Main points:
The 14th five year plan for national economic and social development of the people's Republic of China and the outline of long-term objectives for 2035 focus on promoting the inheritance and innovation of traditional Chinese medicine
In the 14th five year plan for national economic and social development of the people's Republic of China and the outline of long-term objectives for 2035 issued in March 2021, section 4 of Chapter 44 is "promoting the inheritance and innovation of traditional Chinese medicine". The outline proposes to build about 20 national TCM inheritance and innovation centers, about 20 flagship hospitals coordinated by Chinese and Western medicine, about 20 TCM epidemic prevention bases and about 100 key hospitals with TCM characteristics, so as to form a number of advantageous specialties of TCM.
The 14th five year plan for the development of pharmaceutical industry followed closely
According to the 14th five year plan for national economic and social development of the people's Republic of China and the outline of long-term objectives for 2035, the 14th five year plan for the development of pharmaceutical industry focuses on the innovation of traditional Chinese medicine products, the breakthrough of industrial technology and the upgrading of medical manufacturing capacity system. The development goal is to make a breakthrough in the "going global" of Chinese patent medicine.
Development of traditional Chinese medicine in the 14th five year plan of provinces and cities
The "14th five year plan" for the healthy development of medicine in various provinces and cities has also been issued one after another, which puts forward specific requirements for the development of traditional Chinese medicine. According to incomplete statistics, 11 provinces and cities have specially issued the "14th five year plan of traditional Chinese medicine", and all provinces and cities develop traditional Chinese medicine according to regional characteristics.
Investment suggestion: select traditional Chinese medicine investment track
XIV. Focus on the reform of traditional Chinese medicine formulation and service industry driven by the "traditional Chinese medicine granule" policy.
Innovative drugs of traditional Chinese medicine: in 2021, innovative drugs of traditional Chinese medicine ushered in an outbreak. In 2021, 12 new traditional Chinese medicine drugs were approved, more than the total of the past four years. Not only is the classification of traditional Chinese medicine registration simplified and innovative traditional Chinese medicine listed separately at the application end, but also traditional Chinese medicine has obvious advantages and moderate price reduction in the medical insurance negotiation at the payment end. Companies with the layout of innovative traditional Chinese medicine will stand out.
Brand traditional Chinese medicine: benefiting from the upgrading of consumption, the rapid growth of medical and health care demand, the demand for brand traditional Chinese medicine has a continuous growth trend, and the brand traditional Chinese medicine has a high price maintenance ability. The price rise of core raw materials + the price rise driven by strong demand will directly benefit the relevant brand traditional Chinese medicine.
Traditional Chinese medicine service: the medical and health service industry of traditional Chinese medicine has a large scale, high growth rate and has not seen the ceiling; The industry is scattered and small, and the competition pattern is not clear; Demand is expanding, and daily health management and "prevention and treatment" are favored; With policy support, it is expected to usher in a golden period of development.
Traditional Chinese medicine formula granules: the pilot work of traditional Chinese medicine formula granules was completed in February 2021 and the new standard was implemented in November 2021. On the one hand, the impact is the rapid expansion of market scale, on the other hand, the increase of threshold after standardization brings about the increase of costs and barriers. On the whole, the first mover advantage of previous pilot enterprises is obvious and will fully benefit.
Recommended targets (covered) and recommended targets of concern:
Innovative traditional Chinese medicine: Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) (covered, buy rating), Jiangsu Kanion Pharmaceutical Co.Ltd(600557) (covered, buy rating), Guiyang Xintian Pharmaceutical Co.Ltd(002873) (covered, buy rating), Guizhou Sanli Pharmaceutical Co.Ltd(603439) (covered, buy rating), Tasly Pharmaceutical Group Co.Ltd(600535) , Hunan Fangsheng Pharmaceutical Co.Ltd(603998) , etc;
Brand Chinese herbal medicine: brand Chinese herbal medicine:: Tsingtao Brewery Company Limited(600600) 60085 285, Zhejiang Shouxiangu Pharmaceutical Co.Ltd(603896) , Jiangzhong Pharmaceutical Co.Ltd(600750) , Zhejiang Jolly Pharmaceutical Co.Ltd(300181) , Dong-E-E-Jiao Co.Ltd(000423) , Chongqing Taiji Industry (Group) Co.Ltd(600129) Jiuzhitang Co.Ltd(000989) , Mayinglong Pharmaceutical Group Co.Ltd(600993) , Zhuzhou Qianjin Pharmaceutical Co.Ltd(600479) , Teyi Pharmaceutical Group Co.Ltd(002728) , etc;
Chinese medicine service: gushengtang (covered, buy rating);
Traditional Chinese medicine formula granules: China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) (covered, buy rating), Chinese traditional medicine, Tianjin Chase Sun Pharmaceutical Co.Ltd(300026) etc.
Risk tips
Policy uncertainty; Uncertainty of raw material supply fluctuation; Uncertainty of market competition degree; Uncertainty about the progress of the epidemic.
