Fosun subsidiary Fosun Kate and WuXi Juno's CAR-T Therapy Agironse Injection and Reggielense Injection have been listed successively, and the price is more than 1.2 million yuan per shot

On September 5, CAR-T concept stock WuXi Junuo plunged 30%.

Because early this morning, the Shenzhen Stock Exchange announced that due to the regular adjustment of constituent stocks in the Hang Seng Composite Large-Cap Index, Mid-Cap Index and Small Cap Index, three innovative pharmaceutical companies such as WuXi Junuo would be transferred out of the "Hong Kong Stock Connect" list

But more than a year later, CAR-T, which was once shrouded in aura, is less than expected

According to the rules of the Shenzhen Stock Exchange, the target of the "Hong Kong Stock Connect" must meet the average month-end market value of not less than HK$

Millions of "sky-high drugs" sell less than 100 million yuan a year

On August 30, Fosun Pharma held a semi-annual performance meeting, and Wu Yifang, chairman of the company, said that the spread of the epidemic in the first half of the year had a greater impact on the entire medical sector, and "the company's enterprises in Shanghai encountered some situations in production and manufacturing, especially CAR-T.

Fosun Kate's level of business development should be better

There may be many more untreated patients, but not everyone can afford 1.
2 million
.

Is overseas the way out?

Due to going to sea, the fate of another domestic CAR-T is much
better.

At the end of February this year, Sidaki Orense's CAR-T therapy of Sino-listed LegendAry Bio was approved by the US FDA for patients
with relapsed/refractory multiple myeloma.
After the listing, Sidaki Orense's first-quarter sales were $24 million, or about 160 million yuan, which was better
than the other two products that went to market earlier.

Legendary Creatures chose to conquer the U.
S.
market and entered into a distribution agreement with Johnson & Johnson, with both sides sharing the revenue of Siddaki Orense outside of Greater China at 50%
each.
It is worth mentioning that the price of Sidaki Orense is as high as $
460,000.

At the list price, more than 50 patients in the United States used the product in one quarter
.

Higher pricing, more patients, the U.
S.
market is much more "fragrant" than the Chinese market, which is why many innovative pharmaceutical companies are eager to go to sea
.

In China, price is the most controversial: Zheshang Securities has previously estimated that the actual cost of using CAR-T therapy for patients is about
1.
65 times the price of the product.
According to this calculation, the actual cost of the two domestic CAR-T should reach about
2 million yuan.

Such a high cost, few patients can afford it
.
Therefore, the main payment channels of CAR-T are urban Huimin Insurance and various types of commercial insurance: at present, Fosun Kate's Agilunsai injection has been included in the Huimin Insurance of 44 provinces and cities, and more than 50 commercial insurances; WuXi Juno's Requilense Injection has been included in 52 commercial insurance plans and supplementary medical insurance
in 28 local governments.

There is a limit to the relevant insurance benefits
.
Previously, some people related to the health industry told the Health Bureau that the proportion of commercial insurance can be reported is not high
.
In terms of Huimin Bao, taking Changsha Huimin Bao as an example, the maximum reimbursement amount is about
500,000 yuan.
The remaining "big head" cost of more than 1 million yuan still requires patients to find their own ways
.

However, in the United States, CAR-T has entered people's field of vision since 2017, and the corresponding treatment and payment systems are also much
more mature.
According to the WeChat public account "Tongyi", in the past year, Johnson & Johnson has been in contact with all large commercial insurance companies in the United States, and the promotion of products and medication management are much better
than in China.

Johnson & Johnson estimates that sales in the second year of Sidakio's listing may reach $
500 million.

And domestic car-T companies, but also have to pave the way of
marketing.

It's
hard.
After all, in the first half of this year, WuXi Junuo's CAR-T has only issued 77 prescriptions, 23 more than the previous year, and the company's marketing expenses have been 1.
3 times the
revenue.