Shanxi Securities - Single Resistance Industry In-depth Report: Domestic Single Resistance Opens the Road to Listing The Domestic Market will usher in a period of rapid development

Mono-resistant - a star in the field of high-end biologicsBiopharmaceuticals have become one of the fastest growing sub-sectors in the pharmaceutical industry in recent years, with monotonica being the largest category of biologics, accounting for 55.3% of the global biopharmaceutical market in 2018In addition, of the top 20 drugs in global sales in 2019, monotonica accounted for 9 of the 13 bio-drugs, which are currently one of the most important segments of the global pharmaceutical marketthe rapid expansion of the global market, single resistance research and development ushered in a boomThe global generic drug market increased from $88.3 billion in 2014 to $144.8 billion in 2018, with a COMPOUND growth rate of 13.2%, well above the global compound growth rate of 7.7%With the development of technology and the expansion of research and development investment, the market of sing-resistant has accelerated significantly in recent years, and the target is diversifiedAs an emerging sub-product of biologic drugs, sing-at-none drug has ushered in a global research and development and competition boom in hundreds of countries or regions competing for the single anti-drug marketwill usher in a hundred billion market, domestic single resistance into the harvest periodIn 2018, China's monoanti-drug market accounts for only 6.1% of the total biopharmaceutical market, with fewer types and low coverage of monoclonal antibody drugs in ChinaWith the continuous improvement of domestic demand and the ability to pay, health insurance coverage and the continued expansion of listed varieties, China's single resistance market will usher in a hundred billion marketWith the state's support for innovative drugs and biotechnology, China's research and development of monoanti-drug drugs in recent years is in full swing, research and development product sourcing and participating enterprises are numerousWith the expiration of a number of star mono-resistant product patents in recent years, biosimilars have become the hot areas of domestic mono-resistance research and development, the competition is more intenseAt present, 10 kinds of domestic monoto-resist have been listed, of which 7 were approved for 2018-2019, more than twice as many as in 2006-2017Investment Recommendation: Monototropica is the largest class of biologic drugs, with its unique advantages of strong specificity, high sensitivity and high safety, is one of the mainstream development sonmarkets in the worldWith the continuous improvement of domestic demand and the ability to pay, the coverage of medical insurance and the continuous expansion of listed varieties, China's single resistance market will usher in a period of rapid developmentAt present, domestic mono-resistance research and development is more popular, a large number of participants, especially in the PD-1 mono-anti and popular target star mono-anti-analog areasDomestic single resistance has opened the road to listing, is about to enter a competitive stage, we believe that research and development technology strength is strong, research and development pipeline rich, reasonable gradient, research and development progress is faster, larger production scale and better cost control capacity of high-quality enterprises more competitive, recommended to pay attention to theHengrui Pharmaceutical(
600276), Fuhong Hanxuan, Cinda Bio, Junshi Bio and so on