After the 4 + 7 expansion, what are the ways out for enterprises to "save themselves"?

Recently, the dissolution of the sales team of Beijing Jialin Pharmaceutical Co., Ltd and Sanofi's dissolution of the sales team of Plavix were widely spread in the industry and people were panic stricken Let alone true and false, what reflected behind the two events is actually the significant impact of "4 + 7" expansion procurement on the whole industrial ecology, especially for the 25 drug varieties listed in the volume procurement, the market pattern can be described as "remodeling" For the winning enterprises, although the price is exchanged by quantity, the sales volume can hardly be made up in a short period of time when the price drops; for the unsuccessful enterprises, the falling of the bid largely means the deprivation of market space, which is undoubtedly a "life and death disaster" on the whole But the way to go is still to go It has been a period of time for the expansion of procurement with volume, and a number of enterprises have begun to take action On September 24, the results of the expansion of volume procurement were officially announced Although there was no panic that the market value of the pharmaceutical sector fell by 300 billion after the first round of 4 + 7, there were still some small waves reflected in the capital level market, especially those enterprises that were expected to maintain the advantages of the first round of shortlisting, such as Jialin, such as xinlitai Contrary to previous industry expectations, the leading products of Jialin, atorvastatin calcium tablets, and the leading product of xinlitai, clopidogrel, have been rejected Reflected in the capital market, the share price of xinlitai fell for a week, with a cumulative decline of 22.95%, while the industry's cumulative decline over the same period was 4.86% Objectively speaking, xinlitai does face a lot of capital pressure From the implementation of volume purchase to now, xinlitai has fallen from the highest price of 45.52 yuan to 19.44 yuan, with a cumulative decline of 56.8%, and the same industry fell by 13.3% in the same period You know, all along, xinlitai has been a "good student" in the eyes of investors According to statistics, its dividend financing ratio in the past nine years of listing is 403.41% Perhaps under the pressure of capital, xinlitai started its own "self rescue" plan The most immediate sign is that the company is buying back shares On October 8, 2019, xinlitai issued an announcement that it plans to use its own funds to repurchase shares in the form of centralized competitive trading The total amount of funds to be repurchased is RMB 250 million to RMB 500 million It is estimated that the number of shares that can be repurchased is about 22727272, accounting for about 2.17% of the total share capital of the company Among them, 30% of the repurchased shares are intended to be used as equity incentive or share source of employee stock ownership plan, and 70% of the repurchased shares are intended to be used as convertible corporate bonds issued by the conversion company After the announcement, the stock price of the company stopped falling and recovered Like xinlitai, Beijing New Pharmaceutical Co., Ltd won the bid last year and lost the bid this year However, unlike xinlitai, which lost the bid due to the low reduction and the highest quotation, Beijing New Pharmaceutical Co., Ltd dropped another 3 / 4 of its purchase price last year, but failed to win the bid Similarly, Beijing new pharmaceutical industry fell directly on the same day, and then fell for a week, with a cumulative decline of 21.87% Subsequently, on September 26, Beijing New Pharmaceutical Co., Ltd released the company's 2019 employee stock ownership plan draft and the first phase employee stock ownership plan (Draft) According to the draft, the total amount of funds of the ESOP in this period shall not exceed 30.26 million yuan, the proportion of self raised funds of employees to the company's accrued bonus fund shall be 7:3, and the total number of employees participating in the ESOP shall not exceed 113 The staff scope of the ESOP is the company's directors (excluding independent directors), senior management, core technical personnel, core business personnel, as well as the core backbone employees or key position employees who are identified by the board of directors as having outstanding contributions to the company's development and have a direct impact on the future development The lock-in period of the ESOP is 36 months To sum up, although the forms are different, whether it is share buyback or issuing employee stock ownership plan, the overall embodiment is that relevant enterprises are releasing positive signals both externally and internally, so as to boost market confidence Since the implementation of the policy of "two vote system" and "centralized procurement", the determination of the state to control medical insurance fees has become apparent For generic pharmaceutical enterprises, what they are facing is not a general problem, but a survival problem In such a severe situation, what kind of enterprises can survive better? In fact, it's not hard to find that enterprises that survive in previous storms with strong anti risk ability often have comprehensive capabilities such as product pipeline, R & D ability and sales ability For example, we can see that in the second round of centralized procurement, there are only two winning pharmaceutical companies in the seven varieties of paroxetine hydrochloride, fosinopril, levetiracetam, flurbiprofen, pemetrexed, montelukast, imatinib, lisinopril and losartan, and only one in Huahai pharmaceutical, and only Yangzijiang pharmaceutical in Enapril and right metomidine From these data, the most intuitive thing is that the fewer enterprises participating in drug bidding, the less price pressure For example, these exclusive winning enterprises, take Huahai pharmaceutical, a listed company, whose share price rose 3% against the trend on the 24th, and the trend is different from other companies For the enterprises that have already fallen into the standard, the key to survive is the products Still take xinlitai for example Clopidogrel (Taijia) has a great impact on xinlitai, but it is not fatal, because in addition to Taijia, xinlitai also has a positive layout in other products, such as anti-tumor, hypoglycemic, orthopedic, anti infection and other fields In its most important cardiovascular field, in addition to Tredegar, xinlitai also has the only antihypertensive drug, alisartan, which is independently developed in China and is expected to replace Tredegar According to the research report, at present, there are 54 research projects in the field of chemical drugs, including 10 new drugs, 7 consistency evaluation varieties, 31 generic drugs, 6 supplementary application projects, 15 research projects in the field of biological drugs, including 8 innovative varieties, 7 biological analogues, and 9 research projects in the field of medical devices Similar to xinlitai, Zhengda Tianqing has also lost its mark in the collection of entecavir dispersive tablets, but it has not affected its performance in the secondary market at all The reason may be rich product pipeline.