Key investment points
Policy release: the health insurance notice of Zhejiang Province was issued, and traditional Chinese medicine ushered in further benefits. The implementation opinions of Zhejiang Medical Security Bureau on supporting the inheritance, innovation and development of traditional Chinese medicine has been implemented since January 1, 2022. In order to fully implement the policy, on January 17, 2022, Zhejiang Medical Insurance Bureau issued a notice on further implementing the opinions on supporting the inheritance, innovation and development of traditional Chinese medicine.
Incremental information: the indicator of "medium treatment rate" was proposed for the first time, and the concept of "medium treatment rate" was proposed for the first time in the notice of the transformation of policy measurement to quantification, that is, the proportion of the sum of the three incomes of traditional Chinese medicine decoction pieces, traditional Chinese medicine medical service items and traditional Chinese patent medicine in the inpatient medical income of traditional Chinese medicine medical institutions; Zhejiang Medical Insurance Bureau will link the treatment rate of traditional Chinese medicine medical institutions with the positive incentive of medical insurance payment in the province during the DRG payment and liquidation in 2021. This is also the first time that the policy standardizes and measures the proportion of traditional Chinese medicine services from a quantitative perspective.
Policy comments: policy guidance continues to support, and hospital end implementation still needs to be observed. From the perspective of policy guidance, medical insurance has further liberalized its support for traditional Chinese medicine. Zhejiang Province is in a national leading position in supporting the inheritance, innovation and development of traditional Chinese medicine. This notice is also a document matching the implementation of the top-level design of national support for the development of traditional Chinese medicine, It is expected that more targeted detailed rules will be issued in the future, which is further beneficial to the industry; However, from the perspective of hospital implementation, DRGs has not involved any traditional Chinese medicine projects at this stage. How to link medical insurance and formulate a matching incentive system needs further observation.
Investment advice
From the guiding ideology of the document, the core is to improve the medium treatment rate. Since there is still drug addition between decoction pieces and formula particles, the hospital will have more power to increase the use of decoction pieces and particles; In terms of service items, due to the shortage of resources of famous and old traditional Chinese medicine doctors, it is slightly more difficult to quickly increase the proportion of income than decoction pieces and granules; In terms of Chinese patent medicine, only a certain degree of relaxation is seen at the approval end, while the payment end is still within the scope of DRGs management because most prescriptions are issued by Western doctors. Therefore, it is difficult to be exempted from the general environment of medical insurance cost control, and the degree of benefiting from the policy of improving the Chinese treatment rate is relatively limited.
On the whole, decoction pieces and granules are preferred, followed by traditional Chinese medicine medical services and proprietary Chinese medicine:
(1) Yinpian granules: leading enterprises of Chinese traditional medicine, Tianjin Chase Sun Pharmaceutical Co.Ltd(300026) , China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) ; (2) Chinese medicine medical service: GUSHENG hall; (3) Chinese patent medicine: Hubei Jumpcan Pharmaceutical Co.Ltd(600566) , Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) , Henan Lingrui Pharmaceutical Co.Ltd(600285) etc.
Risk tips
Policy implementation is not expected; Industry competition intensifies; The development of the industry is not as expected.
