band purchasing" on the company? The company has the advantage of raw materials, it should be good, right?
Zhejiang Zhenyuan (000705): The "4+7" drug band purchasing program, ***31 pilot varieties, the company's subsidiary Zhenyuan Pharmaceuticals has no varieties involved. Zhenyuan Pharmaceuticals is raw materials and preparations integration company, the preparation of key products are systemic medication tablets, clonoxicam, adenosylmethionine, etc., clonoxicam, adenosylmethionine are injections; raw materials are mainly erythromycin, systemic medication, cesomycin, nertilmicin and other products.
Q: What is the impact of the "4 + 7 band purchasing" on the company?
Hasanlian (002900): The company has a variety of dosage forms such as small volume injections, lyophilized powder injections, solid preparations, I.V. fluids, APIs, etc., of which injections are the main source of the company's revenue and profit. The "4+7" band purchasing list ***31 varieties, the company's products are not within the scope of this procurement, so the program has no substantial impact on the company's main business. The company will continue to pay attention to the relevant policies and implementation, and actively respond to policy and market changes.
Q: Is there any impact of volume purchasing on the company's business and performance?
Heron Pharmaceuticals (002788): The company operates more than 20,000 pharmaceutical products, the main profit comes from the difference between the product sales and the purchase price, the band purchasing policy leads to a part of the drug price reduction, may have a certain impact on the company's sales and gross profit, considering the part of the drug price reduction in the sales of the possible changes in the volume of sales and the company operates the Considering the possible change in sales volume after the price reduction of some drugs and the change in sales of other (alternative) products operated by the company, it is currently expected that the impact of this policy on the company is not significant.
Q: What is the major impact on the company's business profit when the band purchasing policy comes into force, and what effective measures will the company take in the future?
heavy drug holdings (000950): Our company's business specifications amounted to more than 80,000, this band purchasing varieties only involves more than 20 varieties, this policy pilot on the company as a whole the overall impact is not significant. But through this policy, the direction that can be seen, one is to control the inflated prices of generic drugs, and the second is to encourage innovative drug research and development. Through the reduced expenditure, resources will be invested in innovative drugs, anti-cancer drugs and other fields, improve the efficiency of the use of health insurance funds, the overall purpose is to expand the scope of medical insurance, enhance the overall level of the masses of medication, and through the regional linkage, to promote the scale of drug distribution enterprises, intensification and modernization. As one of the top ten distribution enterprises in China, our company has perfect network construction, rich varieties of resources and a first-class modernized pharmaceutical logistics base in China, and the first sales of several innovative anti-cancer drugs in China have recently landed in our company. The company has sufficient strength to respond positively to the call for reform and development, with a number of health care reform policies to promote, in line with the development trend of industry intensification, stronger and stronger.
Q: May I ask whether this band purchasing has been abandoned? What is the reason? What is the impact on the company's performance?
Pharmaceuticals (300630): 4 + 7 band purchasing on the overall competitive landscape has not changed, the injection of azithromycin is still the only variety of this species through the consistency of the evaluation of the varieties of the company's performance has not had an impact. In the future, the company will continue to follow the original rhythm of efforts to promote the bidding work around the world, but also continue to develop new product lines to maintain the company's future growth.
Q: Combined with the company's products, explain in detail where the impact of volume purchasing on the company?
Hysco (002653): The 4+7 banded purchasing varieties involving Hysco only entecavir a product, 4+7 city entecavir sales accounted for the company's entecavir total sales ratio is also very small, so the impact on the company is very small.
Q: What is the impact of band purchasing and "4+7" on the company's products that have passed the consistency evaluation of generic drugs?
Zhongsheng Pharmaceuticals (002317): This "4 + 7" band purchasing in the 31 pilot drugs, 25 centralized purchasing to be selected, the success rate of 81%. Among them: 22 generic drugs through consistency evaluation, accounting for 88%, the substitution effect of generic drugs is obvious. Compared with the lowest procurement price of the same kind of drugs in the pilot city in 2017, the proposed selected price was reduced by 52% on average, and the highest reduction was 96%, with obvious price reduction effect. Band purchasing, price for volume, the company fully recognizes the innovation and accessibility of the model. However, the "4+7" city drug bandwidth centralized purchasing 25 varieties to be bidding does not include the company's on-sale varieties, will not have a substantial impact on the company's sales.
The company has just passed the consistency evaluation of the product metformin hydrochloride tablets, which is the second product in accordance with the domestic generic consistency evaluation of the supplementary application declaration and passed. Along with the promotion and landing of the relevant policies for the varieties of generic drug consistency evaluation, metformin hydrochloride tablets have the advantage of seizing the market opportunity. At present, the company's metformin hydrochloride tablets as well as other consistency evaluation being carried out more than ten varieties belong to the company's basic drug part, the basic sales volume and sales revenue accounted for a relatively low percentage, the company will make full use of the priority through the consistency evaluation of the first-mover advantage, rapid expansion of the market share, for the company to bring incremental sales, which will also become the company's new performance growth point. Therefore, based on the future, the company will also proactively participate in the government-organized band purchasing, to give play to the advantages of cooperation in research and development and marketing.
Q: Does 4+7 band purchasing have any impact on the company?
Shuanglu Pharmaceuticals (002038): We note that the pilot program of Shanghai Collective Purchasing all aspects of the strong reaction, but we also note that the pilot program of the varieties of the varieties of the market competition, we believe that through the pilot program of Collective Purchasing to squeeze the existence of some of the products of the price of the problem of the inflated is the right direction, and we also note that the subsequent Wuhan Collective Purchasing program has increased the number of winning manufacturers. Program has increased in the bidding manufacturers. Since it is a pilot, we believe that the subsequent introduction of the program will listen to the views of experts and other aspects of the corresponding modification of some of the provisions, we believe that the policy of encouraging innovation will not change, the bidding policy for innovative drugs will never combat innovation. We believe that the collection and procurement program will be gradually modified and improved in the pilot. A portion of the products that do have inflated prices in this collection to return to normal does not mean that all varieties of prices in the future according to the proportion of this price reduction to promote, we even think that such products as arsenic trioxide should be in the future collection to get a reasonable pricing, reflecting the value of its due.
Q: In November, the company's stock price was not easy to get out of the bottom, slowly out of the rising channel. But the announcement of the results of the band purchasing and let the company overnight back to the liberation of the former, I hope the company can make an announcement to comprehensively assess the band purchasing policy on the company in the sale of which varieties have an impact on how much of the proportion of income? The company's main products can not be affected, and how much of the proportion?
Shuanglu Pharmaceuticals (002038): Currently, the 4+7 pilot procurement does not involve the company's listed varieties, the company's current sales revenue of more than 80% of the share from the injectable, oral solid preparation products accounted for less than 20% of the share of the revenue, the pilot pilot procurement of a portion of the consistency of the evaluation of the solid preparation varieties, and the injectables, the consistency of evaluation due to the specific evaluation criteria has not been announced. Consistency evaluation because the specific evaluation standards have not been announced so there is no timetable. This pilot does not involve our varieties, so there is no short-term impact on the company. At present, our solid preparation varieties such as lenalidomide, temozolomide, loratadine and adefovir have completed the consistency evaluation, and may participate in the collection and procurement subsequently. As lenalidomide (domestic exclusive) and temozolomide (domestic two) listing time is not long and belongs to the varieties with great market potential, if participate in the collection of the winning bid to reasonable price reduction (will not be like the current more than a number of or more than ten competing varieties as a significant price reduction) quickly occupy the market, the company's performance enhancement will bring a positive impact, loratadine dispersible tablets and adefovir even if the collection of a significant price reduction, because at present the above two species Sales accounted for a very low proportion (3.1%, 1.0%) will not have a substantial impact on the company's performance.
Q: Is it possible to understand that the company's core products are mainly exclusive, and the impact of volume purchasing on the company's performance is almost non-existent?
Ealing Pharmaceuticals (002603): The band purchasing policy is mainly targeted at some generic drugs that have passed the consistency evaluation, and our sales revenue mainly comes from patented traditional Chinese medicines, and generics account for a relatively small share of the company's revenue, so from the current point of view, the implementation of the policy has little impact on the company's revenue.
Q: May I ask how the significant price cuts in domestic drug band purchasing will affect our company?
Boateng (300363): Up to now, the company's service scope is mainly domestic and foreign pharmaceutical companies and biotechnology companies of innovative drug products, in addition to the listed new drugs, the company's more than half of the project for the clinical stage of the new drug to do the pre-launch of the process research and development and preparation services, so that the policy of the company's current business Therefore, the policy has no impact on the company's current business.
Q: The company's recent successive fentanyl and band purchasing news impact, the share price fell sharply, has hit a new low this year, I hope that the company as soon as possible to announce the impact of the relevant events on the future development of the company, and the launch of the management or the major shareholders to increase the plan, to restore investors' confidence in the future of the company.
Enhua Pharmaceuticals (002262): The fentanyl incident will not have an impact on the company's future performance.
Centralized volume purchasing may have a certain impact on the company's future development, for which the company intends to take the following ways to cope with: 1, the follow-up will increase the sales of non-volume purchasing products; 2, to accelerate the research and development of innovative products, and continue to launch innovative products; 3, to accelerate the consistency of the evaluation of existing key products.
Q: May I ask if this band purchasing has an impact on the company? If so, what are the main aspects?
Isinto (002727): Firstly, at present, the drugs involved in band purchasing, the vast majority of which are clinical prescription drugs in hospitals, or prescription drugs that have to rely very much on professional diagnosis in order to make a judgment on the dosage and indications, the sales of these drugs in the pharmacy channel is not very large. Secondly, at present, regarding prescription drugs sold in hospital channels and pharmacy channels at the same time, many pharmaceutical manufacturers have made certain distinctions in specifications and dosage forms, which are not entirely consistent. Third, we judge that the impact of band purchasing on the entire pharmacy industry is relatively indirect and limited.
Q: After the band purchasing, the price of generic drugs dropped significantly, whether the pharmaceutical companies will force the price of excipients to reduce the company's products in the future whether there is a risk of significant price reductions?
Mountain River Pharmaceuticals (300452): Yesterday, the "4+7" band purchasing policy landed, the price of generic drugs may face a sharp decline in the situation, before I mentioned some preparations for the enterprise may be able to reduce the cost of raw material procurement from imported pharmaceutical excipients to the same quality of domestic pharmaceutical auxiliaries, this situation is not the same as that in the case of the "4+7" band purchasing policy. I have mentioned before that some pharmaceutical companies may reduce the cost of raw material procurement, from imported pharmaceutical excipients to the same quality of domestic pharmaceutical auxiliaries, this situation is conducive to the realization of domestic pharmaceutical auxiliaries import substitution; and on the other hand, the cost of pharmaceutical auxiliaries accounted for a small proportion of the cost of preparations, the impact of generic drug prices on the price of auxiliaries or limited.
Q: recently introduced and will soon be implemented in the generic drug band purchasing policy on the company's future performance impact?
Shanhe Pharmaceutical Auxiliary (300452): The company's auxiliary materials used in the proportion of generic drugs and innovative drugs of the relevant data can not be queried, please understand; the recent generic drug band purchasing policy attempts to reduce the price of medicines, which further requires pharmaceutical companies to reduce the purchase price, due to the same quality of the domestic auxiliary and imported auxiliary drugs in the price of the obvious difference, for the pharmaceutical auxiliary industry, the price is the same as the price of the drug, and the price of the drug is the same as the price of the drug. Obviously the difference between the same quality of domestic and imported auxiliary drugs in the price there is a favorable effect on the leading enterprises in the pharmaceutical auxiliary industry, the future performance of our company has a positive effect.
Q: Will the newly introduced band purchasing policy have an impact on the company's operation? Will it have an impact on the company's performance forecast from 2018 to 2021?
a pint of red (300723): The company's core products are mainly based on exclusive products,*** there are 11 exclusive products, including 9 exclusive products and 2 exclusive dosage forms, the band purchasing does not include exclusive varieties of purchases; In addition, since 2016, the company's more products are entering the market one after another, the band purchasing for most of the company's products provided the opportunity to enter the market. In summary, the band purchasing of drugs will not affect the company's established development goals.
Q: What is the impact of the change in the price of band purchasing back to the company, especially Tendo Heparin low molecular preparation through the consistency evaluation of the pricing will be affected?
Hepatitis B (002399): Tendo's sales scale of enoxaparin preparation in China is very small, accounting for a very low proportion of the overall sales revenue, and there is no impact at present.
Q: How much impact does band purchasing have on the company?
Xinhua Pharmaceutical (000756): The band purchasing is a measure taken to reduce the cost of pharmaceutical intermediary links, the two-invoice system, consistency evaluation and band purchasing are all conducive to regulating the medium- and long-term development of the pharmaceutical market, the current round of band purchasing has little impact on our company.
Q: Is the policy of band purchasing a big influence on Forida Pharmaceuticals? Please explain in detail.
鲁商置业(600223)： The company intends to let the Shandong Forida Pharmaceutical Group Co. 100% equity matters are subject to the approval of the shareholders' meeting before implementation. It is understood that the current announcement of the "band purchasing" 31 varieties of catalog, not involved in the Shandong Furuida Pharmaceutical Group Co.
Q: Is the company involved in the 4 + 7 volume purchase? If so, did you win the bid?
China Resources Shuanghe (600062): The company's product amlodipine participated in the bidding of the "4+7" band purchasing, but did not win the bid. The company continued to pay attention to the "4 + 7" band purchasing policy changes, and actively take countermeasures, will increase the relevant regional marketing, and further maintain the product's market position.
Q: Is there any impact on the company's production and sales?
Kangchen Pharmaceuticals (603590): The 4+7 band purchasing is an attempt to reduce the purchase price through centralized band purchasing of generic drugs that have passed consistency evaluation. However, it has been encouraging the innovative drug research and development of pharmaceutical enterprises, and currently does not involve the issue of innovative drug band purchasing. The company is an enterprise insisting on the research and development, production and sales of innovative drugs, and the listed product "Sulin" is a new class I drug, which is not included in the scope of this band purchasing. The company will pay close attention to the dynamics of the industry policy.
Q: What is the impact of the new banded purchasing model on Yabao? What is the extent of the impact?
Yabao Pharmaceuticals (600351): This 4+7 city centralized banded procurement, the company did not have varieties to participate in the banded procurement, the banded procurement has no impact on the company.
Centralized banded purchasing in the future mainly on the hospital health insurance products have a greater impact, from the company's sales channels, the company is mainly OTC terminal and the third terminal sales, the hospital terminal sales revenue accounted for a relatively small, January to September 2018, the company's sales revenue from the hospital terminal accounted for about 15%, the profit from the hospital terminal accounted for about 10% or so, from the hospital health insurance products. Profit accounted for about 5% or so. From the perspective of the company's product structure, the traditional Chinese medicine series products represented by the two pillar products of Ding Gui Er Navel Patch and Swelling and Pain Relief Patch have become the company's main source of profit, and from January to September 2018, the company's profits from traditional Chinese medicine products accounted for more than 60%. In summary, the centralized band purchasing will have little impact on the company's overall performance in the future.
Q: Is there any impact of the 4+7 band purchasing policy on the company?
Jichuan Pharmaceuticals (600566): The company's on-sale products are not included in the 31 products of this band purchasing. At present, the company is actively promoting the consistency evaluation of generic drugs, the company will pay close attention to the policy trend, timely grasp of the policy change trend, and actively respond to the bidding work.
Q: The government 4 + 7 volume purchase, our company has won the bidding drugs? How much impact does it have on the price of our products?
Tianyao (600488): The band purchasing does not involve our products at present, and has no impact on our company.
Q: At present, how many medicines and sales of Kang Enbei participate in the band purchasing, how many medicines and sales are not included in the medical insurance due to the band purchasing, and what is the degree of impact on the future performance of Kang Enbei?
From a historical perspective, there is a technology iteration and price "patent cliff" for chemical products, but there is no "patent cliff" for exclusive therapeutic drugs and OTC brands of traditional Chinese medicine, which is relatively sustainable and stable. From the industry development and market trends, the retail side of the high degree of marketization of drugs, and health insurance policy is not as big as the relationship between the hospital terminal market, some varieties can be sold through prescription drugs and OTC in the retail terminal market, consumers can make their own choices after the formation of consumption habits and knowledge, therefore, Kang Enbei such as product and brand advantages, business stability and growth of the traditional Chinese medicine companies in this policy Therefore, Chinese medicine companies like Kang Enbei, which have product and brand advantages, stable business and growth, have the opportunity to seize the changes under this policy environment and trend and turn them into positive impacts.
Q: Would you please assess the impact of "band purchasing" on the company's specific business level and the impact it may involve? Will the current price of the company's medicines be reduced as much as the price of some of the generic medicines that won the bidding this time? The new policy will affect the company's previous performance commitments?
Fu Ren Pharmaceuticals (600781): The main purpose of organizing the centralized purchasing of medicines is to allow people to use higher quality medicines at lower prices, to curb the inflated prices of some medicines, and to further reduce the production and terminal chains. Most of the products currently sold by the Company are general drugs with reasonable pricing, and the product under development, "Recombinant Human Coagulation Factor VIII", is a new class of drugs. The current "band purchasing" has little impact on the company, and will not affect the company's previous performance commitments.
Q: Centralized purchasing has an impact on the company?
Jianjin Pharmaceutical (600479): The recent band purchasing has no impact on the company for the time being, because the company's products accounted for a relatively low proportion in the hospital channel. In the future, the quantitative procurement will become the company's generic drug opportunities, because the company through the consistency evaluation of the varieties have the opportunity to participate in the second round of quantitative procurement.
Q: The 4+7 banded purchasing organized by the Health Insurance Bureau, the price reduction is very large, what is the impact on the sales of pharmaceutical commercial companies? How about the impact on Jiuzhou Tong?
九州通(600998)： The significant drop in the winning bid price of the drugs has only a slight impact on the sales of pharmaceutical commercial companies, and even less on the impact of the Kyushu Tong. One reason is that there are only 31 varieties in this band purchasing, which accounts for a small percentage of the purchasing amount of the entire medical institutions, and subject to the progress of the consistency evaluation, the rapid expansion of the range of varieties in the band purchasing is very unlikely. Secondly, because the proportion of sales in the terminal of medical institutions is only about 30%, much lower than the average level of the industry (Jiuzhou Tong model to market-oriented distribution, customers are mainly secondary small distributors, chain drugstores, single drugstores, clinics, private hospitals, etc., sales accounted for nearly 70%).
Q: The volume purchase is 30% upfront, can this improve the cash flow of pharmaceutical commercial companies?
九州通(600998)： 从公开渠道了解的信息来看，本次带量采购明确由医保部门预付30%的资金，而且用商业合同的方式约定了各方的权利和责任，我们认为，至少从带量采购的品种来看，回款的问题会得到有效的解决，有利于 The improvement of cash flow of commercial companies.
Q: Will the significant reduction in the winning bid price of the manufacturer lead to a significant decline in the gross and net profit margins of the commercial company as well?
九州通(600998)：不会。 In the absence of external intervention, the high and low distribution fees are the result of the game between the pharmaceutical commercial companies and the winning manufacturers in an environment of full market competition with each other. The winning drug manufacturer will not let the commercial company make more money because of the high bidding price of the drug, nor will it let the commercial company lose money because of the low bidding price. Generally speaking, under the same conditions of distribution distance, distribution scale and capital utilization, the higher the winning bid price of drugs, the lower the distribution fee rate; the lower the winning bid price, the higher the distribution fee rate. Therefore, the static measurement of the varieties of band purchasing alone, the winning price decline will not lead to a decline in gross profit margin, but will lead to an increase in gross profit margin. However, the actual profit margin needs to be determined by combining a number of factors such as the winning price, distribution scale, distribution distance, capital utilization and market competition. If the problem of payback is solved, the turnover rate of the commercial company's capital will be greatly improved, and the net profit margin will be increased accordingly.
Q: May I ask what are the impacts of the significant price cuts of domestic drug band purchasing on the company?
Nine Continents Pharmaceuticals (603456): "4 + 7" band purchasing involves is the generic drug market procurement issues. The company's main business is the production of specialty APIs and intermediates (API business), as well as providing one-stop services for the development and production of innovative drugs (CDMO business).
Q: Will the company's operating profit be affected by the band purchasing program announced in recent days?
Kenyou (603707): Our current business is not affected by this band purchasing.
Q: band purchasing policy will not hit the market innovation and entrepreneurial drug enterprises, which will have an impact on the company's main business market?
WuXi AppTec (603259): As the world's leading pharmaceutical R&D enabling platform, the company's main business is not affected by the centralized purchasing price cuts of domestic drugs. Generic drug price cuts have accelerated the transformation of traditional pharmaceutical companies into innovative drugs. As one of the few comprehensive end-to-end new drug R&D service platforms with service capabilities covering the entire value chain of drug invention, development and manufacturing, the Company is able to cater to the needs of traditional pharmaceutical companies through our platform.
(Source: panorama.com)