First, the market demand is growing fast. China's 2000-2008 coronary intervention surgery cases compound annual growth rate of more than 40%, in 2008 China completed more than 180,000 cases of PCI. The number of stent systems used increased from about 40,000 sets in 2002 to about 298,000 sets in 2008, of which 93% were pharmaceutical stent systems.
Second, the company occupies a certain market share in China. LPMC's leading product is coronary drug stent system, which accounts for 78.64% of the revenue and has a gross profit margin of 90.19%. Foreign competitors are mainly Johnson & Johnson, Boston and Medtronic, which occupy a large international market share. 3 domestic enterprises*** occupy 73% of the domestic market share of the drug stent market, and the company's domestic competitors are mainly Wicresoft, Shandong Jiwei and Dalian YinYi. Since its launch in 2005, the market share of the company's products has reached 25.8% in 4 years.
Third, the price is lower than imported products. In terms of product price, the health department stipulates that the retail unit price of imported drug stents is between 15,900 and 19,300 yuan, while the unit price of domestic stents of the same quality is between 10,800 and 11,000 yuan. The company's selling price is 4,239 yuan, and the price is decreasing year by year.
Fourth, the supporting production capacity is relatively strong. The company is one of the few domestic manufacturers that can independently carry out mass production of balloon catheters, which can significantly reduce the production cost of the company's stent system.