Event comments:
On February 9, Tianjin Medical Procurement Center released the work plan for joint procurement and use of orthopedic trauma medical consumables of Beijing Tianjin Hebei "3 + n" alliance, which is another round of 17 provincial alliance procurement of orthopedic trauma sub industry after the alliance procurement of Henan Province in July 2021.
The centralized collection of orthopaedic trauma in 17 provinces and regions has been implemented, and the national collection of orthopaedic trauma, the second largest subdivided field, has been completed
A total of 29 "Beijing + Tianjin" and "Shanghai + Hebei" provinces have not been included in the alliance, and a total of 17 "Beijing + Tianjin" and "Beijing + Hebei" provinces have not been included in the alliance. After the joint, trauma, the second largest subdivision of orthopedics, has basically completed the national collection.
The price is linked with the prices of 12 provinces and regions in Henan, and the two-way selection determines the winning products, with relatively mild rules
The purchase rules are based on the use needs of the purchasing subject, with reference to the overall price level of the market, comprehensive quality and other factors, and link the purchase price of orthopaedic trauma medical consumables alliance in Henan and other 12 provinces. The successful products are determined through mutual selection between the buyer and the seller, and the linked purchase of orthopaedic trauma medical consumables is implemented according to the subcontracting of the quantity. According to the procurement results of 12 provinces and regions in Henan in 2021, 20751 products of 71 enterprises were selected, with an average decrease of 88.65%. We believe that the procurement rules of 17 provinces and regions are relatively mild, and the price reduction rate may be synchronized with the alliance of 12 provinces.
Centralized mining helps the concentration of leading enterprises increase significantly
Domestic substitution has been basically completed in the field of orthopaedic trauma. In terms of the demand of the alliance of 12 provinces and regions, the domestic demand accounts for more than 95% and the import demand accounts for only 3%. The concentration of domestic manufacturers is low, and the market share of leading enterprises is expected to increase significantly after centralized mining.
Investment advice
Since June 2020, the orthopaedic field officially opened the national volume procurement, and the centralized procurement of joints and trauma has been implemented one after another. At present, the national or alliance level procurement of only spine has not been implemented, and it is expected that the centralized procurement of spine may be implemented this year. The orthopaedic field has been suppressed by policies, the valuation has continued to fall, and the attention has also continued to decline. We believe that after the implementation of centralized mining, the competition pattern of enterprises will be greatly improved, and the brand stickiness of enterprises with continuous service ability and rich product pipelines will be greatly strengthened. It is suggested to actively pay attention to the left layout opportunities of long-term rigid needs and platform attributes in the field of orthopedics. Maintain the industry overweight rating.
Risk tips
1. The procurement policy continues to be high-pressure.
2. The company lost its bid.
3. The progress of innovative product line is lower than expected.
