The medical reform has shifted from drug compliance to medical service efficiency management, and the marginal impact is slowing down
Medical reform has shifted from drug compliance to medical service efficiency management. The normalization and institutionalization of drug side policies have been basically completed. The focus of the 14th five year plan has shifted to medical services. Under the background of long-term pressure on the payment side, the main line of policy fee control logic is the same, but the marginal impact has slowed down significantly, mainly structural adjustment, and the total impact has slowed down.
Innovation returns to the origin of clinical value and is based on the world
The innovation bubble generated by arbitrage has gradually returned to the original value of clinical value. First of all, the capital accumulation enterprise has promoted the internationalization exploration strategy. The China Meheco Group Co.Ltd(600056) bio industry has officially opened a new cycle of comprehensive transformation and upgrading, and has entered the international market.
Grasp the iteration cycle of underlying technology and invest in cutting-edge technology
China Meheco Group Co.Ltd(600056) the international integration of the biological industry is accelerated, the scientific and technological attribute of investment is enhanced, and cutting-edge science and technology investment will become the main line of core investment. At present, a new round of technological revolution cycle has been opened, the drug action mechanism has changed from extracellular to intracellular, from protein to gene, grasp the iterative context of underlying technology, and invest in a new round of gold investment track of cutting-edge technology.
Investment advice
The pharmaceutical investment strategy in the post-2022 epidemic era should return to the industrial operation trend. At present, the China Meheco Group Co.Ltd(600056) industry is moving from a large pharmaceutical country to a powerful pharmaceutical country, and the terminal business model is also changing from demand driven to demand creation. Under the framework of this industrial operation trend, we are optimistic about the investment opportunities brought by the Frontier Biotechnologies Inc(688221) science and technology iteration of the upstream demand of the industrial chain. It is suggested to take biotechnology as the core context and tap the hidden champions of Tob end segmentation industries such as upstream equipment, gene consumables, biological enzymes, high-end analytical instruments and reagents of the industrial chain.
The industrial scientific and technological attributes are improved, and the main line of innovation and investment is also in line with international standards, showing the characteristics of high risk and high return. We believe that the investment and innovation track should always be at the forefront of science and technology and closely follow the technology iteration cycle. At present, we are optimistic about the value of ADC, double antibody and mRNA technology platforms, and suggest paying attention to the long-term investment opportunities of relevant companies. In addition, we are also optimistic about the investment opportunities for the transformation and innovation of traditional pharmaceutical enterprises. These companies are subject to the suppression of the centralized purchase policy of stock business, and the valuation is at a historical low. It is suggested to pay attention to the layout of cutting-edge tracks, and the product line has potential opportunities for poor stocks.
Risk statement
Failure of innovative drugs and cooling of primary market financing; The cost of upstream raw materials has increased too much; The price changes of centralized purchase and new drug negotiation exceed expectations; The demand and prices of the varieties benefiting from the epidemic fell sharply.
