Ping An View:
19 enterprises authorized by Pfizer Health Commission to improve the efficiency of diagnosis and treatment of cod-vid-5. On March 17, the Geneva pharmaceutical patent pool (MPP) announced that 35 pharmaceutical companies had been allowed to produce Pfizer covid-19 oral drug paxlovid and signed an agreement. Among them, Chinese pharmaceutical enterprises include Shanghai desaino, Zhe Jiang Hua Hai Pharmaceuticalco.Ltd(600521) , Apeloa Pharmaceutical Co.Ltd(000739) , Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) , Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) . The top four enterprises can produce APIs and preparations at the same time, and Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) can produce APIs. The 35 pharmaceutical enterprises authorized this time will mainly supply drugs to 95 low – and middle-income countries, excluding China. The population of these 95 countries is about 4 billion. With the gradual supply of specific drugs, covid-19 epidemic is expected to be further controlled, and there will be further breakthroughs in global epidemic prevention. Meanwhile, with the production and sales of paxlovid, authorized enterprises and cdmo enterprises in the industrial chain have better performance flexibility.
Recently, the Health Commission has released the New Coronavirus pneumonia diagnosis and treatment plan (trial version ninth). The new version of the treatment plan is based on the research and analysis results of the transmission characteristics and case characteristics of the variant strains such as delta and the Olympic Games. Vaccine + antigen detection + oral medicine is the best combination to improve the efficiency of epidemic prevention and control. The improvement of this set of prevention and treatment combination is conducive to solving the problem of medical resource run. Among them, the vaccine can provide the initial protection mechanism for the people. Patients with symptoms can use the antigen kit to detect themselves at home, and patients can take covid-19 small molecular drugs after diagnosis, so as to further reduce the severe rate and solve the problem of medical resource run caused by patients’ hospitalization, so that China is expected to enter the strategic stage of actively attacking covid-19 this year, Usher in the opportunity to gradually open the door of the country. The change of the diagnosis and treatment plan further improves the prevention and control efficiency of China’s response to covid-19 epidemic, and reduces the negative impact of the continuous outbreak of the epidemic on society as much as possible. Based on China’s huge population base, we believe that the corresponding covid-19 drugs and antigen detection have a large market space, which is conducive to the performance of relevant production and industrial chain enterprises.
Investment strategy: mainline 1: Investment Strategy: mainline 1: Investment Strategy: mainline 1: Investment Strategy: Investment Strategy: the main line 1: the coved-19 oral drug related industry chain. The Geneva patent pool (the organization for the Geneva patent pool (MPP) has successively announced that it will authorize eight Chinese pharmaceutical companies to produce pfpfizer and Merck’s coved-19 specific drugs. The production of related coved-19 drugs and the performance of industry chain enterprises is expected to benefit from the investment strategy: Investment Strategy: the main line 1: coved-19 oral medicine related industry chain. The Geneva organization for the pharmaceutical patent pool (MPP) has successively announced that it will authorize eight Chinese pharmaceutical companies to produce the covid-19 specific drugs for pfpfpfpfizer and Merck. The production of related coved-19 drugs related to coved-19 drugs and the performance of industry chain companies producing and industry chain enterprises is expected to benefit. Suggestions focus: the Zhe Jiang Hua Hai Pharmaceuticalco.Ltd(600521) Zhe Jiang Hua Hai Pharmaceuticalco.Ltd(600521) , Great Chinasoft Technology Co.Ltd(002453) Shandong Jincheng Pharmaceutical Group Co.Ltd(300233) , Geli pharmaceutical and Nanjing Hicin Pharmaceutical Co.Ltd(300584) , etc. Main line 2: in the traditional Chinese medicine sector, heavy support policies continue to be implemented to enhance confidence. Brand OTC traditional Chinese medicine has independent pricing power, while other proprietary Chinese medicines have moderate centralized purchase and price reduction, and the overall valuation of the sector is cost-effective. It is suggested to pay attention to: Kpc Pharmaceuticals Inc(600422) , gushengtang, Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) . Main line 3: create Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) chain. CXO maintains a high outlook and the valuation has hit the bottom. Combined with the valuation, policy and capital factors, we prefer cdmo and macromolecular CXO track. It is suggested to pay attention to: Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Porton Pharma Solutions Ltd(300363) , Pharmablock Sciences (Nanjing) Inc(300725) . Main line 4: in addition to the above three main lines, there are also some other tracks with high prosperity and high barriers: including characteristic API, preparation export and nuclear medicine. It is suggested to pay attention to: Zhejiang Starry Pharmaceutical Co.Ltd(603520) , Jiangxi Fushine Pharmaceutical Co.Ltd(300497) , Zhejiang Tianyu Pharmaceutical Co.Ltd(300702) , Yantai Dongcheng Biochemicals Co.Ltd(002675) , Nanjing King-Friend Biochemical Pharmaceutical Co.Ltd(603707) , Hainan Poly Pharm.Co.Ltd(300630) , Yuanda medicine.
Industry highlights: 1) Xiansheng pharmaceutical has reached cooperation with Lingke pharmaceutical to introduce selective Jak1 inhibitors; 2) FDA Approves ribavi’s rinvoq ® (upadacitinib) treatment of adult patients with moderate to severe active ulcerative colitis (UC); 3) The application for the listing of pratinib, a new drug of cornerstone pharmaceutical for the treatment of non-small cell lung cancer, was accepted in Hong Kong, China; 4) Bayer submitted nubeqa (darotamide) application for the treatment of metastatic hormone sensitive prostate cancer (mhspc) in the United States and the European Union.
Market review: the A-share pharmaceutical sector rose 1.08% last week, while the Shanghai and Shenzhen 300 index fell 0.94% in the same period. The pharmaceutical industry ranked third among 28 industries. Last week, the H-share pharmaceutical sector rose 3.49%, and the Hang Seng Composite Index rose 3.64% in the same period. The pharmaceutical industry ranked second among 11 industries.
Risk tips: 1) policy risk: policies such as medical insurance fee control and drug price reduction have a great negative impact on the industry; 2) R & D risk: pharmaceutical R & D investment is large and difficult, and there is the possibility of R & D failure or slow progress; 3) Corporate risk: the company’s operation does not meet expectations.
