"Billion regiment" adds the formidable general again! In half a year, 9 class 1 new drugs have been approved for clinical application, 4 anda. Why is Hengrui so good at R & D?

Brilliant content a few days ago, Hengrui pharmaceutical announced that the company has received the new drug certificate and drug registration approval document of thiopefigeristine injection (19K) issued by the State Drug Administration Hengrui, which has the titles of "A-share pharmaceutical market value first brother" and "R & D first brother", has invested 5 billion yuan in R & D in five years In only half a year, 9 new drugs of class 1 have been approved clinically, and 4 overseas andas have been approved Why is the R & D of Hengrui pharmaceutical so good? Not long ago, Forbes released the eighth list of the world's 100 most innovative enterprises There are 9 biomedical companies in the world, only one of which is a Chinese pharmaceutical company, Hengrui pharmaceutical, with an innovation premium of 41.12% How to measure a company's innovation ability? Forbes is based on the innovation premium, which is the difference between the market value of a company and the net present value of cash flow of existing businesses For pharmaceutical enterprises, the ability of R & D innovation can also be reflected in: first, the competitive position and market performance of existing products in the market; second, the reserve of products under research and the potential market space in the future   none="shifuMouseDownStyle('shifu_bus_002')" style="margin: 1em auto; padding: 0px; max-width: 100%; font-size: 17px; letter-spacing: 0.544px; widows: 1; line-height: 25.6px; font-family: -apple-system-font, Bl inkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; color: rgb(62, 62, 62); border-style: none none solid; text-align: center; border-bottom-width: 1px; border-bottom-color: rgb(0, 0, 0); box-sizing: border-box !im portant; word-wrap: break-word !im portant; "> eight more than 1 billion varieties, and the anti-tumor sector is booming again Table 1: in 2017, Hengrui medicine, a public medical institution in China, and its subsidiaries sold more than 1 billion yuan of products annually (source: minenet database) According to the data of mienei.com, in 2017, the annual sales of more than 20 single products of Hengrui pharmaceutical and its subsidiaries in China's urban public hospitals, county-level public hospitals, urban community centers and township health centers (referred to as China's public medical institutions) terminals exceeded 100 million yuan, including 8 products with an annual sales volume of more than 1 billion yuan Among these 8 products, 2 are antineoplastic drugs, and docetaxel injection (trade name: AI Su) ranked sixth with 3.11% market share among the top 20 antineoplastic brands of public medical institutions in China in 2017; There are four products that have won the title of category in a row, sevoflurane for anesthetic inhalation (trade name: kaitli), ranking first among the top 20 anesthetic brands of public medical institutions in China in 2017 with a market share of 13.85%; Among the top 20 muscle relaxant brands in China's public medical institutions in 2017, bensulfosan atracurium injection was far ahead of other manufacturers with a market share of 40.67%; among the top 20 contrast brands in China's public medical institutions in 2017, iodofol injection ranked first with a market share of 13.91%; mineral supplement sodium potassium magnesium calcium glucose injection In 2017, among the top 20 mineral supplements brands of public medical institutions in China, it won the title with a market share of 14.21% Figure 1: Sales of pegylated recombinant human granulocyte stimulating factor in public medical institutions in China (unit: 10000 yuan) (source: minenet database) from 2013 to 2017, the class 1 new drug 19K approved for listing by Hengrui pharmaceutical is a PEGylated recombinant human granulocyte stimulating factor independently developed by the company, which belongs to the immunostimulator in anti-tumor and immunomodulator In recent years, the sales volume of pegylated recombinant human granulocyte stimulating factor in public medical institutions in China has grown rapidly In 2013, the sales volume was only 11.63 million yuan, and in 2017, it reached 1047.36 million yuan The 19K is approved for listing, or will become another billion varieties of Hengrui medicine, helping the company's anti-tumor plate develop rapidly   none="shifuMouseDownStyle('shifu_bus_002')" style="margin: 1em auto; padding: 0px; max-width: 100%; font-size: 17px; letter-spacing: 0.544px; widows: 1; line-height: 25.6px; font-family: -apple-system-font, Bl inkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; color: rgb(62, 62, 62); border-style: none none solid; text-align: center; border-bottom-width: 1px; border-bottom-color: rgb(0, 0, 0); box-sizing: border-box !im portant; word-wrap: break-word !im portant; "> in the past half a year, 9 class 1 new drugs have been approved for clinical use, 4 anda Table 2: Class 1 new drugs approved for clinical use by Hengrui and its subsidiaries in the past half a year (source: announcement of listed companies, minenet database) According to the announcement of listed companies and minenet database data, in the past half a year, 9 class 1 new drugs have been approved for clinical use by Hengrui and its subsidiaries, with a total investment of RMB 254 million Among the 9 new drugs of category 1, 6 are used to treat tumors It can be seen that the anti-tumor field is the focus of Hengrui medicine Among the 9 new drugs of category 1, 5 have not been approved for marketing at home and abroad, and 5 have not been in clinical trial stage at home They are shr-a1403 for injection, shr-1501 for injection, shr7280 tablets, shr0532 and tablets, shr9146 and tablets; There are several similar products at the stage of clinical research or preclinical development at home and abroad, but there are two products that have not been approved for marketing, namely shr2554 and shr7280 Table 3: approval of Hengrui and its subsidiaries in the United States (source: announcement of listed companies) in the past half year, Hengrui medicine and its subsidiaries have obtained 4 andas in the United States, with a total investment of 89.3 million yuan, including dexmedetomidine hydrochloride injection It has a leading position in domestic similar products, ranking the second with 16.36% of the top 20 brands of terminal antipsychotic drugs in China's public medical institutions in 2017 Hengrui medicine obtained the Anda batch number of fondaparinux injection on May 18, 2018, which can be produced and sold in the United States Before that, Hengrui pharmaceutical has submitted the listing application to the State Drug Administration and included it in the priority review On May 31, Hengrui pharmaceutical received the approval document for drug registration issued by the State Drug Administration, and the sulfondagangui sodium injection has become the first one in China   none="shifuMouseDownStyle('shifu_bus_002')" style="margin: 1em auto; padding: 0px; max-width: 100%; font-size: 17px; letter-spacing: 0.544px; widows: 1; line-height: 25.6px; font-family: -apple-system-font, Bl inkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; color: rgb(62, 62, 62); border-style: none none solid; text-align: center; border-bottom-width: 1px; border-bottom-color: rgb(0, 0, 0); box-sizing: border-box !im portant; word-wrap: break-word !im portant; "> why is Hengrui so strong in R & D from imitation to innovation? Hengrui pharmaceutical attaches great importance to R & D innovation At the two sessions in March this year, sun piaoyang, chairman of Hengrui pharmaceutical, said that as an enterprise engaged in mainstream drug research for nearly 30 years, Hengrui pharmaceutical used to mainly produce generic drugs, and now it has moved from the stage of generic drugs to the stage of innovation Hengrui pharmaceutical, known as "the first brother of R & D", has been recognized for its R & D innovation ability, which is closely related to the layout of R & D innovation of the company Increase R & D efforts year by year figure 2: R & D investment of Hengrui pharmaceutical in 2013-2017 (unit: 100 million yuan) (source: annual report of listed companies) According to the 2017 annual report of Hengrui medicine, in recent years, the R & D expenditure of Hengrui medicine has increased year by year, and its proportion in total operating revenue has also increased year by year In 2013, the R & D expenditure was 563 million yuan, and in 2017, it has reached 1.759 billion yuan In five years, the R & D expenditure of Hengrui medicine has exceeded 5 billion yuan Layout R & D center up to now, the R & D center of Hengrui pharmaceutical has covered high-tech enterprises gathering places such as Shanghai and Suzhou with Lianyungang as the center, and mature markets such as North China, Southwest China and the United States and Japan Whether it is self-cultivation of R & D capability or external leverage, the layout is basically perfect Eight R & D centers in Shanghai, Lianyungang, Nanjing, Chengdu, Jinan, Suzhou, and the United States and Japan perform their respective duties, covering the whole system of new drug molecular discovery, screening and evaluation, preclinical and clinical research According to the announcement of Hengrui pharmaceutical, up to now, Hengrui pharmaceutical has successfully licensed overseas pharmaceutical companies' products with several independently developed products, and the latest two foreign product licensing occurred in January this year On January 4, Hengrui medicine reached an agreement with arcutis in the United States to license the Jak1 inhibitor (code name "shr0302") project for the treatment of immune system diseases to arcutis in the United States for a fee Hengrui can obtain a total of US $223 million down payment and milestone payment, plus sales commission On January 8, Hengrui pharmaceutical and TG therapeutics of the United States reached an agreement in the United States to license the BTK inhibitors shr1459 and shr1266 with independent intellectual property rights to Tg of the United States for compensation Hengrui can obtain up to $347 million in down payment and milestone payment, plus sales commission For enterprises, authorizing innovative drug products in overseas market to obtain milestone payment and sales share is good on the one hand, and on the other hand, the R & D Progress of authorized companies will also reverse the domestic R & D to generate power, with one stroke more   none="shifuMouseDownStyle('shifu_bus_002')" style="margin: 1em auto; padding: 0px; max-width: 100%; font-size: 17px; letter-spacing: 0.544px; widows: 1; line-height: 25.6px; font-family: -apple-system-font, Bl inkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; color: rgb(62, 62, 62); border-style: none none solid; text-align: center; border-bottom-width: 1px; border-bottom-color: rgb(0, 0, 0); box-sizing: border-box !im portant; word-wrap: break-word !im portant; "> the domestic R & D innovation leader is still far away from the global goal According to the 2017 annual report of Hengrui pharmaceutical, the proportion of R & D investment in the total revenue of the company has been maintained at about 10% for many years No matter the amount of investment or the proportion of revenue, there are few pharmaceutical companies in China that can match Hengrui's R & D investment However, no matter how excellent or brilliant it is at home, it is far from enough for Hengrui, who wants to be a global leader in medicine Table 4: R & D investment of major global pharmaceutical enterprises in 2013-2017 (unit: US $million) (source: performance database of MNE) According to the performance database data of MNCs, major pharmaceutical companies all over the world attach great importance to R & D, and the annual R & D investment is relatively high For example, Johnson & Johnson has a R & D investment of 10554 million dollars in 2017, and MSD has a R & D investment of 9982 million dollars Sun piaoyang, chairman of Hengrui pharmaceutical, said that the large pharmaceutical companies in the United States invest 120 billion US dollars in R & D every year, accounting for 20% of their sales revenue, while the total R & D investment of all Chinese enterprises is similar to that of a large company There is a big gap between China's technology level, experience, basic research and western large pharmaceutical enterprises Under the heavy pressure, Hengrui medicine has seen the future