Guangdong Pharmaceutical purchasing industry reshuffle pharmaceutical stocks fell

Source: in the morning of May 20, 2013, A-share was generally up, but the decline of pharmaceutical sector was obvious, generally showing a sharp decline Among them, the decline of thalidoxin, Kelun pharmaceutical, China Resources Sanjiu, China Resources Shuanghe, Tonghua Dongbao and Guangzhou Pharmaceutical all exceeded 5% On July, the Department of health of Guangdong Province and the pharmaceutical purchase platform of Guangdong Province issued the relevant rules on drug trade in Guangdong Province (Draft for comments) The draft comprehensively regulates the non essential drugs, essential drugs, drug purchase and distribution, transaction settlement, etc., and proposes to effectively reduce the virtual high price of drugs through online bidding, volume price linkage and other measures, and requires Relevant units shall submit modification opinions before May 24, 2013 It is reported that the "drug exchange" mode aims to increase the transparency of drug bidding and purchase, change the functions and responsibilities of the government in the bidding and purchase process, put an end to rent-seeking and corruption, and enable more enterprises to effectively participate in drug trading to activate the market The main changes of trading rules of essential drugs in the draft for comments: 1 The essential drugs are regarded as ordinary GMP level varieties regardless of quality level; 2 The quotation shall not be higher than the market price, and the market price of low-priced drugs is the trading price (the market price is the national average bid winning price and 12 The average price of Guangdong's bidding price The market price of exclusive products is the lowest bidding price in China The price of low-cost drugs is the market price after deducting the forward plus difference rate of the hospital, not referring to the average purchase price at the basic level 3 The "double envelope" evaluation is adopted, with the highest comprehensive score (including 10 points for technical weight and 90 points for price) 4 The hospital can only select the dosage form and specification to be used, not the manufacturer directly The main changes of trading rules of non base drugs: 1 The quality level is divided into five categories: patent, original research, independent pricing, high quality and good price (including differential pricing), GMP; 2 Online bidding of medical insurance catalog varieties, winning the bid at the lowest price; bidding varieties are divided into different groups according to dosage forms and content specifications, but combined dosage forms; 4 The market price is the national average bidding price and 09 For the low price in Guangdong, the price of the products exclusively produced shall be the lowest bidding price in China; 5 The hospital can only select the dosage form and specification to be used, not the manufacturer directly The price weight of the opinion paper is high, and the severity is slightly higher than the market expectation The drug transaction price and purchase mode may have a significant impact on the current pattern of the industry This is also the main reason for the collapse of TCM stocks in today's market However, Shenwan believes that the Guangdong plan is still a draft for consultation, and there is room for industrial and commercial enterprises to communicate and coordinate with the government; the Guangdong plan is only a case in point of view, as long as the bidding rules of low price but not quality contradict the national principle of "quality first and price reasonable", it is unlikely that other provinces will follow suit Guohai Securities believes that Guangdong Province, as a major pharmaceutical purchasing Province, its reform trend can be regarded as the wind vane of China's pharmaceutical reform This opinion draft is short of the pharmaceutical industry as a whole, which may suppress the pharmaceutical sector in the short term, but the high growth of the pharmaceutical industry remains unchanged, the industry remains neutral in the short term, and long-term recommendation rating The "drug exchange model" was first launched in Chongqing in 2010, and Chengdu has taken a similar approach since then The basic idea of this mode is "quality first, reasonable price, combination of quantity and price, standardized distribution and time limited settlement", that is, the seller and the buyer members sign the electronic purchase and sale contract on the electronic trading platform of the exchange to complete the transaction together Before that, one year after the Chongqing drug exchange officially launched its online trading, the average drop in drug purchase price was 28.07% The main change in the basic drug trading rules in the opinion draft on finding a drug haven was that basic drugs were regarded as common GMP varieties regardless of quality level, and the price decentralization accounted for 90% The main change of non base drugs is that the quality level is divided into five categories: patent, original research, independent pricing, high quality and good price (including differential pricing), GMP The bidding varieties are grouped by content, the dosage forms are combined, and the lowest price of medical insurance varieties is awarded Basic medicine and non-basic medicine can only choose the dosage form and specification to be used, not the manufacturer directly That is to say, the non exclusive varieties are hit hard, and the exclusive varieties are more favorable According to the rules of opinion draft, the basic drug varieties are not divided into quality levels, and the basic low price of the same variety is taken from the GMP of non basic drugs Class a varieties are basically divided into price categories, and the grouping is reduced, which has a great impact on the competitive varieties with more manufacturers, but has little impact on the exclusive varieties Because the bidding price of the exclusive varieties is generally stable, and there is no competitor to participate in the quotation, and the price reduction pressure is small, so it is more favorable for the exclusive varieties According to this, Shenwan proposed that the main drugs not affected by Guangdong's regulations are: patent drugs and original research drugs of foreign and joint ventures; drugs priced separately by foreign, joint ventures and domestic enterprises with high quality and high price; exclusive products of non essential drugs (exclusive dosage forms are not included in the same dosage form group); exclusive specifications of non essential drugs (generic drugs, different specifications under the same dosage form); essential drugs Exclusive varieties (including exclusive dosage forms); low-cost drugs (low-cost generic drugs) and clinically necessary and difficult varieties (albumin, etc.); national controlled ephedrine drugs Xingye securities proposed that the policy may have a certain negative impact on the investment sentiment of the pharmaceutical sector in the short term However, the impact of the bidding policy on various sub industries is quite different, and the relative impact of the chemical sector is relatively large, while the enterprises with more exclusive varieties of traditional Chinese Medicine (such as Tianshili, Yiling pharmaceutical, Kangyuan pharmaceutical and other traditional Chinese medicine prescription pharmaceutical enterprises), OTC enterprises (Yunnan Bai) Drug, China Resources Sanjiu, dong'a gum, Pianzihuang, etc.), single priced varieties, export-oriented API enterprises (Huahai pharmaceutical, XinHeCheng, etc.), narcotic and analgesic enterprises (humanwell pharmaceutical), medical devices (Xinhua medical, Hejia, Yuyue medical, etc.), medical services (Aier ophthalmology and Tongce medical, etc.) are less affected by the policy, Shenwan also believes that Yunnan Baiyao, Tianshili, dong'a-jiao and Yiling pharmaceutical industries are dominated by exclusive varieties, with almost no impact; all the narcotic drugs under humanwell pharmaceutical are controlled products, not limited by this program; bailing capsule and acarbose, which have a good growth in East China pharmaceutical, will not be affected, but pantoprazole will be affected to some extent; the pressure of Peinan antibiotics in Haizheng pharmaceutical industry The effects of epirubicin and adenosylmethionine were not significant