It is expected that the follow-up policies in the market of centralized purchase and price reduction will tend to be perfect and rational

[pharmaceutical network industry trends] since 2019, one of the industry policies that pharmaceutical enterprises can't avoid is volume purchase With the promotion of the centralized purchase policy, the prices of the winning drugs have experienced different degrees of decline In December 2018, the "4 + 7" City drug centralized procurement produced the result of the proposed selection, 6 of the 31 varieties were flow standard, with a high drop of 96.14% On September 24, 2019, the results of the nationwide expansion of "4 + 7" volume procurement were released, and all 25 "4 + 7" pilot drugs were successfully expanded Compared with the low purchase price in 2018 in the alliance region, the average price of the proposed mid-range selection decreased by 59%, and the average price decreased by 25% compared with the level of "4 + 7" pilot mid-range selection On January 17, 2020, the results of the second batch of national drug centralized procurement plan were generated 32 of the 33 varieties of this centralized procurement were successfully purchased, with a total of 100 products selected 122 enterprises participated in the competition, resulting in 77 enterprises to be selected, with an average decrease of 53% From the perspective of the two rounds of belt purchase, the price range of drugs and the scope of drugs involved in the purchase are constantly expanding It can be seen that drug price reduction has become a major trend in the industry, and pharmaceutical enterprises need to accept and face it According to market analysis, from the perspective of capital market, the stock price of relevant enterprises has basically reflected the policy expectation of centralized purchase and price reduction It is meaningless to continue to tangle up the drug price problem, so we should focus on the future strategic layout of enterprises However, the large drop in drug prices has also caused controversy in the industry, and the long-term impact of low drug prices remains to be seen Some people in the industry pointed out that from the perspective of encouraging research and development, innovative drug research and development needs a lot of capital investment, pharmaceutical enterprises need sufficient profit support, and innovative drugs will increase the pressure of medical insurance expenditure The result of simple price reduction can only be "bad money drives good money", which is not conducive to the healthy development of the market From the perspective of the evolution of centralized mining policy, it is also towards a more rational and perfect perspective On January 17, Shanghai Sunshine medicine purchase network announced the results of the second batch of centralized purchase and selection In the 33 varieties of centralized purchase, the regular use of antidiabetic drugs such as acarbose and glimepiride decreased significantly According to the analysis of industry insiders, more drugs will be included in the scope of centralized purchase in the future The national medical security work conference held on January 10 pointed out that the national centralized purchase plan will be implemented by the National Health Insurance Bureau The goal is to make the top 160 varieties of hospital procurement amount from high to low as the focus of future centralized purchase, and make five to six batches of centralized purchase in the next three years Considering that there are at least 25 varieties in each batch, the national centralized purchase will be automatically started for the generic drugs that pass the consistency evaluation and at least three of each variety Other unqualified varieties will be purchased by local organizations According to the analysis of Zhongtai Securities Research Report, on the whole, the procurement policy with volume is gradually improved and tends to be rational In the future, the long-term trend of centralized procurement is clear, the marginal impact is weakened, the market has full expectations, and it will not cause too much impact in the future, and the pharmaceutical industry will usher in stable and healthy development According to CSCI, national centralized mining is developing towards normalization and marketization, and the pattern of generic drugs will continue to be reshaped The centralized mining policy at the national level has been relatively fixed, and there will be no greater impact on the secondary market as a whole After 2020, the main uncertainty factor lies in the local centralized mining In the context of the continuous growth of the total plate of health care, we firmly believe that there will still be new tracks and investment opportunities For pharmaceutical enterprises, it is generally believed that, under the premise of continuous promotion of information clarity in centralized mining, enterprises should take the lead in centralized mining, and the competition for API will become the focus