Procurement with quantity is expected to be normalized, from medicines to equipment and consumables. On the whole, it is a good thing for the whole society, but it will inevitably form cost pressure on related pharmaceutical enterprises, force enterprises to strengthen research and development, and also promote the integration and concentration of the industry. Looking forward to the future 10, high-quality companies will gradually win and concentrate. So what we need to look for and explore is the enterprises that can win and choose the best subdivided track.
Subdivision: medical equipment:
At present, the core equipment of medical equipment is still dominated by foreign companies, and the proportion of domestic production is very low, so many key equipment cannot be localized. On the contrary, it means that there is a lot of room for domestic substitution in the future.
In the field of low-end medical devices, China has become the largest producer in the world. With the release of market dividends, I believe some enterprises will win:
For the selection of equipment investment targets, the successful bidder and the company with strong comprehensive research and development strength are mainly considered. At present, domestic medical devices have gradually broken through a number of technical barriers, and the sub-sectors that basically realize import substitution (domestic products account for more than 50%) include: 1) cardiovascular stents in implanted consumables, cardiac occluders, artificial meninges, trauma products in orthopedic implants, etc. 2) Monitor and DR in large and medium-sized medical equipment; 3) Biochemical diagnosis in the field of in vitro diagnosis; 4) Oxygen generator, sphygmomanometer, etc. In home medical equipment.
Subdivision track: drugs:
Under the influence of the normalization of quantity procurement, the competition of generic drugs is becoming increasingly fierce, and many original pharmaceutical companies have also raised their swords to reduce prices, so drugs pay attention to innovation and research and development capabilities.
For drug research and development, with the intensification of competition, the continuous increase of research and development costs and the decline of marginal benefits of research and development, a huge research and development barrier has been formed for small and medium-sized pharmaceutical companies, and a great cost pressure has been formed for large pharmaceutical companies. The pharmaceutical R&D industry chain has begun to move towards a global OEM model similar to the electronic industry. CRO/CMO/CDMO developed on this basis may be an effective solution to this problem, which will also lead to the reconstruction of a large international pharmaceutical R&D production chain, which will form huge investment opportunities:
Followed by characteristic raw materials:
Subdivision: medical services:
This is actually the pain in the hearts of ordinary people. China has always been difficult and expensive to see a doctor in a big hospital, but the medical conditions in small hospitals and clinics are insufficient. At present, some private hospitals with competitive advantages only focus on auxiliary medical care and marginal medical care.
Subdivision track: vaccine:
Compared with the fierce competition in the field of medicine, the competition pattern of vaccine industry is more optimized both at home and around the world. The main global vaccine leaders are Merck, Sanofi Pasteur, Pfizer and GSK, but there are not many companies in the second-class vaccine field in China, which are basically developed from companies inextricably linked with the vaccine industry in the planned economy era. 20 19 10 15, China Vaccine Industry Association was established. Wang Jiangping, Vice Minister of the Ministry of Industry and Information Technology, made it clear that the Ministry of Industry and Information Technology, together with relevant departments, is studying to promote the integration and reorganization of the vaccine industry, and by raising the entry threshold of the industry, strengthening the quality supervision of the industry, encouraging the development of collectivization, improving the bidding and procurement and other policy measures, the dominant enterprises will be promoted to become bigger and stronger, and the concentration of the vaccine industry will be gradually increased. It is expected that the industry will be further shuffled, small and medium-sized enterprises will either be acquired or quit the industry, the market share of leading enterprises will be further enhanced, and the growth space will be further opened.
Subdivision: chain pharmacies:
After the outbreak of COVID-19, the intervention of Internet giants may push the industry pattern to change. For the track, the integration of observation and the Internet, the leading chain pharmacies with standardized operation, strong service ability and large scale advantage may still gain a competitive advantage in the big waves of the industry.
Semi-annual report of key companies:
Mindray Medical:
Kanglong Chenghua:
Changchun High-tech:
The information in this article is for reference only and does not constitute investment advice. This article is published on my self-media platform, which only records my views and opinions, and does not represent the institutional position. Past performance does not represent future performance. The market is risky and investment needs to be cautious.
Investment consultant: Ni, with the practice number of S0590620030009.