Medical insurance pressure will become the norm, and the industry is generally optimistic about investment opportunities in the upstream pharmaceutical supply chain

[Pharmaceutical Network Market Analysis] With the intensification of aging, medical insurance cost control and refined management have become the trends in the field of medicine and medical care
.

The centralized procurement policy has gradually expanded from chemical drugs to the field of high-value medical consumables, which will suppress corporate profits in the short term, and will force the development of domestic high-end innovative drugs and devices in the long run, accelerating the realization of import substitution
.

 Medical insurance pressure will become the norm, and the industry is generally optimistic about the investment opportunities in the upstream pharmaceutical supply chain (Source: Pharmaceutical Network) Southwest Securities said that medical insurance pressure will become the norm in the future, among which the upstream To B side of the industrial chain is relatively immune to policies, such as pharmaceutical machines in the equipment sector Equipment, pharmacy automation equipment, consumables production equipment,
etc.

Sinolink Securities is also optimistic about the pharmaceutical upstream supply chain, focusing on the investment opportunities brought about by the industrial upgrading of the supply chain + domestic substitution during the 14th Five-Year Plan period, including equipment, scientific instruments, scientific research supporting upstream reagent consumables, pharmaceutical industry upstream consumables and raw materials.
Subdivision fields such as auxiliary materials and packaging materials
.

Debon Securities released a research report saying that the rapid development of domestic biopharmaceuticals has brought demand for equipment and consumables.
Under the background of the extended supply chain cycle and the improvement of self-controllable awareness brought about by the epidemic, with the improvement of domestic enterprises' product capabilities, The domestic substitution process has been fully started
.

From an industry perspective, the domestic biopharmaceutical industry is thriving, opening the ceiling of the pharmaceutical equipment industry
.

The agency estimates that the market space for equipment and consumables brought by the production of domestic biological drugs has reached 70.
1 billion yuan, of which consumables are 38.
3 billion yuan.
The larger market space for consumables in the field of biological drug production is enough to break the original cyclical attributes of the industry
.

 　　In general, the domestic alternative space for pharmaceutical equipment and consumables in the upstream pharmaceutical supply chain, especially the fermentation-based biopharmaceutical equipment consumables, is generally optimistic about the securities companies
.

 　　In recent years, the biopharmaceutical industry represented by PD-1 has developed rapidly and the market scale has continued to expand
.

Data show that in 2020, the scale of China's biological drug market has reached 345.
7 billion yuan
.

Frost & Sullivan predicts that by 2030, this figure is expected to reach 1,319.
8 billion yuan
.

 　　In the context of the continuous approval and listing of biological drugs and their inclusion in the scope of medical insurance, their production capacity is also expanding
.

Taking PD-1 as an example, in the first half of 2021 alone, there are 4 domestic PD-1 drugs from Junshi, Cinda, Hengrui and BeiGene that are in the critical period of listing heavy volume after being included in medical insurance, and the production capacity construction is different.
degree of expansion, and the existing production capacity has reached more than 20,000 liters
.

As can be seen from the 2021 semi-annual report, the production capacity construction of these pharmaceutical companies is mainly based on disposable reactors, while Cinda and BeiGene have turned to the construction of stainless steel bioreactor production lines, aiming to further reduce the production cost of biological drugs , increase the competitive advantage of heavy volume
.

In addition to these four companies with earlier layouts, some companies with newly approved PD-1 products or in the clinical and market application stages are also actively preparing for capacity construction
.

 　　The industry believes that after the biopharmaceuticals are approved, the production capacity needs to be increased, and the demand for biopharmaceutical equipment and consumables will also increase, which will be a good opportunity for domestic biopharmaceutical equipment and consumables companies
.

It is worth mentioning that biological medicine equipment and consumables are different from pharmaceutical equipment mainly based on mechanical equipment in the field of chemical medicine and traditional Chinese medicine, with higher technical barriers and higher added value of products
.

At present, there is still a certain gap between the overall level of domestic biopharmaceutical equipment and consumables companies compared with those of developed countries in Europe and the United States
.

 　　With the expansion of domestic biopharmaceutical fermentation capacity and the delayed delivery of imported products under the influence of the epidemic, domestic enterprises continue to grow and grow, and the supply chain will be gradually realized and controlled.
The localization of biopharmaceutical production equipment and consumables has begun.
It is expected that Relevant leading companies are expected to benefit
.

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.