View of Medicine Week: the 2021 version of the medical insurance catalogue was released, which is optimistic about the innovative drug industry chain. On December 3, the 2021 version of the national medical insurance catalogue was released, a total of 74 drugs were added to the catalogue, and 11 drugs were transferred out of the catalogue. After adjustment, the total number of drugs in the national medical insurance drug catalogue is 2860, including 1486 kinds of Western medicine and 1374 kinds of Chinese patent medicine. There are still 892 kinds of decoction pieces of traditional Chinese medicine. The new national medical insurance drug catalogue will be officially implemented from January 1, 2022.
In this adjustment, a total of 117 drugs were negotiated, and 94 were successful, with an overall success rate of 80.34%. Among them, 67 of the 85 exclusive drugs outside the catalogue were negotiated, with a success rate of 78.82% and an average price reduction of 61.71%. From the perspective of patient burden, compared with the original market price, this negotiation is expected to reduce the burden of patients by more than 30 billion yuan in 2022.
The speed of innovative drugs entering medical insurance has been accelerated and the cycle has been greatly shortened. The China Meheco Group Co.Ltd(600056) Chuang Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) chain is in the golden age of favorable climate, location and people. It is firmly optimistic about innovative pharmaceutical enterprises with outstanding R & D and innovation advantages and rich product pipelines. It is recommended to pay attention to Jiangsu Hengrui Medicine Co.Ltd(600276) , Xinda biology, Baiji Shenzhou, Rongchang biology, Betta Pharmaceuticals Co.Ltd(300558) .
Market review: the biomedical sector fell 1.63% last week, ranking 27th in weekly rise and decline. Since the beginning of this year, pharmaceutical biology has fallen by 7.92%, 1.97 percentage points lower than the CSI 300 index, ranking 22nd in all SW primary industries.
In terms of subdivided industries, the pharmaceutical and biological subdivided sectors rose less and fell more last week. Traditional Chinese medicine rose the most, up 1.17%, and chemical agents fell the most, down 3.14%. Since the beginning of this year, the performance of chemical raw materials and traditional Chinese medicine has been the best, up 28.41% and 14.66% respectively since the beginning of the year; Pharmaceutical business was the weakest sub industry, down 24.69%. Pharmaceutical business (- 24.69%), chemicals (- 24.66%), biological products (- 14.62%) and medical devices (- 12.65%) underperformed the pharmaceutical and biological (SW) industry index.
In terms of performance of individual stocks, the top five stocks that rose last week were: China Reform Health Management And Services Group Co.Ltd(000503) (34.46%), Cspc Innovation Pharmaceutical Co.Ltd(300765) (29.41%), Shandong Xinhua Pharmaceutical Company Limited(000756) (25.64%), Andon Health Co.Ltd(002432) (24.82%) and Shanghai Labway Clinical Laboratory Co.Ltd(301060) (24.53%). The top five stocks with declines are: Zhuhai Rundu Pharmaceutical Co.Ltd(002923) (- 34.09%), Shandong Jincheng Pharmaceutical Group Co.Ltd(300233) (- 22.37%), Staidson(Beijing) Biopharmaceuticals Co.Ltd(300204) (- 18.96%), Shanghai Medicilon Inc(688202) (- 15.71%) and Guangdong Zhongsheng Pharmaceutical Co.Ltd(002317) (- 14.11%).
Valuation: the valuation showed a slight decline. As of Friday (December 3), PE (TTM) and Pb (LF) of the whole pharmaceutical and biological (SW) industry were 34.44 times and 4.27 times respectively.
Risk warning: medical policy risk; Lower prices than expected; Systemic risk.
(Capital Securities)
