On January 19, the website of Guangdong Provincial Drug Trading Center released the notice on the centralized procurement document of diclofenac and other drugs of Guangdong alliance. The centralized procurement directory listed 276 drug procurement lists, the most effective quotation and the volume reporting details of public medical institutions in the alliance area, including growth hormone and blood products concerned by the capital market.
Centralized procurement affects the sensitive nerves of the market. The release of the above documents triggered fluctuations in the share prices of relevant listed companies in the secondary market. Among them, the 100 billion market value listed companies Changchun High And New Technology Industries (Group) Inc(000661) mainly engaged in growth hormone production and sales staged a "lightning" limit decline, Anhui Anke Biotechnology (Group)Co.Ltd(300009) decreased by 7.54%; The blood products listed company Hualan Biological Engineering Inc(002007) once fell sharply, and the share prices of Beijing Tiantan Biological Products Corporation Limited(600161) also adjusted.
In response to this matter, the reporter of Securities Daily dialed Changchun High And New Technology Industries (Group) Inc(000661) public telephone, but did not get through. Anhui Anke Biotechnology (Group)Co.Ltd(300009) the relevant person of the board secretary office told reporters that the decline of growth hormone in this collection exceeded previous expectations. People related to the blood products listed company Hualan Biological Engineering Inc(002007) told reporters that the information seen at present has little impact on the company. The highest price of blood products included in the alliance's volume procurement is higher than the ex factory price of the company's products.
growth hormone prices fell more than expected
The Guangdong alliance procurement includes Guangdong, Shanxi, Jiangxi, Henan, Guangxi, Hainan, Guizhou, Qinghai, Ningxia, Xinjiang and Xinjiang production and Construction Corps, covering east China, southwest, central China, South China, North China and Northwest China. Among them, the intensive purchase of growth hormone has attracted market attention.
The number of patients with dwarfism in China is huge, and the treatment cost is relatively high. According to the National Bureau of statistics, in 2019, China's population aged 4-15 was about 178 million. According to the incidence rate of 3% dwarfism, about 5 million 330 thousand people were short stature. About 70% of them can use growth hormone replacement therapy, and the applicable population is more than 3.74 million.
The indications of recombinant human growth hormone for children with primary growth hormone deficiency have been included in the basic catalogue of medical insurance. It is a variety with large consumption and high purchase amount. Among them, the price of growth hormone powder injection is relatively low, the use is large, and the purchase is expected; The price of growth hormone water needle is high, and there are few manufacturers. This time, it was included in the procurement of Guangdong alliance, which was unexpected in the market.
According to the report released by Tianfeng Securities Co.Ltd(601162) , the price limit rules are relatively strict, exceeding market expectations. Shi lichen, a pharmaceutical strategic marketing expert, told the Securities Daily that there are multiple recombinant human growth hormone in the centralized procurement document of diclofenac and other drugs of Guangdong alliance, which may lead to a certain price competition for recombinant human growth hormone in the medical institution market, However, since the main market of recombinant human growth hormone injection is not a medical institution, especially a public medical institution, such as Changchun Kinsey pharmaceutical, the possible result is that the manufacturers of recombinant human growth hormone injection that do not take medical institutions as the main market will carefully consider whether to enter the Alliance for centralized procurement and the declared price of entry. "It is predicted that the price of recombinant human growth hormone injection will be reduced to a certain extent, but it may not exceed 40%."
Growth hormone is the core product of Kinsey pharmaceutical, and Kinsey pharmaceutical has always been regarded as a profit cow of Changchun High And New Technology Industries (Group) Inc(000661) . In the first three quarters of 2021, the sales revenue of growth hormone products of Kinsey pharmaceutical was about 5.8 billion yuan, accounting for 70% of the total revenue of Changchun High And New Technology Industries (Group) Inc(000661) . Affected by the procurement news of the alliance, on January 19, Changchun High And New Technology Industries (Group) Inc(000661) fell by the limit and finally closed at 227.6 yuan / share.
On January 19, Changchun High And New Technology Industries (Group) Inc(000661) said on the investor interaction platform that the website of Guangdong pharmaceutical delivery center announced the relevant centralized volume procurement documents today. At present, the company is actively studying the policies and regulations and will formulate reasonable plans. At present, there is no expectation of specific impact.
is the centralized collection of blood products less affected?
This time, blood products also entered the scope of centralized collection for the first time, specifically involving five varieties of intravenous injection of human immunoglobulin (pH4), human immunoglobulin, human coagulation factor VIII, human fibrinogen and human albumin.
Affected by this news, the blood products listed company Hualan Biological Engineering Inc(002007) once fell 7.7%, and as of the close, the decline narrowed to 5.6%. In addition, Beijing Tiantan Biological Products Corporation Limited(600161) , Boya Bio-Pharmaceutical Group Co.Ltd(300294) , Shanghai Raas Blood Products Co.Ltd(002252) , Shenzhen Weiguang Biological Products Co.Ltd(002880) and other blood product enterprises also followed the decline for a time, and the decline was also greatly narrowed by the close.
"At present, centralized collection has little impact on blood products enterprises. Firstly, blood products are products outside medical insurance. Secondly, the highest quotation of blood products this time has been much higher than the ex factory price of the company's products. In addition, the price of blood products is determined by supply and demand." A relevant person from the Board Secretary Office of a listed company of blood products told reporters.
According to the research report released by The Pacific Securities Co.Ltd(601099) securities, China's blood product supply is expected to remain in a tight balance between supply and demand in 2022.
Shi lichen told reporters that at present, blood products are the seller's market, and most blood products are always in short supply. Therefore, if the alliance centralized collection can reduce the price of blood products a little, the results of the alliance centralized collection will be very great. Therefore, it is predicted that the overall decline of blood products will not exceed 20%.
normalization of centralized purchase
In recent years, the reform of centralized procurement of drugs and high-value medical consumables has been continuously promoted, and the virtual high medical prices have been effectively squeezed with the market-oriented mechanism. By the end of last year, 260 billion yuan of medical insurance and patient expenditure had been saved.
On January 10, Premier Li Keqiang presided over the executive meeting of the State Council and decided to carry out centralized and institutionalized procurement of drugs and high-value medical consumables, so as to further reduce the medical burden of patients. Among them, focusing on chronic diseases and common diseases, we will continue to promote the centralized purchase of drugs at the national level, and all localities will carry out provincial or inter provincial alliance procurement of drugs purchased outside the national centralized purchase. By the end of this year, the national and provincial centralized collection of drugs will reach more than 350 in each province, gradually expand the coverage of centralized collection of high-value medical consumables, and carry out centralized collection of orthopaedic consumables, drug balloons and dental implants concerned by the masses at the national and provincial levels respectively.
According to the research report released by Southwest Securities Co.Ltd(600369) , the national procurement with quantity has moved from the original variety pilot to the continuous expansion of the number of varieties, from the original evaluated and fully competitive chemical drugs to the whole variety with high procurement amount, full competition and strong social impact. It is worth mentioning that it was generally believed that drugs that are not within the scope of medical insurance payment may not be affected by centralized purchase. With the promotion of the policy, drug consumables such as dental implants and blood products that are not within the scope of medical insurance are also facing the trend of centralized purchase.
Previously, a policy analyst who asked not to be named told the Securities Daily: "it is a general trend that some drugs and consumables not within the scope of medical insurance should be included in the centralized purchase. It is necessary to give Lbx Pharmacy Chain Joint Stock Company(603883) price transparency. The price transparency of drugs and consumables related to Lbx Pharmacy Chain Joint Stock Company(603883) medical needs will become the direction of centralized purchase."
