Adjuvant is a kind of immune modulator added to the vaccine. Compared with using only antigen, adjuvant can enhance the immune response of the vaccine, produce stronger immune response and last longer. Especially for infants, the elderly and people with low immune function, adjuvant can greatly improve their immune response. In addition, the use of adjuvant system may reduce the dose of antigen required for a single dose of vaccine, which is of great significance to deal with the pandemic and improve the global vaccine supply.
The mechanism of action is complex and adjuvants are scarce. The action mechanism of adjuvant is very complex, which is difficult to be solved in vitro, and the safety of adjuvant is very important, so the process amplification is facing great challenges. At present, there are only six new adjuvants approved for marketing: MF59, as04, as03, AS01, cpg1018 and matrix-m (covid-19 for emergency use). Therefore, there is a long way to go to develop safe and effective new vaccine adjuvants and broaden the application scope of adjuvants in vaccines.
The 10 billion market needs to be developed, and domestic enterprises enter the bureau to seize the beach. In 2020, the global adjuvant market was US $650 million and is expected to reach US $1.43 billion in 2027. However, new adjuvants are controlled by foreign pharmaceutical companies. Therefore, in the long run, it is necessary to increase the research of domestic enterprises in adjuvants to solve the neck sticking problem in the vaccine industry.
Investment analysis opinion: the new adjuvant system can improve the immunogenicity and protective effectiveness of the vaccine, and there is a lot of room for its application in the field of vaccine in the future. At present, more and more Chinese enterprises continue to plough deeply in the field of adjuvant and accelerate the breakthrough of import monopoly. It is suggested to pay attention to Ruike biology, maikekang biology, Yisheng biology Nanjing Well Pharmaceutical Group Co.Ltd(603351) and other Chinese companies developing new adjuvant vaccines and enterprises supplying relevant raw materials.
Risk tip: there is a risk of failure in product research and development, a risk of supply shortage in the industrial chain, a risk of technology iteration in the vaccine industry, and a risk of intensified competition in the industry.
