Hengrui, Shiyao, Fosun and other eight most profitable pharmaceutical companies compete

There are 8 listed companies with over 10 billion pharmaceutical preparations, and the industry concentration is further improved At present, the annual report of a share in 2018 has ended, and most of the annual reports of H share have also been published After sorting out, the author found that at least eight pharmaceutical enterprises, including Hengrui, Shiyao, Fosun, Bubu, China biopharmaceutical, Shangyao, Kelun pharmaceutical and China Resources 39, have pharmaceutical preparation revenue of more than 10 billion yuan, while only 3-4 in 2017 and before, which shows that the industry concentration is improving With the continuous promotion of China's medical reform, the maturity of capital operation, the increasingly frequent cooperation and M & A among pharmaceutical enterprises, more and more pharmaceutical enterprises with preparations of more than 10 billion yuan will have higher and higher market concentration For example, Fosun Pharmaceutical Co., Ltd with revenue of nearly 10 billion yuan in 2016 and China Resources Sanjiu Co., Ltd successfully ranked among the "over 10 billion club" of pharmaceutical preparation enterprises in 2017; the stone pharmaceutical group with revenue of nearly 10 billion yuan in 2017 and Kelun Pharmaceutical Co., Ltd with average annual revenue of over 10 billion yuan in 2018 In 2018, the revenue of Sinopharm group reached 16.553 billion Hong Kong dollars, about 14.070 billion yuan (the exchange rate is 0.85) At present, Baiyunshan and other enterprises with preparation revenue close to 10 billion are also expected to enter the ranks of "over 10 billion club" of pharmaceutical preparation enterprises in the next year or two The basic information of drug preparation income of eight pharmaceutical enterprises is as follows: Note: the data comes from the annual report of each listed company, and this table is only the income of drug preparation Among them, Fosun Pharmaceutical is calculated based on the data of pharmaceutical manufacturing and R & D income excluding a small amount of APIs and intermediates core products; Kelun pharmaceutical is calculated based on the income of infusion and non infusion preparations; the exchange rate of Shiyao group is 0.85, the same below; the gross profit related data is not independently disclosed, which is the calculated data For reference ▍ the distribution characteristics of the large-scale competition and treatment of drug product lines of 10 billion pharmaceutical companies: tumor or cardiovascular and cerebrovascular drugs are involved in the treatment fields covered by the main product lines of eight enterprises, but they also have different emphasis Through comparison, the author found that most of these enterprises are involved in two major areas of cardio cerebrovascular / anti-tumor treatment, either these two areas contribute more business income to the enterprise, or are actively layout It can be seen that these two kinds of drugs are indispensable product lines for enterprises to do large-scale production In fact, this is related to the current situation of disease spectrum in China With the development of China's economy and the improvement of people's living standards, the disease spectrum dominated by infectious diseases and parasitic diseases has been replaced by chronic non infectious diseases (NCD) such as cardio cerebrovascular diseases and malignant tumors, which have become the main diseases threatening the health of residents Therefore, the market demand for drugs in China has changed from antibiotics and antiviral anti infective drugs to cardiovascular and tumor drugs Although most of the product lines of the eight pharmaceutical companies involve cardio cerebrovascular and anti-tumor drugs, the treatment fields involved also have their own focus Among them, Sinopharm group has heavyweight products in cardio cerebrovascular and tumor; step pharmaceutical cardio cerebrovascular disease is the main source of enterprise income; Hengrui pharmaceutical income mainly comes from tumor medicine Shanghai pharmaceutical, China biopharmaceutical and Fosun Pharmaceutical have obvious advantages in digestive system and metabolism Peifeikang of Shanghai pharmaceutical, Runzhong and Tianqing Ganmei of China biopharmaceutical, Atomolan of Fosun Pharmaceutical are also leading brands in the industry 999 Ganmaoling series of China Resources Sanjiu are used in the respiratory system, 999 dermatitis flat and Shunfeng Kangwang are the main sources of income for the enterprise Kelun pharmaceutical is the leading enterprise in the infusion industry, accounting for nearly 80% of the enterprise's preparation income Note: sort out according to the annual report / performance report for reference Income distribution: except for the income of China Resources Sanjiu, Kelun pharmaceutical and Shiyao group which are mainly in individual treatment fields, the other five 10 billion level pharmaceutical companies have statistics According to the data analysis, step pharmaceutical is mainly used for cardiovascular and cerebrovascular diseases, accounting for more than 80% of the enterprise's income; China's biopharmaceuticals are mainly used for digestive system (Note: mainly for liver diseases), Hengrui pharmaceutical is mainly used for anti-tumor drugs, with outstanding contribution in key treatment fields, accounting for more than 40% of the enterprise's pharmaceutical industry income; relatively speaking, Shanghai Pharmaceutical and Fosun Pharmaceutical The income from the largest treatment area is slightly more than 20% However, no less than four of the five 10 billion level pharmaceutical enterprises have a share of more than 5% (and a corresponding income of more than 100 million yuan) It can be seen that the major 10 billion pharmaceutical companies have the characteristics of "multi-point flowering" mainly in individual fields Note: the data is sorted out according to the annual report / performance report of each pharmaceutical company for reference Great competition of more than 100 million varieties: all of these enterprises have more than 10 varieties with more than 10 billion preparation revenue, all of which are more than 10 The number of biopharmaceutical products in China has reached 32, among which 31 in Shanghai are second, 29 in Fosun, 22 in CR 39, and more than 10 in Hengrui, Shiyao, Bubu and Kelun Note: the information comes from the annual report Some enterprises are estimated data for reference ▍ the marketing and promotion of pharmaceutical companies with 10 billion pharmaceutical preparations have a great competition in the sales mode: those enterprises with more than 10 billion pharmaceutical preparations are mainly self-employed, supplemented by investment promotion agents, and most of the sales modes are self-employed + agent sales Generally speaking, pharmaceutical enterprises can't do without this mode to become bigger and stronger: bring advantage areas into self built teams for sales, and leave those areas with high sales cost and hard to chew to other marketing companies for agency sales Note: according to the annual report of the enterprise, for reference From the perspective of the sales force of each enterprise, there is a relatively large sales force Among them, more than 10000 people are Shanghai pharmaceutical, China Bio pharmaceutical and Hengrui pharmaceutical, and the sales force of Fosun Pharmaceutical and China Resources 39 is also between 4000-4500 These large enterprises are not stingy in terms of sales expenses, which are more than 4.5 billion yuan, and most of the sales expenses account for more than 30% Step pharmaceutical has always had a high proportion of sales expenses, which is still over 55% although it is down from over 60% in 2017 Note: the data comes from the annual report of each enterprise, in which Shanghai pharmaceutical, Fosun Pharmaceutical and Kelun pharmaceutical do not disclose the separate drug preparation sales expenses and sales personnel, which are calculated according to a certain proportion; the sales expenses of Shiyao group are calculated according to a certain proportion for reference ▍ pharmaceutical preparations 10 billion pharmaceutical enterprises have great potential for drug development in the future Large R & D costs and investment in R & D are the fundamental driving force for enterprises to develop new products and continue to grow in the future From the perspective of R & D personnel and R & D investment, Hengrui pharmaceutical and China biopharmaceutical are far ahead of other enterprises In addition, in terms of the proportion of R & D investment in sales revenue of the year, only Hengrui pharmaceutical and China Biopharmaceutics accounted for more than 10% China Resources Sanjiu is dominated by mature OTC varieties, while step pharmaceutical is dominated by proprietary Chinese medicine Note: the data is sorted out according to the annual report of each enterprise Kelun pharmaceutical and Fosun Pharmaceutical provide reference for the R & D personnel and R & D cost input of the whole enterprise R & D advantages & in the report period, the R & D achievements of several other enterprises are in the first echelon of China's pharmaceutical industry, with an annual R & D investment of more than 1 billion yuan, with obvious R & D advantages In terms of new drug research and development, Hengrui pharmaceutical, China biopharmaceutical and Shiyao group have more obvious advantages Note: according to the annual report of each enterprise, for reference.