Hengrui's market value is over 250 billion yuan for the first time. Is it really just research and development? How to make marketing reform!

As of the closing on May 10, Hengrui pharmaceutical successfully topped the market value of 259.442 billion yuan with a price of 91.42 yuan / share, breaking the 250 billion yuan mark This is Hengrui pharmaceutical's new record of market value, and it is also the market value height that domestic pharmaceutical enterprises have never reached so far! Into may, Hengrui medicine has been good news First of all, on May 4, shr7280, a new oral small molecule GnRH receptor antagonist, was approved by CFDA for clinical trials, and said that it would carry out phase I clinical trials in the near future; then, five days later, another new drug under study, shr2554, was also approved for clinical trials On the same day, Hengrui pharmaceutical also announced that it has successfully obtained the batch number of Anda in the United States, which is used to treat breast cancer, ovarian cancer and other diseases, marking the further internationalization of its strategy But the capital market has given the positive response quickly On May 10, Hengrui pharmaceutical's share price rose all the way, and finally, with the price of 91.42 yuan / share, it successfully topped the market value of 259.442 billion yuan, breaking the 250 billion yuan mark This is Hengrui medicine's new record of market value Ten years ago, on the last trading day of 2007, the market value of Hengrui pharmaceutical was only 24.588 billion yuan, but at that time it was already the largest market value in the pharmaceutical stock However, by the last trading day of 2016, the market value of Hengrui pharmaceutical has exceeded 100 billion yuan, reaching 106.809 billion yuan From 20 billion to 100 billion, Hengrui pharmaceutical has spent nine years From the market value of 100 billion to 200 billion, Hengrui pharmaceutical only took one year On November 3, 2017, with the value of 71.95 yuan / share, Hengrui pharmaceutical exceeded 200 billion yuan for the first time and reached a total market value of 202.675 billion yuan From 200 billion to 250 billion, it took only six months! This is the market value height that domestic pharmaceutical enterprises have never reached up to now Although Hengrui pharmaceutical has always been facing the question of whether the valuation is too high, whether from the perspective of product layout, R & D reserves or marketing, Hengrui pharmaceutical is indeed the first pharmaceutical brother without doubt 1 R & D enters the harvest period!
On May 8, the CFDA website showed that the approval status of the application for listing of thiopefetistine injection declared by Hengrui Pharmaceutical Co., Ltd had been changed to "approved - to be certified", that is to say, this heavyweight variety, which has officially applied for clinical application since July 1, 2008, experienced 722 clinical trial data self-examination and verification, and was included in the priority approval list, is about to see the dawn of listing It was also reported that the variety had been approved for marketing from people familiar with the matter For Hengrui, it is undoubtedly an extremely important variety Thiopefigeristine injection, in fact, is polyethylene glycol recombinant human granulocyte stimulating factor injection, also known as "19K", which is used to increase the level of white blood cells in the blood during the chemotherapy of leukemia It is one of the drugs for promoting white blood, and the main market for promoting white blood drugs is called because of its stronger efficacy and smaller side effects As Hengrui's first bio innovative drug to enter the limited review, 19K is considered to be a large variety of Hengrui, after docetaxel, apatinib, atracurium, dexmedetomidine and iodophor, with a level of more than 1 billion At present, the only competitors of Hengrui's 19K in the market in the future are jinyouli of Shiyao group and xinruibai of Qilu pharmaceutical With the pegylated recombinant human granulocyte stimulating factor being included in the national medical insurance category B catalog, Hengrui, Shiyao and Qilu are likely to have a tripartite confrontation once listed It is worth noting that, although a large number of enterprises withdrew their listing applications due to the "July 22" verification storm in that year, quite a number of enterprises had no news after withdrawing, but Hengrui obviously did not belong to this list Its action of re submitting the application after withdrawal is "rapid", which also shows that its preparation in basic research and clinical data of drugs is quite mature In fact, a large number of early generic varieties have accumulated sufficient R & D experience for Hengrui According to the Southwest Securities Research Report, Hengrui pharmaceutical has applied for the first class 1.1 chemical arexib since 2003, and has applied for 38 class 1 Chemical and biological drugs, and has been approved to produce 2 class 1.1 varieties
From 2003 to 2012, except for special years, Hengrui kept the speed of applying for 2 new class 1 drugs every year Since 2013, the speed of applying for new class 1 drugs has been significantly accelerated, excluding the impact of 2015 clinical data self-examination event and 2016 new chemical classification reform Since 2013, Hengrui has applied for 26 new class 1 drugs, including 13 in 2017 alone, a record Hengrui has the largest number of innovative drugs in history In terms of variety distribution, of the 13 varieties declared in 2017, 9 are chemical drugs and 4 are biological drugs, basically realizing the comprehensive development of chemical drugs and biological drug research and development From the perspective of external authorization, we may be able to see the R & D strength of Hengrui more clearly On January 8, 2018, Hengrui pharmaceutical announced that it has reached a license agreement with TG therapeutics to license Btk inhibitors shr1459 and shr1266 with independent intellectual property rights to TG Company in the United States, which is the third independent innovation achievement after Hengrui authorized PD-1 to Incyte and Jak1 inhibitor to arcutis It is important to know that in the overall environment, the product exchange between China and the global market is still dominated by license in According to incomplete statistics of e-drug managers, from January 2016 to may 2018, there were 27 cases of license in of Chinese pharmaceutical enterprises in the world, while at the same time, the licenses of Chinese enterprises to foreign countries There are only seven out cases, among which Hengrui accounts for 2 cases, with the transaction amount of US $223 million, US $300 million and US $500 million respectively As always, R & D advantages also play a prominent role in helping its international development In addition to the latest approved saitepai for injection of Anda, 11 varieties of Hengrui medicine have obtained anda batch number in the U.S market Especially in 2017, Hengrui medicine ushered in a small explosion in the field of Anda, when 7 products were approved It is worth noting that most of its anda varieties are injection This is also related to Hengrui's strategy of internationalization of pharmaceutical preparations Hengrui has always focused on injection and other fields with complex technology and high technical difficulty, as well as anti-tumor, surgical anesthesia and other fields with huge market capacity Therefore, although the number is not large, almost the products approved by Hengrui are heavyweight products that can bring a lot of profits 2 Marketing is the killer of Hengrui Although Hengrui medicine has been known by the outside world as the "first brother of R & D" in China, if you really think that Hengrui is just a company that is good at R & D, it's too simple Since 2017, the sales system of Hengrui pharmaceutical has been undergoing a major change First of all, on the basis of the original sales model, the structure of the sales product line is refined, and the important businesses or products are subdivided It is understood that at present, all products of Hengrui have been divided into 5 sales pipelines according to the indication field, namely anti-tumor, imaging, anesthesia, chronic disease and comprehensive product lines Note that apatinib, an innovative drug with outstanding market volume, has been separated from the anti-tumor line and become a sales pipeline It's not hard to understand In 2017, apatinib mesylate tablets were included in the national medical insurance catalog According to the final negotiation catalog, the average price of several specifications of apatinib mesylate tablets decreased by about 37% compared with the original price, which was significantly smaller than that of imported targeted anti-tumor drugs However, with the further development of potential market volume and indications, its market space has grown objectively According to Southwest Securities Research Report, apatini's market penetration will increase rapidly after entering the national medical insurance catalog, which is expected to reach more than 30%, and its peak sales volume may reach 2.5 billion yuan Considering the newly approved indications in the future, apatini's market sales in the future is expected to break 3 billion yuan in 2020 It is understood that in the future, Hengrui's other heavyweight products may also follow apatini's sales model, that is, in the early stage of listing, after incubation of mature sales pipeline, a separate sales pipeline will be opened after a large amount of mature products Another big move is to further expand the scale of the sales team In 2017, Hengrui has expanded its scale to about 10000 people on the basis of more than 7200 people in 2016 In order to meet the requirements of rapid volume of new approved products in the future, the information of Southwest Securities shows that Hengrui expects to have more than 12000 sales personnel in 2019 According to the 2017 annual report of Hengrui pharmaceutical, after the adjustment of the distribution line, its sales staff increased by 2200 net, and a professional sales team with academic and professional promotion has been formed In addition, Hengrui has also set up regional management centers in all provinces of the country to strengthen platform construction and territorial management, so as to further improve the sales ability and brand image of the enterprise In specific product areas, throughout 2017, its revenue growth is still mainly from tumor drugs, contrast agents and surgical anesthesia products, which has been the focus of Hengrui Among them, the sales volume of contrast agent products increased by 44.85% compared with last year, ranking first in the market share of this field in China; the sales volume of surgical anesthesia products increased by 19.71% compared with the same period last year, maintaining a steady growth trend Hengrui pharmaceutical also mentioned in the annual report that in the future, it will continue to make efforts in the development of county market, actively respond to the relevant policies of national hierarchical diagnosis and treatment and drug use in grass-roots hospitals, and make full use of the government platform to plan and develop the donation market In terms of regional construction, the regional management centers established in provincial capitals will be used to build academic, medical clinical, public affairs and other organizational structures to continuously improve regional functions and meet the needs of regional development 3 The secret weapon of high market value The market value of Hengrui medicine is rising all the way In fact, other enterprises are also not idle In fact, you are competing with me to catch up with the pharmaceutical enterprises For the development of the enterprises themselves, it is against the current If you can't maintain a rapid development, it will be abandoned by the whole industry This point can be seen from several enterprises with a market value of over 100 billion at present Hengrui can't help but say that Fosun Pharmaceutical, another company with a market value of 100 billion, keeps its global layout and active investment style as always In recent years, Fosun Pharmaceutical has continued to sweep the world In addition to the most well-known gland Pharma, Fosun Pharmaceutical has also successively completed the acquisition of Hanlin biotechnology, PBM resp holdings, a Swedish medical enterprise, and tridem, a French pharmaceutical distributor, as well as the establishment of a joint venture with kite to introduce the hottest car-t therapy Kangmei pharmaceutical still maintains its absolute advantage in the integrated management mode of the whole industry chain of traditional Chinese medicine With its current comprehensive coverage of upstream, midstream and downstream businesses, it has been able to grasp the most core resource advantages in all aspects In addition, Yunnan Baiyao, the completion of mixed reform of state-owned enterprises and the focus on the field of large health, all make this old brand pharmaceutical enterprise, which started with an exclusive variety, still full of vitality in today's era But from the point of view of interest in the capital market, China in the future