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What does the announcement say?

What does the procurement plan say in the “National Organization for Centralized Purchasing of Coronary Stents (GH-HD2020-1)”?

The announcement shows that the product collected this time is a coronary artery drug-eluting stent system, the material is cobalt-chromium alloy or platinum-chromium alloy, and the drug-carrying type is rapamycin and its derivatives. The total number of intended purchases in the first year was 1.0747 million, and the purchase cycle was 2 years. The products to be selected are the top 10 finalists in order of declared price from lowest to highest. The products to be selected must meet the declared price ≤ 1.8 times the lowest product declared price or the declared price> 1.8 times the lowest product declared price, but less than 2850 yuan. Finalists must meet certain quality standards.

Medical institutions have a certain degree of independent choice, and will give priority to the use of the winning products. Among the purchases that the hospital decides to allocate independently, the first selected product will be given an incentive to allocate the amount, and the range of the top 5 selected products will be set.< strong>This has led to the pressure of price reductions in corporate quotations.

In general, the bidding rules take into account both the guarantee and the fierceness, and the plan also takes into account the two aspects of encouraging price reduction and ensuring the use of selected products. Industrial Securities analysts believe that price competition is expected to be fierce.

Industry restlessness

Why did the announcement made by the country cause such fluctuations in the pharmaceutical manufacturing sector?

In short, similar to drug collection, the collection of high-value medical consumables may also be caught by the state in the future. In the past, the procurement and pricing of medicines and medical consumables were determined by the hospital itself. The characteristics of the hospital made the pharmaceutical sales industry huge profits./span>The gross profit margin of the pharmaceutical industry is much higher than that of other cyclical industries, as high as 40% to 80%.

Same as the previous drug control, the state announced the “National Organization for Centralized Purchasing Documents for Coronary Stents (GH-HD2020-1)”, with coronary stents as a pilot, and centralized screening can provide coronary stents. Medical companies.

Under the intervention of the government, the price of coronary stents will be greatly reduced, and the profit margin of middlemen will be reduced in a straight line. This time The price of 2850 yuan given by Guocai is the lowest negotiated price for drug-eluting coronary stents in Jiangsu. According to the previous price estimation obtained by the same method of coronary dilatation balloon sets, The stent may enter the age of thousand yuan.

For the common people, this is undoubtedly a piece of news that is popular; for the public who have recently held stocks in the pharmaceutical sector, this is news that makes everyone’s wallets weak; for middlemen, this It may be news of a thunderbolt, but in the long run, this announcement that made middlemen want to jump off the building is a beneficial move for my country’s pharmaceutical manufacturing industry.

Industrial Securities and Haoyue Capital hold similar views on this: In the short term, this makes it possible for domestic products to substitute for imports; in the long term, it forces independent innovation of enterprises to become the core. First of all, the intention to purchase is large (this time, coronary stents accounted for about 70% of the total annual consumption) and imported domestic products are not grouped. Analysts of Industrial Securities believe that this will be beneficial to the current segmented areas where domestic products do not have a high proportion. Import substitution, such as some subdivision tracks in orthopedics. Therefore, in the short term, although product prices may face a certain impact, import substitution is still expected to bring dividends in exchange for price.

What are the benefits to the industry?

In terms of the coronary stent market alone, 80% of imports have been replaced in the past. It is estimated that the imports of this collection account for about 32%, and the domestic 68%. Industry concentration will increase, and it will also provide newcomers with opportunities for overtaking in corners.

From a long-term perspective, in the entire high-value consumables industry chain, the implementation of volume purchases will squeeze the profit margin of the channel, and at the same time, it will have higher requirements for corporate innovation capabilities. An analyst at Industrial Securities said that among domestic companies that have obvious advantages in differentiated competition, they have independent innovation capabilities, diversified business layout, or a single product with high-tech and high-value-added leading companies are expected to be in the industry. Benefit from the card.

As far as the field of cardiology is concerned, products with innovative attributes and better market competition patterns, such as biodegradable stents andDrug balloons are expected to usher in an opportunity for rapid development. Looking to the future, a new generation of independent innovation and import substitution medical device companies will have the opportunity to rebuild the valuation system and accelerate their growth in the longer term.

(Reference: Industrial Securities “The national centralized procurement plan for coronary stents is released, the era of centralized procurement of high-value consumables is officially coming”, Haoyue Capital “ The stent centralized procurement document is released, the market structure is about to change”, “National Organized Coronary Stent Centralized Procurement Document (GH-HD2020-1)” announcement)

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