Event: on February 11, 2022, the Information Office of the State Council held a regular briefing on the policy of the State Council on deepening the reform of centralized procurement of drugs and high-value medical consumables. In the new year, the centralized procurement policy will continue to advance steadily, the centralized procurement rules will be continuously optimized, the policies will be further improved, and enter a new stage of rationalization, normalization and institutionalization.
The policy of centralized procurement with volume has achieved remarkable results, showing a trend of “price reduction, volume increase and high quality”. At present, the state has organized the centralized purchase of six batches of drugs and purchased 234 kinds of drugs, with an average decrease of 53%; High value consumables are mainly concentrated in cardiology and orthopedics. The average decline of cardiac stent is 93%, and the average price of artificial hip and knee joint is 82%, which effectively squeezes the space of virtual height. At the same time, the quality of clinical drugs and consumables has been steadily improved, and the demand for clinical services has been fully released. Among the varieties of drugs purchased in a centralized manner, the proportion of patients using the original drugs and drugs that have passed the consistency evaluation of quality and efficacy has increased from 50% before centralized collection to more than 90%. Among the cardiac stent products, stainless steel stents, which accounted for 1 / 3 of the total before centralized purchase, have been basically eliminated, and the utilization rate of chromium alloy selected has reached 95%. The total number of stents selected in 2021 is 1.69 million, which is 1.6 times of the annual agreed purchase volume, so that the patients in need of treatment can be fully guaranteed. In addition, through open, transparent, fair and just competition, centralized procurement has gradually improved the market-oriented price formation mechanism in the pharmaceutical field, guided enterprises to strengthen quality and cost control, actively carried out product R & D and consistency evaluation, and promoted the pharmaceutical industry to enter the track of high-quality development through innovation drive and quality assurance.
“Speed up and expand”, promote the return of reasonable prices, and carry out the purchase of drugs and high-value consumables in a normalized and institutionalized manner. In the new year, the medical insurance bureau will work with relevant departments to implement the decisions and arrangements of the State Council and the central government, continue to promote the reform of centralized and volume procurement, study the rules to further promote enterprise competition and make prices reasonable, and improve reform measures. In terms of drugs, we are actively planning to purchase the seventh batch of drugs in a centralized manner, covering all aspects from chemical drugs to biological drugs and Chinese patent medicines, so as to achieve an average of more than 350 drug varieties in each province. In terms of high-value consumables, the coverage will be increased from 3 to more than 5, focusing on orthopedic consumables, drug balloons, dental implants and other varieties. Orthopaedic consumables will be further extended to spine consumables this year. We will strive to have a set of preliminary plans in the first half of the year. When conditions are ripe, it is expected that the bid opening will be successful this year. In addition, the previous inter provincial alliance bidding and procurement of trauma products will basically realize the main coverage of orthopaedic consumables; Drug balloons are also important consumables involved in cardiology, and there is room for falsely high prices. Centralized procurement was carried out in Jiangsu and other places in 2021, and will be expanded to the whole country this year; As an important method of dental restoration, dental implants have great social demand. It is expected to launch the alliance reform of local centralized collection in the first half of this year to explore the area of centralized collection of dental implants.
Price reduction rationalization and policy guarantee enterprise innovation. Leading companies with core innovation ability may benefit significantly. The promotion of the centralized procurement system includes the setting of specific operating rules, always balancing the three objectives of the healthy development of the pharmaceutical industry, the improvement of clinical quality and the accessibility of patients to medical treatment, giving full play to the market mechanism around the unreasonable phenomenon of falsely high prices, and fully ensuring the fairness and innovation enthusiasm of enterprises. On the one hand, volume procurement reduces the sales and operation cost of the enterprise as much as possible, while reducing unreasonable channel profits. From the original gold sales public relations to the real quality and cost competition, the integration of bidding and procurement forms a scale effect; On the other hand, through the “three medical linkage”, the proportion of prepayment of medical insurance fund has been continuously increased, which can effectively alleviate the shortage of funds in medical institutions and ensure the payment collection ability of enterprises. From the results of the bid winning enterprises, the sales expenses of listed pharmaceutical enterprises basically decreased by 6 points in 2020. At the same time, the R & D expenses of leading enterprises continued to increase, from 6% and 10% to 20%, accelerating the R & D of innovative products and core technologies, and striving to be a “specialized and special” enterprise. The centralized volume procurement policy speeds up the clearing of industries, avoids the ineffective investment of popular products, and the leading enterprises that really have the core innovation ability will come to the fore.
Investment proposal and investment object
It is suggested to pay attention to: Shanghai Junshi Biosciences Co.Ltd(688180) – U (688180, not rated), Betta Pharmaceuticals Co.Ltd(300558) (300558, not rated), Baiji shenzhou-u (688235, not rated), Jiangsu Hengrui Medicine Co.Ltd(600276) (600276, not rated), Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) (300760, not rated), Wuxi Apptec Co.Ltd(603259) (603259, not rated), Brightgene Bio-Medical Technology Co.Ltd(688166) (688166, not rated), Beijing Balance Medical Technology Co.Ltd(688198) (688198, buy), Beijing Labtech Instruments Co.Ltd(688056) (688056, buy), etc.
Risk tips
The R & D, promotion and listing of new drugs were less than expected, the industry volume procurement policy was more than expected, and the epidemic broke out again
