On February 18, Yifan Pharmaceutical Co.Ltd(002019) announced that Hefei Yifan biopharmaceutical Co., Ltd., a wholly-owned subsidiary of the company, had received the acceptance notice of the application for domestic registration and listing license of deoxyepinephrine hydrochloride injection issued by the State Drug Administration.
The reporter noted that in the past two months, Yifan Pharmaceutical Co.Ltd(002019) has passed the consistency evaluation of generic drug quality and efficacy or obtained the drug registration certificate, including ambroxol hydrochloride injection, cefuroxime sodium for injection and other drugs.
Liu Shengyu, managing partner of Gaohe investment, said in an interview with the reporter of Securities Daily: “multiple products have enriched product categories for enterprises through consistency evaluation and registration certificate, which is conducive to long-term, stable and sustainable development. At the same time, the capital market is also very concerned about the progress made by the company in innovative drugs.”
At present, Yifan Pharmaceutical Co.Ltd(002019) is mainly engaged in API and polymer materials, preparation business and innovative drugs. It is reported that the innovative drug f-627 (recombinant human granulocyte colony stimulating factor Fc fusion protein) being developed by the company is expected to submit an application for listing in China after the Spring Festival in 2022, The person in charge of the company said in an investor survey: “although the whole R & D process of f-627 is slow, long and difficult, it has been developing in a good direction. It is very solid in terms of clinical scheme design and clinical trial results.”
“combination of imitation and innovation” to improve competitiveness
Yifan Pharmaceutical Co.Ltd(002019) is a pharmaceutical innovative R & D and production enterprise. Its main products are divided into three categories: pharmaceutical products, API and polymer materials. Recently, a variety of generic drugs have made progress, further enriching the company’s product line and improving the company’s competitiveness.
In recent years, China has implemented the consistency evaluation of generic drugs, and the quality of generic drugs has been improved to a certain extent. Generic drugs can almost guarantee the same efficacy as the original drugs, but their prices are relatively low and are widely welcomed by the market. Industry insiders believe that generic drugs are mature and safe, and the market is stable for a long time, which will bring stable income to enterprises; The R & D cycle of innovative drugs is long and the investment is large. It needs a solid profit base as the backing, but once successful, it will bring higher gross profit margin to the enterprise. Therefore, the combination of imitation and creation is an inevitable trend.
According to public data, in 2016, Yifan Pharmaceutical Co.Ltd(002019) obtained the control of Jianneng long Biology (Yiyi Biology) through the acquisition of 53.80% equity of DHY & Co.Ltd, and increased the equity of Jianneng long biology to 63.10% in 2018, opening the way of layout in the field of innovative drugs. Jiannenolong has bimolecular technology platform (DI kinetm) and immune antibody technology platform (itabtm). The pipeline under research includes macromolecular biological innovative drugs such as f-627 and f-652.
The first payment of RMB 62.1 billion from Nanjing Shunyan securities and Shanghai Zhengyan securities will be the highest payment of RMB 002.1 billion-012.2 billion for the first time in 2021. Relying on the strong commercialization ability of Zhengda Tianqing and its parent company in the field of cancer, it will quickly open the market of f-627 in China.
Meng Lilian, chief expert of Sichuan Tianfu Health Industry Research Institute, told the reporter of Securities Daily: “There is no doubt about the prospect of generic drugs and innovative drugs. The problem lies not in the prospect of generic drugs and innovative drugs, but in the level of generic drugs and the progress of innovative drugs. To choose a good variety of generic drugs, we should consider not only the disease spectrum, but also accessibility and availability; to choose a good direction for innovative drugs, we should consider not only the accumulation of drug research and development, including achievements and experience, but also the development of innovative drugs The degree of difficulty and market needs. “
the price of calcium pantothenate continued to rise
In addition to generic drugs and innovative drugs, APIs are also Yifan Pharmaceutical Co.Ltd(002019) important “cash cows”.
Yifan Pharmaceutical Co.Ltd(002019) has been deeply cultivated in vitamin B5 (calcium pantothenate) and provitamin B5 (panthenol) for more than 20 years, and has certain competitive advantages in technology, production capacity, cost, product quality and customer service. Among them, calcium pantothenate, as the main product in the company’s API business, more than 70% is sold to Europe, America and other countries and regions, with a global market share of 40-45%, ranking a leading position.
On the basis of expanding and strengthening API products such as calcium pantothenate and panthenol, it has always been one of the established development strategies of Yifan Pharmaceutical Co.Ltd(002019) to continuously integrate upstream and downstream resources and expand and enrich API product line with existing products as the link.
In recent years, Yifan Pharmaceutical Co.Ltd(002019) has cooperated with Amyris, a global leading company in synthetic biology, to reach strategic cooperation on a number of vitamin products, make full use of the advantages of Amyris in the field of synthetic biotechnology, seek technological innovation, develop new products, enrich vitamin product lines, and make use of the company’s existing marketing network and market position to seek healthier development.
It is worth mentioning that, according to the Research Report of Cinda securities, affected by the rising price of upstream raw materials, the market quotation of calcium pantothenate has continued to increase from the fourth quarter of 2021. As of January 14, 2022, the price has risen to 280 yuan / kg. According to the news on health.com on January 11, 2022, Chinese manufacturers of calcium pantothenate resumed their quotation and increased from the price of about 60 yuan / kg to 70 yuan / kg in the fourth quarter of 2021 to 360 yuan / kg in China and $50 / kg in export.
According to the analysis of market participants, the calcium pantothenate industry has typical price cyclical characteristics, which is different from bulk cyclical products. Its unique industry characteristics are as follows: first, the market scale is small, and the market scale is 10000 tons or below; Second, each variety is a typical oligopoly pattern, and the leader or oligopoly has strong control over the industry; Third, the downstream is mainly used in the feed industry, and the addition proportion is gradually increasing. The demand in the downstream is stable, rigid and irreplaceable.
Liu Shengyu believes that there are three reasons for the rise of calcium pantothenate in this round. “First, the price of calcium pantothenate was at the bottom of the fluctuation cycle for more than one year, leading to the shutdown of major manufacturers in the industry; second, the upstream cost increased and transmitted to calcium pantothenate manufacturers; third, the obstruction of export was greatly alleviated and the demand outside China was driven.”
