The pharmaceutical manufacturing industry is closely related to life and health, and its downstream demand is mainly related to factors such as population, aging degree and disease evolution. Since 2020, with the aging of the population and the increase of the number of people participating in social security insurance, the operating income and profit of pharmaceutical manufacturing enterprises have increased. In the future, the three policy effects of the continuous expansion of the pharmaceutical market, the gathering of industrial resources to leading enterprises and the inclination of the market to the grass-roots level will gradually appear. In the short term, the global epidemic of covid-19 mutant strain Omicron will still be conducive to the increase of product sales of enterprises related to covid-19 industrial chain; In the long run, with the listing of covid-19 oral drugs and vaccination, the continuous spread of covid-19 epidemic is expected to be controlled. Enterprises related to covid-19 industrial chain still need to make continuous efforts in non covid-19 main businesses to maintain performance growth.
I. industry operation
In 2020, affected by covid-19 pneumonia epidemic, the daily diagnosis and treatment activities of medical institutions at all levels decreased, and the scale of drug terminal sales market showed negative growth for the first time in recent years. However, with the growth of per capita disposable income, the aggravation of population aging trend year by year, and the increase of medical insurance income and the number of insured people, China Meheco Group Co.Ltd(600056) demand remained stable. Since 2021, the profitability of the pharmaceutical industry has gradually recovered from the impact of covid-19 pneumonia, and the operating revenue and total profit of pharmaceutical manufacturing enterprises have increased significantly; At the same time, the investment in innovation and R & D has been continuously strengthened, the cash acquisition ability of enterprises in the industry has been continuously improved, and the leverage level is at a reasonable level.
The pharmaceutical manufacturing industry is closely related to life and health, and its downstream demand is mainly related to factors such as population, aging degree and disease evolution. In recent years, the per capita disposable income of residents in China has increased from 28228 yuan in 2018 to 32189 yuan in 2020, and the upgrading of consumption has accelerated; At the same time, as of the Seventh National Census (the standard time point of the census is 0:00 on November 1, 2020), China’s population over the age of 60 has reached 264 million, accounting for 18.70% of the total population, an increase of 10 million over the end of 2019, and the population aging trend is obvious. With the implementation of a variety of policies such as the implementation of the new medical insurance catalogue, the further improvement of medical insurance payment methods and the institutionalization and normalization of volume procurement, the medical insurance revenue and expenditure structure has been gradually optimized, and remarkable results have been achieved in fee control. Although the growth rate of basic medical insurance fund income slowed down year by year after reaching the peak in 2017, the fund income and the number of participants in basic medical insurance still increased year by year, and the basic market of medical consumption remained stable. In 2020, affected by covid-19 epidemic, the daily diagnosis and treatment activities of public hospitals and public primary medical institutions decreased, and the total number of diagnosis and treatment visits of medical institutions decreased from 8.72 billion in 2019 to 7.74 billion in 2020. The scale of China’s drug terminal sales market decreased by 8.45% year-on-year, from 1795.5 billion yuan in 2019 to 16437.7 billion yuan in 2020, the first negative growth in recent years.
