Multi factor resonance, pharmaceutical outsourcing will usher in investment opportunities in the next three years

[pharmaceutical network pharmaceutical stock market] recently, the Ministry of Commerce and other eight departments issued guidance on accelerating the transformation and upgrading of service outsourcing, which mentioned to promote the development of key areas Including the development of pharmaceutical R & D outsourcing, except for those prohibited from entering China, the goods and articles imported by enterprises in the comprehensive bonded zone from abroad and used for biomedical R & D in the zone are exempt from the submission of licenses, and the imported consumable materials are written off according to the actual R & D consumption According to industry analysis, 2020-2022 is the three years for accelerating the implementation of the medical reform policy with centralized procurement as the breakthrough During this period, the supply side price variables (drugs, medical services) are obvious, and the support of favorable policies will further promote the transformation and upgrading of service outsourcing It is expected that in the next three years, pharmaceutical outsourcing, especially cdmo, specialty APIs, innovative pharmaceutical devices, etc., will usher in investment opportunities Cro industry will usher in a golden period of development China's pharmaceutical market is huge In recent years, domestic pharmaceutical R & D expenditure still keeps growing According to the data, it is estimated that by 2023, the growth of China's pharmaceutical R & D will remain in the range of 20% - 25%, and the domestic R & D expenditure in 2023 will be close to $50 billion This kind of long-term stable growth trend will bring vast development space to the domestic cro industry At the same time, the pharmaceutical administration encourages innovation, the Hong Kong Stock Exchange provides a green channel for biomedical enterprises, and the capital promotion brought by multi financing platforms such as the science and technology innovation board The domestic cro industry will usher in a golden development period In addition, compared with foreign countries, domestic cro has higher cost advantage and equivalent quality system, and foreign pharmaceutical companies are more inclined to cooperate with domestic cro According to data from Frost & Sullivan consulting, the market size of China's cro industry has risen to US $5.9 billion in 2018 The industry expects that by 2023, the domestic cro market will reach US $21.4 billion, with an average annual growth rate of 29.8% in 2019-2023 Which enterprises do the industry value? At present, domestic cro enterprises are seizing the opportunity of rapid growth of the market for continuous layout Among them, Wuxi Wuxi Pharmaceutical Co., Ltd., Zhaoyan new drug Co., Ltd and tag Pharmaceutical Co., Ltd have become the leading enterprises in cro industry and promoted the further development of cro industry in China With the normalization of centralized mining, policies will force the pattern of pharmaceutical industry to change The industry believes that biomedical enterprises will pay more attention to R & D and innovation It is expected that the R & D investment of listed pharmaceutical enterprises will keep increasing rapidly in 2020 At present, the most promising enterprises in the industry include tiger pharmaceutical, Wuxi apptec, KANGLONG Huacheng, Zhaoyan new drug, kailaiying, etc
Among them, Minsheng Securities said that from the perspective of medium and long-term prosperity, it is optimistic about the pharmaceutical mingkant and KANGLONG Huacheng, which have established good global influence and are in the position of continuous breakthrough in capability; from the perspective of short and medium-term performance elasticity, it is optimistic about the tage pharmaceutical and Zhaoyan NEW drug, which benefit from China's market dividend and are in the stage of continuous capacity expansion; at the same time, it is particularly concerned about the industrial transfer For the cdmo industry, which is initially and continuously verified by its own capabilities, Carling is recommended Tianfeng securities mainly recommends Wuxi Pharmaceutical Co., Ltd., tag Pharmaceutical Co., Ltd and kailaiying, and suggests paying attention to companies such as KANGLONG Huacheng, Zhaoyan new drug, Chengdu forerunner, Yaoshi technology, etc Guoxin Securities recommends global cro, cdmo leading pharmaceutical mingkant, high growth clinical cro leading pharmaceutical tiger, domestic biological agent cdmo rare target pharmaceutical mingbio, global cell treatment enterprise Kingsley biotechnology, a + H-share listed high-quality cro KANGLONG chemical, and CMO industry leader kailaiying.