"Insulin Maotai" Gan Li pharmaceutical product structure single problem is difficult to solve.

Pharmaceutical Network June 18, there is "insulin Maotai" called Gan Li Pharmaceutical snare finally touched the door of the capital market.June 16, Gan Li Pharmaceuticals (603087SH) to open the purchaseThe new shares, which are in full swing, are offering about 40.2 million shares, with an issue price of 63.32 yuan and raising 2.5 billion yuanThe issue price was the third-highest in the year, after Cady's shares (605288SH) (92.59 yuan) and Kanghua Bio (300841.SZ) (70.37 yuan).Then Gan Li Pharmaceuticals announced the purchase situation and the signing rateAs the initial effective online requisition multiple is higher than 150 times, the issuer and the co-lead underwriter decided to initiate a callback mechanismAfter the call back, the number of shares issued offline was 4.02 million shares, accounting for 10.00% of the total amount of the issue, and the number of final issues on the Internet was 36.18 million shares, accounting for 90.00% of the total number of shares issued.As a leading enterprise of domestic three-generation insulin, Gan Li Pharmaceutical has a certain competitive advantageHowever, more than 90% of revenue has been dependent on insulin preparation sales revenue, but also let it into a single product structure situation.Shenzhen Zhong Jinhua Venture Spold Fund Management Co, Ltd Chairman Yan Tao told reporters on June 16, Gan Li Pharmaceuticals can get a higher issue price, indicating that the company in the early inquiry stage has a certain degree of recognition, implemented into the capital market, after listing will also receive investors .　　On the same day, Beijing Dingchen Pharmaceutical Management Consulting Center founder Shi Lichen in an interview with reporters pointed out that Gan Li Pharmaceuticals performance is relatively bright, is still in the development of the fourth generation of insulin, but with the volume of procurement landing, Gan Li Pharmaceutical seine will face increased competition, product price reduction and other issues, the risk of a single problem of its product structure will gradually highlight .　　In response to the fourth generation of insulin research and development progress and product structure of the single issue, Time Finance on June 16 repeatedly called Gan Li Pharmaceuticals, the other side said it would not comment .　　Insulin Maotai? .　　Founded in 1998, Glyceus Pharmaceuticals is mainly engaged in the research and development, production and sales of recombinant insulin analogues and injections, and revenue is also mainly derived from the sales revenue of insulin preparations and insulin dry powder .　　At present, the development of insulin drugs has reached the third generation, the first generation of animal-derived insulin, the second generation of recombinant human insulin and the third generation of recombinant insulin analogue, Glycepharmaceutical is the representative of the third generation of insulin enterprises .　　As the only domestic enterprise to master the industrialproduction of recombinant insulin analogue technology, at present, Ganli Pharmaceuticals has recombinant insulin glargine, recombinant insulin, mendong insulin and sperm protein zinc recombinant recombinant insulin mixed injection (25R) four recombinant insulin-like substances, covering long-lasting, quick-acting, medium-effect three insulin functional market segments .　　In recent years, the prevalence of diabetes in China is increasing According to estimates by the International Diabetes Federation (IDF), china has the largest number of diabetes cases in the world in 2019, with about 116 million people suffering from diabetes .　　The rapid increase in diabetes also brought an increase in ganli Pharmaceuticals' performance, with operating income of 2.37 billion, 2.38 billion and 2.89 billion, respectively, from 2017 to 2019, up 33.82 percent, 0.71 percent and 21.26 percent year-on-year In the first quarter of this year, Gan Li Pharmaceuticals achieved revenue of 470 million yuan, up 9.73 percent year-on-year, while the net profit of the parent company was 123 million yuan, up 26.05 percent year-on-year .　　It is worth mentioning that in the past five years, gan Li pharmaceutical gross margin has been stable at more than 90%, can be called "insulin Maotai." .　　In Yan Tao's view, the name of "Maotai" although exaggerated, but there is some truth "In addition to its sales of injectable insulin far beyond its domestic counterparts, GanLi Pharmaceuticals is also competing with leading foreign companies in insulin dry powder technology, which is arguably the highest insulin synthesis technology in China." .　　The common insulin dry powder products, such as spray-type insulin, not only changed the way insulin injections were used in the past, but also had easy and better efficacy, and Pfizer, the insulin leader, also had similar spray-type insulin products, he said .　　Reporters noted that Ganli Pharmaceuticals' insulin dry powder products accounted for a large proportion of the company's total revenue, in 2019, only 12.9% However, Ganli Pharmaceuticals sells products abroad mainly for the recombinant insulin insulin dry powder, gross margin of about 73% .　　In fact, insulin products have been an important source of revenue for Ganli Pharmaceuticals According to the glycopharmaceutical prospectus, the sales revenue of insulin preparations accounted for 96.45 percent, 98.35 percent and 95.10 percent of the main business revenue in 2017, 2018 and 2019, respectively, of which the proportion of sales revenue from recombinant insulin injections was 91.51 percent, 94.74 percent and 87.91 percent, respectively, making it the most important source of revenue for Ganli Pharmaceuticals .　　The single problem of product structure is difficult to solve
the high revenue ratio of insulin preparations also makes Ganli Pharmaceuticals into a single dilemma of product structure .　　Mr Shrichen said that Ganli Pharmaceuticals relies heavily on high-margin insulin products, but the high gross margin also bodes well for a large price drop in product prices "At present, the domestic market belongs to the policy-oriented market, affected by the volume of procurement, drug prices will not be lower, if they can not compete with other companies, especially the original research drug products, will be out of this." .　　In fact, because the product structure of a single in the volume of procurement of "big hurt" pharmaceutical companies also have a precedent, the second round of drug concentration at the beginning of this year, Acapo sugar research and drug manufacturer Bayer with 0.18 yuan / tablet price, so that the domestic Acapo sugar leader East China Pharmaceutical lost 2 billion levels of the market Affected by the loss of the bid event, East China Pharmaceuticalshare shares collapsed on the same day .　　Reporters note that the unit price of recombinant insulin injections relied on by GanLi Pharmaceuticals has shown a downward trend In 2017-2019, the unit prices of recombinant insulin glargine injections were RMB121.29, RMB122.99 and RMB121.35, respectively In addition, the unit prices of recombinant lai's insulin injections were RMB60.40, RMB 56.23 and RMB 55.14, respectively .　　At present, the insulin market, multinational enterprises formed an oligopoly pattern, Novo Nordisk, Lilly, Sanofi three enterprises combined with nearly 70% of the market share Although Ganli Pharmaceuticals is the first domestic pharmaceutical company to obtain approval for the production of recombinant insulin analogues, it needs to face up to the fierce competition brought about by imported products .　　It is understood that the largest single product in the world's insulin products is Sanofi's recombinant insulin glargine (mainstream third-generation insulin), with sales of up to $4.215 billion in 2019 In the Chinese market, Sanofi is the absolute leader, with a market share of 70.5%, Ganli Pharmaceuticals has a market share of 28.5%, and Federal Pharmaceuticals (3933 HK) accounted for 1%, while Tonghua Dongbao (600867 SH)'s three-generation insulin glargine has not been disclosed until the end of 2019 .　　Yan Tao told reporters that the current glyceofe pharmaceutical insulin dry powder products technical barriers are relatively high, not easy to research and development, coupled with the company's many years of layout formed a certain amount of production and scale, domestic companies of the same type want to replace is not easy "It is not impossible to break the monopoly of foreign companies in the future if we can further enhance the competitiveness of technology and products on the basis of the existing ones." .