Citibank: the eve of China's pharmaceutical innovation and Reform (with a comparison of R & D investment between China, India, Europe and the United States)

Source: Innovation of Xinkangjie on December 23, 2014 is the core theme of the flowering report The report points out that the winners in the future will be those pharmaceutical enterprises that pursue innovation Recently, Citibank issued an in-depth report on China's pharmaceutical industry, which pointed out that at present, China's pharmaceutical innovation has reached a turning point Looking forward to 2015, the domestic pharmaceutical industry will usher in many changes, such as bidding, drug pricing, medical insurance payment, etc These all touch the core value chain of the whole pharmaceutical industry, and the pharmaceutical industry is more turbulent in 2015 At the moment when the implementation of the policy is still unclear, Huaqi bank points out several major development trends in the future: first, the industry growth rate will maintain about 15%; two, transformation and upgrading will remain the main line of the industry development, especially the innovators will be more eye-catching Third, cross border competitors, such as Baidu, Alibaba and Tencent led mobile Internet giants entering the medical field, will promote the industry to be more efficient, and medical costs will be reduced Fourth, the government will speed up the opening of commercial insurance Innovation is the core theme of the flowering report, which points out that the winners in the future will be those pharmaceutical enterprises that pursue innovation The trend of Evergrande will be more obvious Companies that can develop drugs and medical devices whose clinical needs are not met will win in the future And industry M & A will bring the whole valuation premium From the perspective of treatment field, among the 15 main treatment fields in the world, the anti-tumor field with the largest market share (7.7%) ）, followed by analgesics, anti diabetes, anti hypertension, antibiotics, mental diseases, respiratory diseases, central nervous system diseases, autoimmune diseases, blood lipid regulation, anti ulcer, facial features, anticoagulation, other cardiovascular and other drugs There is no significant difference in the share of each treatment field, but in China, the share of other treatment fields is less than 4%, except for anti-tumor, antibiotic, cardiovascular and central nervous system drugs According to the current classification of new drugs under research in China, the anti-tumor drugs account for 45.1% of the total, followed by cardiovascular and cerebrovascular drugs (17.9%) and diabetes mellitus (6.0%) In terms of the approved production of new drugs, the market share of antitumor drugs is still the highest with 56% Top 10 R & D investment of Chinese listed pharmaceutical enterprises (listed in China and Hong Kong) R & D investment of major generic pharmaceutical enterprises in various countries accounted for the proportion of sales in 2013; R & D investment of major generic pharmaceutical enterprises in India accounted for the proportion of sales in 2013; R & D investment of large pharmaceutical enterprises in Europe and America accounted for the proportion of sales in 2013