On February 10, Jiangsu Nhwa Pharmaceutical Co.Ltd(002262) said on the interactive platform that sufentanil produced by the listed company has been included in the medical insurance product catalogue, and is also actively promoting the early entry of alfentanil into the national medical insurance catalogue.
It is understood that fentanyl series, as a national controlled narcotic drug, is mainly used in the maintenance anesthesia and postoperative analgesia stage of surgery. And its production and sales are subject to strict supervision. It requires no more than two API manufacturers and no more than three pharmaceutical manufacturers. It is a track with strong policy barriers.
It is worth noting that the market scale of sufentanil and remifentanil in fentanyl series is about 2 billion and 1 billion respectively. At present, only humanwell, Sinopharm and Enhua are allowed to operate in China, and no other licenses will be approved. Sufentanil of Jiangsu Nhwa Pharmaceutical Co.Ltd(002262) has entered the medical insurance, which will not only further improve the market scale of single products, but also drive the further growth of the market scale of remifentanil and alfentanil.
Jiangsu Nhwa Pharmaceutical Co.Ltd(002262) mainly produces anesthetics and psychotropic drugs. According to the research report recently disclosed by Galaxy Securities, the volume of diagnosis and treatment services in China has got rid of the impact of the epidemic, the demand for anesthetics has recovered, and there is still much room to expand the application scenario. The company’s anesthetics business is expected to continue to benefit from the growth of diagnosis and treatment services in China and the improvement of anesthetics penetration rate. With the increasing development of social health, people’s spiritual awareness and spiritual demand.
At the same time, Jiangsu Nhwa Pharmaceutical Co.Ltd(002262) a considerable part of its business belongs to fine anesthetic controlled drugs (anesthetics and class I psychotropic substances). Such fine anesthetic drugs are priced by the state and do not participate in centralized procurement. At present, it has not been found that the medical insurance bureau has the intention to reduce the national pricing of fine anesthetic drugs. Although some varieties of class II psychotropic drugs produced by the company participate in centralized purchase, the company has been deeply engaged in central nervous system drugs for many years, which has cost advantages and R & D advantages. It is expected to make more gains in centralized purchase in the future.
Previously, when the sufentanil citrate injection of Jiangsu Nhwa Pharmaceutical Co.Ltd(002262) was approved, Guosheng securities issued a research report that sufentanil is a large variety of controlled anesthesia, which is expected to increase the competitiveness of Jiangsu Nhwa Pharmaceutical Co.Ltd(002262) controlled anesthesia, especially fentanyl, and form a variety synergy in the anesthesiology department. It is expected that the overall market of sufentanil is expected to exceed 3 billion yuan in the next three years, Jiangsu Nhwa Pharmaceutical Co.Ltd(002262) is expected to occupy about 30% of the market share, and the peak sales is expected to reach 1 billion yuan.
Benefiting from the broad market and rapid development of psychotropic drugs, Jiangsu Nhwa Pharmaceutical Co.Ltd(002262) profits have maintained rapid growth for many years. In the first three quarters of 2021, the company’s revenue increased by 21.79% year-on-year, faster than the growth rate of net profit attributable to parent company by 17.76%.
