days ago, wozehui, a bivalent human papillomavirus (HPV) vaccine independently developed and produced by the company under Walvax Biotechnology Co.Ltd(300142) (hereinafter referred to as Walvax Biotechnology Co.Ltd(300142) ), obtained the listing approval of the State Drug Administration so far, Walvax Biotechnology Co.Ltd(300142) and Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) (hereinafter referred to as Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) ) and GlaxoSmithKline (hereinafter referred to as GSK), a global pharmaceutical and health care company, have initially formed a competition pattern of "three strong pillars" in China it is understood that the price of Walvax Biotechnology Co.Ltd(300142) vaccine is 20 yuan lower than that of Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) vaccine. In this way, the domestic vaccine has the potential to "encircle and suppress" the imported vaccine industry insiders generally believe that production capacity and price may become the key to the subsequent competition in China's HPV vaccine market
China's bivalent HPV vaccine market "three strong pillars"
Following Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) , Walvax Biotechnology Co.Ltd(300142) became the second enterprise in China that can produce bivalent HPV vaccine at present, the field of bivalent HPV vaccine in China has initially formed a situation of "three strong pillars", and GSK's Shiraishi, Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) Xinkening and Walvax Biotechnology Co.Ltd(300142) wozehui have launched a positive fight
International research data show that more than 99% of cervical cancer is related to HPV infection, and more than 70% of cervical cancer is caused by HPV16 and HPV18 virus infection. The bivalent HPV vaccine contains antigens against HPV16 and HPV18 viruses. When GSK's xiruishi was listed in the Chinese market, the company said that among the uninfected population, the overall protection effect of xiruishi reached 93.2%.
" at present, the HPV vaccination population is targeted at women aged 9-45, and it is not ruled out that the indications will be extended to men in the future." an analyst in the pharmaceutical sector of a leading securities firm in China told China Business Daily that only for women aged 9-45, the stock space of the market is very large, but the batch issuance of HPV vaccine in China is still at a relatively low level , since HPV vaccine was listed in China in 2016, the cumulative batch issuance of HPV vaccine is less than 100 million current prices and production capacity affect HPV vaccination coverage in China. The more competitors enter the market, the more opportunities for the public to choose
According to the report of frost Sullivan, a global consulting firm, China's HPV vaccine market will increase to 13.5 billion yuan in 2020 and is expected to reach 69 billion yuan by 2030, with a compound annual growth rate of 17.7% from 2020 to 2030 GSK, the first to enter China's HPV vaccine market, is still optimistic about the current market situation.
Feng Bixia, head of GSK's China vaccine business, told China Business Daily that in view of the current situation that HPV vaccine is in short supply in the Chinese market, GSK's output will maintain double-digit growth to ensure China's vaccine supply. Since it was listed in China in 2017, Xi Ruishi has covered more than 280 cities in China.
While multinational pharmaceutical enterprises are actively arranging the Chinese market, Chinese pharmaceutical enterprises are also arranging overseas business Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) chairman and general manager Qiu Zixin said that the company has started to sell and promote bivalent HPV vaccine overseas, and will also pay timely attention to the demand outside China and make production expansion arrangements according to the market demand to ensure the market supply Walvax Biotechnology Co.Ltd(300142) also replied to investors on the interactive platform that by the end of 2021, the company's products had been exported to 17 countries and regions. In the future, it will further expand the international market on the existing basis, open new international market space, strengthen sales management and promote the sales of the company's products.
what are the advantages of domestic vaccines
in terms of production capacity and price, domestic bivalent HPV vaccine may form a "encirclement and suppression" against imported vaccines at present, in the Chinese market, HPV vaccines of four Chinese foreign pharmaceutical enterprises are listed, while Chinese pharmaceutical enterprises only "enter" the two price HPV vaccine market. four price and nine price HPV vaccines are still exclusively supplied by multinational pharmaceutical enterprise MSD at present, in China's bivalent HPV vaccine market, domestic vaccines have a great momentum of "catching up from behind"
It is noteworthy that after the listing of wozehui of Walvax Biotechnology Co.Ltd(300142) , the market competitive advantage of domestic HPV vaccine may be more obvious According to the data of China Meheco Group Co.Ltd(600056) Industrial Information Center, Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) Xinkening was listed in 2019, the batch issuance volume in 2020 was 2456100, while the batch issuance volume of GSK decreased from 2.11 million in the initial stage of listing to 689700 Qiu Zixin said that Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) has an annual production capacity of 30 million divalent HPV vaccines, and full production depends on market demand. Bivalent HPV vaccine is the product with the highest proportion of the company's sales revenue. In 2021, the company issued a total of 10.66 million divalent HPV vaccines in batches, and will further promote capacity expansion in the future.
Walvax Biotechnology Co.Ltd(300142) also said that the company has now built a modern production base with a production capacity of 30 million doses of bivalent HPV vaccine, which is expected to alleviate the dilemma of relying on imports and expensive prices of HPV vaccine in China in addition, in terms of performance growth, Walvax Biotechnology Co.Ltd(300142) or have high hopes for the sales of bivalent HPV vaccine. According to the financial report, in 2021, Walvax Biotechnology Co.Ltd(300142) net profit decreased by 57.36% year-on-year, and the revenue of several vaccine products decreased Li Yunchun, chairman of Walvax Biotechnology Co.Ltd(300142) has promised that Walvax Biotechnology Co.Ltd(300142) will allocate more than half of the production capacity of bivalent HPV vaccine in the future and supply it to the GAVI market at a affordable price.
in terms of price, domestic bivalent HPV vaccine has obvious advantages.
gsk's Shiraishi is priced at 580 yuan / piece Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) its Xinkening is listed and priced at 339 yuan / piece Wozehui, a Walvax Biotechnology Co.Ltd(300142) subsidiary, has a lower listing positioning of 319 yuan / piece.
"Domestic bivalent HPV vaccine has more advantages in price." Analysts in the pharmaceutical sector of the above-mentioned securities companies admitted that from the perspective of competition, multinational pharmaceutical enterprises such as Pfizer, GSK and Sanofi have relatively poor vaccine sales capacity in the Chinese market. , like the four price and nine price vaccines under MSD, can sell so well because they act as agents for Chongqing Zhifei Biological Products Co.Ltd(300122) pharmaceutical enterprises with strong sales capacity in China. Like the 13 valent pneumococcal polysaccharide conjugate vaccine, Walvax Biotechnology Co.Ltd(300142) its products were used in the market before they were launched. However, after the products of Walvax Biotechnology Co.Ltd(300142) went on the market, the number of endorsements soon exceeded Pfizer after the listing of wozehui, a subsidiary of Walvax Biotechnology Co.Ltd(300142) Walvax Biotechnology Co.Ltd(300142) , we will have high expectations for domestic vaccines to replace imported vaccines
hpv vaccine race track continues to heat up
According to the calculation of the quantity of HPV vaccine batch issued by China Institute of food and drug control, 20172021, a total of 20 million people in China have completed the whole process of HPV vaccine immunization. The number of women aged 9-45 in China is about 381 million. At present, the penetration rate of HPV vaccination in school-age women in China is only about 7%
Zhang Qian, an analyst at CCID Consulting medical and health industry research center, told China Business Daily: " China has responded to the WTO's plan to accelerate the elimination of cervical cancer and hopes that by 2030, more than 90% of women before the age of 15 will be vaccinated with HPV vaccine. according to the current population proportion and per capita vaccination price in China, the market demand for HPV vaccine in the next 10 years is conservatively estimated to be 80 billion yuan, about six times the current market size. "
Regarding the competition situation of HPV vaccine in the Chinese market in the future, Feng Bixia said that as the only cancer that can be directly prevented by vaccination, HPV vaccine demand is increasing day by day, and more and more vaccine manufacturers from outside China join the competition, which is not a bad thing for the whole industry and the majority of target vaccinators, which can provide more vaccine choices for women, Help improve the coverage of HPV vaccine. As the first HPV vaccine listed and approved in the Chinese market, Xi Ruishi has been used in more than 130 countries and regions around the world. It has nearly 15 years of clinical experience. It has been applied in many countries and regions in England, Scotland and the Netherlands to carry out national immunization planning. It has been proved that the vaccine can significantly and effectively reduce the incidence of cervical cancer in the UK. "We also actively carry out research in the Chinese market to observe the real protection effect of this vaccine after large-scale use in the Chinese population, so as to accumulate the protection effect data in the Chinese population and contribute to better cooperation with the elimination strategy of cervical cancer."
Qiu Zixin also said that the HPV vaccine market has great potential. It is good for Lbx Pharmacy Chain Joint Stock Company(603883) to have more vaccine suppliers. At present, we will not see very fierce competition China now and for a long time in the future is the coexistence of bivalent HPV vaccine, tetravalent HPV vaccine and jiuvalent HPV vaccine, Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) will also adopt positive market strategies to deal with competition and challenges.
More Chinese pharmaceutical companies are accelerating on the HPV vaccine track. According to incomplete statistics, as of the end of February 2022, there are about 16 HPV vaccine research projects in China, among which the tetravalent HPV vaccine under research by Beijing Institute of biology, Shanghai Institute of biology and Bowei biology has entered clinical trials at different stages , while Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) , Walvax Biotechnology Co.Ltd(300142) , Bowei biology, Kangle guardian and Ruike biology are still conquering the nine valent HPV vaccine
will the price of HPV vaccine in China be lower and lower
In the view of insiders, hpv vaccine supply increases and market competition intensifies, which may promote price reduction "The price of HPV vaccine has not reached the stage of research and development in China, but the price of HPV vaccine has not reached the stage of research and development in China. At present, there are seven HPV vaccines that have entered the clinical market." Zhang Qian said, this part of the products will be listed or put into operation in the future, and the subsequent market supply of HPV vaccine may be greatly improved "according to our prediction, by 2025, the production capacity of HPV vaccine in China may reach 200 million. With the further intensification of market competition in the future, it may promote the decline of HPV vaccine price. "
There are also views that there is limited room for price reduction of HPV vaccine in the future. Chengdu Municipal Health Commission has previously issued a subsidy scheme for HPV vaccination. The bid price of domestic bivalent HPV vaccine made by Xiamen Wantai Canghai, a subsidiary of Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) company, is 329 yuan / piece. If two pieces per person are calculated, the vaccination cost per person is 658 yuan. The subsidy price of Chengdu government is 600 yuan / person, which is only 9% lower than the previous bid price Haitong Securities Company Limited(600837) said in the research report that in terms of promoting the price reduction of HPV vaccine, the price reduction range of government subsidies is limited compared with that of independent vaccination
" at present, China's HPV vaccine is actually sold by production, which is in a situation of short supply. As long as it can be produced, it can be sold. In this case, the overall price reduction of the industry is unlikely. " the relevant person in charge of a listed pharmaceutical enterprise in China admitted to the reporter of China Business Daily that there is a certain competition between domestic vaccines and imported vaccines, especially at the level of entering medical insurance. Pressure on the sales of imported vaccines in the short term or in terms of price. At the same time, "At present, in the Chinese market, there is a good relationship between enterprises that have products on the market and enterprises that are developing related products. Everyone competes peacefully without exaggerating the expansion of production capacity, and there is no particularly obvious price reduction trend for related products. However, for HPV vaccine, it may indeed involve some new vaccine enterprises entering the market or adopting the strategy of low price competition. "
