By the end of 2015, the base drug market is expected to reach more than 400 billion shares or benefit

At present, medical insurance accounts for more than 60% of the residents' medical expenses Because the reimbursement proportion of basic drugs is higher than that of ordinary medical insurance, the proportion of expenses raised by Chinese and local governments is higher According to Changjiang Securities Research Report, most developed countries have not established a basic drug system, but have a relatively complete drug reimbursement system; most developing countries have gradually established a complete basic drug system, including the bidding, distribution, formulation, supervision and evaluation of the basic drug catalog; unlike other developing countries, China's basic drugs are not only in the basic medical treatment In addition to the use in institutions, the proportion of the use in secondary and tertiary hospitals is also increasing, and the covered terminals are moving up from primary medical institutions, gradually becoming another vast city According to the research report, the number of varieties of the 12 version of the basic drug catalog has increased significantly, and special drugs such as anti-tumor drugs, blood and spirit drugs have been added, the structure has been optimized, and the clinical applicability has been improved; the proportion of basic drugs used in the second and third level hospitals also needs to be greatly increased, which makes the terminal of the basic drug coverage move up; it is estimated that by the end of 2015, the market scale of the basic drugs will reach 400 billion, which will be in the whole prescription drugs The market share is expected to reach 35-40%, with an average annual compound growth of 31% in 2013-2015 A large number of varieties have been added to the 09 version of basic drugs, and the health and Family Planning Commission also expressed the hope that all regions would carefully add and make the supplement more standardized; (2) in the bidding process of 09 version and 12 version of basic drugs, from "only low price is lack to focus on quality weight, reflecting" quality priority, reasonable price is the trend In May this year, the price reduction of basic drugs bidding in Beijing is far less than the average value of all regions in the early stage, and it is expected that the pressure of price reduction of basic drugs bidding in subsequent regions will be reduced Compared with the 2009 version, the market withdrawal of the 12 version is significantly improved However, different varieties have different fates, and the key to market investment is to select the best varieties We are optimistic about the exclusive or quasi exclusive varieties with strong sales ability, moderate daily consumption amount, and large sales and gross profit in the main business Changjiang Securities proposes to take the listed companies with exclusive and class exclusive varieties entering the base drug catalog or supplement catalog as the main allocation direction: (1) resonance of new and old base drug products: Tianshi and Yiling pharmaceutical; (2) the old base drug products are expected to take off for the second time: Kunming pharmaceutical, Zhongheng group, Yunnan Baiyao, Ma Yinglong, etc.; and (3) new base drug catalog or supplement catalog of potential varieties: Tonghua Dongbao, Wuhan Jianmin, Huadong pharmaceutical, Kangyuan pharmaceutical, Qizheng Tibetan medicine and Lingrui pharmaceutical; (4) in the long run, the above-mentioned basic drugs benefit from a clear defensive and offensive nature If the stock price is adjusted, it is a good opportunity to intervene (5) Recommended by key companies: Tonghua Dongbao, Tianshili, Yiling pharmaceutical, Kunming Pharmaceutical, Wuhan Jianmin, East China pharmaceutical, Zhongheng group, Lingrui pharmaceutical, Zhongsheng pharmaceutical and Ma Yinglong.