Events
Recently, Guangdong Pharmaceutical Trading Center publicized the results of the proposed successful / alternative centralized procurement of Chinese patent medicines such as Guangdong alliance Qingkailing. All public medical institutions (including military medical institutions) in the alliance area are involved in the procurement. Designated social medical institutions and designated pharmacies can participate voluntarily. The variety scope of centralized purchase with quantity is 132 drugs with large consumption and high purchase amount in the national catalogue of basic medical insurance drugs. Drugs outside the national basic medical insurance catalogue and drugs negotiated by the national medical insurance are not included in the scope of this centralized purchase. This collection includes Qingkailing, Xingnaojing, bailing, Shuxuening, compound salvia miltiorrhiza and other proprietary Chinese medicine products Heilongjiang Zbd Pharmaceutical Co.Ltd(603567) , Tasly Pharmaceutical Group Co.Ltd(600535) , Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) , Jianmin Pharmaceutical Group Co.Ltd(600976) and other enterprises have products to be selected / selected.
Comments
The overall selection rate exceeded 60%, and the decline of exclusive drugs was low
Among the 275 enterprises of Guangdong patent medicine centralized purchase alliance, 174 enterprises have products to be selected / selected, and the selection rate of enterprises is 63%.
According to the centralized purchase results released by Guangdong, 663 products and 313 enterprises participated, and 576 products and 275 enterprises finally completed the quotation. In terms of completion rate, 87.86% of enterprises participate and 86.88% of products generate quotation.
The overall decline of the selected enterprises is relatively mild, and some exclusive varieties are planned to be purchased for the record
1) Heilongjiang Zbd Pharmaceutical Co.Ltd(603567) : Xuesaitong is proposed to be selected, but Shuxuening is not selected, leaving price space for new product promotion. The company's Shuxuening injection and motherwort granules did not enter the list of proposed winners / candidates. Among them, 10ml Shuxuening oral liquid was approved for listing in November 2021. We expect that other Shuxuening products will not enter the centralized purchase through price reduction, which is more conducive to the promotion of subsequent new specifications. However, Xueshuantong capsule and Xuesaitong for injection (freeze-dried) have entered the proposed candidate group, and the price has decreased by 24% and 69% respectively compared with the maximum daily average cost / maximum effective application price. We believe that compared with the proposed candidate group, the proposed candidate group retains a certain amount and the decrease is small, which has little impact on the whole enterprise.
2) Tasly Pharmaceutical Group Co.Ltd(600535) : the exclusive variety Danshen dropping pills is to be selected, with a small decrease Tasly Pharmaceutical Group Co.Ltd(600535) in the centralized procurement of Chinese patent medicines by Guangdong alliance, the products that meet the application conditions are compound Danshen dropping pills, which are a group of Compound Danshen varieties, with a specification of 27mg 180 pills / bottle and an average daily dosage of 30 pills. The company's exclusive product, compound Danshen dropping pills, is to be selected. The proportion of pre procurement of the product in the first year is 100%, and the use of the product is incremental, which has a limited impact on the company.
3) Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) : Lianhua Qingwen granule is proposed as an alternative, and the overall decline is better than expected. The proposed alternative price of Lianhua Qingwen granules (6g 10 bags) is 23.295 yuan, a decrease of about 1% compared with the price of hanging net and 38% compared with the highest valid application price. According to the procurement documents of the alliance, Lianhua Qingwen granules, as an exclusive product to deal with the emergency shortage of public health emergencies, can be purchased by medical institutions on demand after completing the agreed procurement volume. In addition, Lianhua Qingwen granules are mostly sold in retail channels, and the price system is relatively stable. With the continuous coverage of medical end and retail end, Lianhua series is expected to maintain sustained growth and further improve its market share.
4) Jianmin Pharmaceutical Group Co.Ltd(600976) : Xiaojin capsule is proposed to win the election, and the relative maximum effective quotation decreases by 43.45%. Xiaojin capsule is the core variety of the company's RX product line. In 2021, the company participated in the inter provincial alliance procurement of Chinese patent medicines in 19 provinces and regions such as Hubei Province. Xiaojin capsule and Ginkgo biloba were selected. In 2021, the sales volume of Xiaojin capsule was 6.6819 million boxes, with a year-on-year increase of 46.79%, and the price for quantity was realized. The centralized purchase and selection of Chinese patent medicines in Guangdong alliance will further expand the coverage area and market share of the company's products and provide stable growth for performance.
5) Hubei Jumpcan Pharmaceutical Co.Ltd(600566) : paediatric fermented soya sauce is not included in the quotation, and the exclusive paediatric variety can be purchased for the record. The company did not participate in the quotation this time. According to the document rules, the alternative products that have not been used incrementally will be purchased by the medical institutions independently (for the record) after completing the agreed purchase volume of the current year within the purchase year, including children's drugs, etc. on demand. It is expected that the sales of the company's children's douqiao Qingre granules in the alliance area will not be affected.
Risk warning: the risk of product price fluctuation, the risk of industrial policy change, and the product sales are less than expected
