Guangzhou focuses on monitoring some drugs of 20 listed pharmaceutical companies: the gross profit rate is generally over 70%, which is mostly seen in the field of cancer

Source: on December 12, 2017, under the background of medical insurance and fee control, local governments have successively focused on monitoring some drugs, and the concept of auxiliary drugs often mentioned in the industry is the main object of "care" The performance and business prospects of A-share listed companies in the pharmaceutical industry will also be affected accordingly At the beginning of December, a document issued by Guangzhou health and Family Planning Commission on the directory of key drug monitoring and guidance (hereinafter referred to as the "directory") was released A total of 67 varieties were included in the directory, many of which were labeled as auxiliary drugs in the industry Reporters from the relevant aspects of the exclusive verification to the directory is true, people familiar with the matter also said to reporters, generally speaking, this should be a guidance directory, which will leave free adjustment space for hospitals in different situations, but also requires each hospital to formulate monitoring processes and systems according to the relevant spirit of the document The reporter noted that compared with the previous monitoring catalogue issued by many places, the Guangzhou version involves many kinds of drugs, and most of the categories overlap with other local catalogues, so take these 67 varieties as samples to observe the impact of listed pharmaceutical enterprises According to the documents of Guangzhou health and Family Planning Commission, all medical institutions in Guangzhou are required to select drugs with the use amount of the first six months ranking the top 30, or the use amount of the first six months ranking the top 100, and the use amount increasing by more than 20% compared with the last six months, as well as other drugs deemed necessary to be included in the key monitoring by this institution, and prepare the key drug monitoring catalogue It includes energy and nutrition supplement drugs, Immunoenhancers, brain circulation and intelligence promoting drugs, blood circulation and stasis removing drugs, and anti-tumor adjuvants These 67 kinds of drugs include chemical drugs, biological preparations and Chinese patent medicines, covering common drugs such as RNA II for injection, Xuesaitong injection, Shuxuetong injection, etc   The reporter combed the above catalogue in detail and compared it with the regular reports of listed pharmaceutical companies, and concluded that there are 20 A-share listed pharmaceutical companies involved in the production and sales of 67 varieties of drugs, including a large number of star pharmaceutical companies, including shutaishen (300204, SZ), Jilin Aodong (000623, SZ), Fosun Pharmaceutical (600196, SH), China Resources Sanjiu (000999, SZ), etc From multiple dimensions, supishan, the core product of shutaishen, appeared in the catalogue, and its sales revenue accounted for 85.6% of shutaishen's total revenue, ranking first in 20 pharmaceutical enterprises On the other hand, the reporter noted that the gross profit margin of most drugs covered in the catalogue is more than 70%, and the related drug uses are mostly focused on the field of cancer In addition, a number of pharmaceutical companies have admitted in the latest periodic statements that their revenue has declined due to the impact of relevant policies According to the above catalogue, 38 items of sulithin are rat nerve growth factor, the dosage form is injection type, and the category is neurotrophic drug The reporter noted that suteisen, the main product of shutaishen, is the first national drug approved product in the field of rat nerve growth factor for injection in China Its indication is "it can promote the recovery of nerve injury and be used for the treatment of optic nerve injury" According to the 2017 semi annual report of shutaishen, the sales volume of SULTIDE in the reporting period increased by 13.21% compared with the same period in 2016, ranking the first in the market share of nerve growth factor for injection It is precisely because it is in the first position in the subdivision field that, from the perspective of actual income, rat nerve growth factor for injection contributes a lot to the performance of Shutai Shen In the first half of 2017, shutaishen achieved an operating revenue of RMB 606 million and a gross profit margin of 97.45%, while the total revenue of shutaishen in the same period was RMB 708 million In other words, the sales revenue of mouse nerve growth factor for injection accounts for 85.6% of the company's total revenue, which plays an important role In addition to the mouse nerve growth factor, another notable feature of the catalogue is the deproteinized calf serum injection   At the end of 2015, one of the core products of Fosun medicine, calf serum deproteinized injection (odegin), was shut down for several months and then resumed production because of "internal control and upgrading of raw materials supply channels to cooperate with the routine inspection of the State Food and Drug Administration and to improve the quality standard of drugs" Since then, calf serum deproteinized injection has been focused by investors from all sides 。 According to the 2016 annual report of Fosun Pharmaceutical, in 2016, the group had a total of 18 preparations or series sales of more than RMB 100 million, and the sales of odkin exceeded RMB 500 million The annual report also shows that in 2016, the operating revenue of core products in the field of central nervous system disease treatment of Fosun medicine increased by 36.46% year on year, mainly due to the increase of sales volume of calf serum deproteinized injection products However, interestingly, according to the data in the column of bid winning in the centralized bidding procurement of main products in the annual report, in 2016, for three different specifications of calf serum deproteinized injection, the total actual procurement of medical institutions was 32 million, 19 million and 1 million respectively In 2015, the number of Fosun pharmaceuticals was 53.2 million, 32.33 million and 2.28 million By comparing the data of two years, it can be found that in fact, in 2016, the total actual purchase volume of calf serum deproteinized injection products under Fosun Pharmaceutical has declined significantly year on year In addition to the above mentioned 97.45% gross profit rate of nerve growth factor for injection, the reporter found that the gross profit rate of several drugs in the catalogue was more than 70% Taking Shanghai Kaibao as an example, according to the public information, its main product is Tanreqing injection, whose main efficacy is to clear away heat, detoxify and dissipate phlegm Shanghai Kaibao said that Tanreqing has a good effect on bronchitis, pneumonia and upper and lower respiratory tract infection caused by influenza On the other hand, Tanreqing is located in 63 items of the catalogue, and the dosage form is injection In the first half of 2017, the revenue of Shanghai Kaibao injection products was 884 million yuan, with a gross margin of 83.15% Another example is HongRi pharmaceutical, whose main product is Xuebijing injection According to the public information, Xuebijing injection is the only national class II new drug approved by SFDA to treat sepsis and multiple organ dysfunction syndrome in China In the half year of 2017, HongRi pharmaceutical reported a revenue of 1.44 billion yuan, including 177 million yuan of Xuebijing injection, with a gross margin of 90.45% In addition, the reporter noted that cancer and anti-cancer fields are a major focus of the catalogue, including thymopentin, lentinan for injection, compound Sophora flavescens, Aidi injection and other drugs In the A-share market, there are many listed companies, including Hanyu pharmaceutical, Shuanglu pharmaceutical, Zhendong pharmaceutical and Yibai pharmaceutical, which produce and sell the above-mentioned four drugs respectively Taking Hanyu pharmaceutical as an example, according to the 2017 half year report, its thymopentin for injection has the highest market share in China According to the public information, thymopentin is an immunomodulatory drug, which is suitable for patients with malignant tumor with low immune function caused by radiotherapy and chemotherapy For Zhendong pharmaceutical, its main product "Yanshu brand compound Kushen Injection" ranks fifth in the anti-tumor injection of traditional Chinese medicine, with a market share of 5.99% In fact, with the influence of relevant policies, the performance of many listed companies has fluctuated, which is stated in the public information Taking Kangenbei as an example, in the 2017 half year report, the company said that its product Danshen Ligustrazine Injection ranked the top 10 cardiovascular drugs in China based on the terminal sales However, the sales revenue of Danshen ligustrazine injection was 297 million yuan, down 2.28% year-on-year, due to the influence of medical insurance fee control and "two vote system" policy of medical circulation, showing a stable trend In contrast, the situation of HongRi pharmaceutical industry seems more serious In the first half of 2017, the company's Xuebijing injection achieved a revenue of 177 million yuan, a year-on-year decline of 64.65% In response to this situation, HongRi pharmaceutical said frankly that the company's drug business has been under great pressure due to multiple policy factors The sales of Xuebijing products in different regions are quite different, which shows that the company's ability in transforming medical evidence-based achievements into clinical guidelines needs to be improved