PK of 10 billion pharmaceutical companies: step, Hengrui, Shangyao, China biology

  With more and more listed companies unveiling the mystery of annual report, most of the major pharmaceutical companies listed in A-share and H-share in China have published their transcripts Although there are more than 10 pharmaceutical companies with more than 10 billion operating revenue in 2016, the author has repeatedly studied and found that there are not many listed companies with more than 10 billion sales revenue of pharmaceutical preparations in China, except for China Resources pharmaceutical industry There are many A-share listed companies in the industry that are difficult to standardize the merger for analysis, only four are China Bio pharmaceutical, step pharmaceutical, Hengrui pharmaceutical and Shanghai Pharmaceutical Note: the data comes from the annual reports of listed companies, and this data is only the income of pharmaceutical preparations The exchange rate of Hong Kong dollar is 0.86; the income of Hengrui pharmaceutical API is only 100 million yuan, which is difficult to be stripped; the net profit of Shangyao cannot be stripped, which is the overall net profit of the pharmaceutical industry ▍ the distribution of 10 billion pharmaceutical companies in the field of drug treatment revealed that the market scale of drugs is directly related to the disease spectrum The author found that the market share of nervous system medicine, anti-tumor and immunomodulatory medicine, digestive tract and metabolism was more than 10% Note: the data comes from IMS, and there is a cross between some treatment fields, such as viral hepatitis Antiviral drugs should be classified as systemic anti infective drugs, while liver protection drugs should be classified as digestive tract and metabolic drugs, so the data are for reference Different from the global market, the domestic market is still dominated by systemic anti infective drugs, with more than 10% of digestive system and metabolic drugs, blood and hematopoietic system drugs, nervous system drugs, anti-tumor and immunomodulators, and cardiovascular system drugs On the one hand, it has a certain relationship with the disease spectrum in China, on the other hand, it has an important relationship with antibiotic abuse Note: the data comes from the blue book on the development of China's pharmaceutical market in 2015, which is the most concentrated in the field of step length treatment, while the application of medicine is "multi-point flowering", with balanced development The single treatment area has its own advantages, risks and advantages In addition to the relatively scattered field of medical treatment in Shanghai, the other three 10 billion pharmaceutical companies have a major treatment field, step pharmaceutical is the most prominent, focusing on cardiovascular and cerebrovascular disease drugs The revenue of these drugs accounts for more than 80% of the enterprise's revenue Although they can effectively save costs in marketing, there is a risk of putting all eggs in one basket   Due to its outstanding performance in the field of liver diseases, Chinese biopharmaceutical industry accounts for nearly half of the enterprise's revenue in the field of digestive tract and metabolism medicine; Hengrui medicine is the best in the field of tumor and immunomodulator medicine, but also has a voice in the nervous system, especially in the market of anesthetics medicine; Shanghai medicine is a little more than in the field of cardiovascular (cerebrovascular) system Medicine In addition, it has shown outstanding performance in many other treatment fields The distribution of the proportion of drug use in each treatment field of the four enterprises is as follows: Note: the data comes from the annual report of each enterprise, which is manually sorted out, so it is difficult to ensure the perfect data ▍ marketing and channel competition; the number of Shanghai Pharmaceutical varieties and channel sales ability are strong, and Hengrui pharmaceutical has strong academic promotion ability So far, more than 100 varieties of Shanghai medicine have entered the basic medicine catalog, with 646 products in the new version of the medical insurance catalog, and 20 new products compared with the 2009 medical insurance catalog The sales network of Shanghai pharmaceutical industry covers 31 provinces, regions and municipalities directly under the central government Its customers include all kinds of medical institutions, pharmaceutical commercial companies and pharmacies, etc It mainly adopts the sales mode of "self operation + Investment Promotion Agency" to realize the coverage of national medical hospital terminals and retail terminals through the sales channels of dealers or agents at all levels There are 17 varieties and 39 product specifications of Hengrui medicine included in the national basic drug catalog, and 56 varieties included in the national basic medical insurance, work injury insurance and maternity insurance drug catalog Hengrui pharmaceutical has established a high-quality and professional marketing team with more than 7000 people Based on the original market experience, Hengrui pharmaceutical has continuously innovated its thinking, promoted the composite sales mode, strengthened its academic marketing efforts, established and improved its sub professional sales team, and strengthened the breadth and depth of market sales There are 162 products included in the medical insurance catalog, including 8 new products in the report, 3 quit products, and the main varieties of Naoxintong capsule and Wenxin Granules in the medical insurance catalog; there are 62 products included in the national basic drug catalog, including Wenxin Granules and Naoxintong capsules Step pharmaceutical has established a long-term and stable cooperative relationship with dealers by sending professional academic promotion teams to the division, forming a marketing network covering all regions except Hong Kong, Macao and Taiwan in 34 provincial administrative regions Nearly 100 varieties of biopharmaceuticals in China have entered the medical insurance catalogue, with more than 30 varieties of basic drugs The sales of major biopharmaceutical products in China are contributed by Zhengda Tianqing and Beijing Taide According to the company's official website, Zhengda Tianqing has a sound support system including marketing department, medical department, customer service department, marketing management department, quality management department, etc., providing all-round services for academic promotion and professional marketing There are 6 branches nationwide, including 1 commercial branch and 1 pharmaceutical distribution branch, and more than 130 offices nationwide, with marketing network covering all regions in China except Tibet, Hong Kong, Macao and Taiwan; Beijing Taide has established a high-quality professional marketing team of nearly 1000 people, of which 86% have college degree or above in medicine, with marketing network covering It covers nearly 1500 hospitals in 26 provinces, autonomous regions and municipalities directly under the central government Through professional academic promotion mode, modern marketing system and efficient information management system, Ted pharmaceutical has opened up a unique marketing road ▍ the strength of more than 100 million varieties is greatly compared with that of Shanghai Pharmaceutical Co., Ltd the number of more than 100 million varieties is the largest, and the scale of single varieties is the largest The number of more than 100 million varieties reflects the level of improvement of product line echelon construction The larger the single variety can be sold, the stronger the deep cultivation ability In terms of the number of more than 100 million varieties of preparations of four pharmaceutical companies, Shanghai Pharmaceutical Co., Ltd ranks first with 26 more than 100 million varieties, and China biopharmaceutical's subsidiaries and associated companies rank second with 25 more than 100 million varieties Hengrui Pharmaceutical Co., Ltd and Changbu Pharmaceutical Co., Ltd have not disclosed the specific data of more than 100 million varieties It is estimated that Hengrui Pharmaceutical Co., Ltd has more than 10 varieties, and Changbu Pharmaceutical Co., Ltd has 6-7 more than 100 million varieties In terms of the sales revenue of more than 100 million single products of four pharmaceutical companies, more than 3 billion Danhong injection with step length pharmaceutical and China biopharmaceutical are growing up, Tianqing's entecavir capsules run Zhong According to the author's estimate, there are about 7 varieties with sales revenue of more than 1 billion The varieties with sales revenue of more than 1 billion in 2016 are as follows: it can be seen that the existing product echelon construction of Shanghai Pharmaceutical and China biopharmaceutical is relatively complete, and step pharmaceutical and China biopharmaceutical have strong ability of deep cultivation Therefore, on the whole, China's biopharmaceutical industry has outstanding capabilities in product echelon construction and in-depth development ▍ R & D strength: China's biopharmaceutical R & D investment is the largest, and Hengrui pharmaceutical R & D investment is the largest In general, the R & D investment of the four enterprises is more than 400 million yuan, of which the R & D investment of China Bio pharmaceutical and Hengrui pharmaceutical is more than 1 billion yuan; the R & D investment intensity is also more than 3.5%, far higher than the R & D investment intensity of China's pharmaceutical manufacturing industry in 2015 by 1.72% The R & D investment intensity of China biopharmaceutical and Hengrui pharmaceutical is more than 10% As of 2016, China biopharmaceutical has obtained 198 clinical approvals, 532 invention patents, 13 utility model patents and 55 design patents In 2016, the company obtained 5 new production approval documents (two specifications of esmeralazole raw material and esmeralazole sodium for injection, linezolid raw material and glucose injection), 17 new clinical applications and 8 new production applications Hengrui pharmaceutical company has undertaken 27 "national major new drug creation" special projects, 23 national key new product projects and dozens of provincial science and technology projects, applied for more than 400 invention patents, including 149 international patent applications, and the innovative drugs arexib and apatinib have been approved for listing During the reporting period, 17 innovative drugs were under clinical development In the development of innovative drugs, it has basically formed a benign development trend that innovative drugs are applied for clinical application every year, and innovative drugs are listed every 2-3 years The company's technological innovation ability ranks first in China, and its R & D team strength is obvious At present, Hengrui pharmaceutical is the most powerful pharmaceutical enterprise with the most R & D team in China, with more than 2100 R & D personnel by 2016 Shanghai Pharmaceutical Co., Ltd is one of the largest pharmaceutical companies in China with the largest number of production approvals, with more than 3000 approvals The company is committed to providing safe and effective treatment drugs for major diseases and chronic diseases, and has established a general distribution system with the Central Research Institute as the technical core, with 1 national enterprise technology center and 10 provincial and municipal enterprise technology centers In 2016, a number of phased achievements were made in R & D, including clinical approval for recombinant anti-CD20 humanized monoclonal antibody injection, sph3127 and sph1188-11, clinical acceptance for application of recombinant anti-HER2 humanized monoclonal antibody composition for injection, clinical approval for 17 generic drugs and production approval for 5 varieties The company focuses on promoting the consistency evaluation of quality and efficacy of generic drugs At present, it has completed the first batch of 70 varieties, determined 15 universities and R & D companies as technical service suppliers, established the purchasing Bank of Shanghai pharmaceutical reference preparations, determined 32 intended varieties and signed strategic framework agreements with 10 top three hospitals in Shanghai to carry out clinical trial cooperation Step pharmaceutical has more than 250 national patents The company's leading products Naoxintong capsule, Wenxin Granules and Danhong injection are all patent protected varieties, and many reserve products have also obtained patent rights The company is currently developing nearly 180 kinds of products With the further development of R & D, the company will also have more patented products and exclusive products In 2016, the products under research focused on traditional Chinese medicine, small molecular medicine and biological medicine, and obtained 1 production approval document and 27 clinical approval documents Positive progress has been made in the clinical application of pth1-84 and many other projects, such as bc0335, have been registered and applied at home and abroad After years of technology accumulation, the company now has a strong technical level and R & D strength, has a good technical reserve, and has established a research and development mode combining independent technological innovation and multi-level foreign technical cooperation suitable for the company's own characteristics, laying a good foundation for the company's future development ▍ who do you prefer?   The strength of R & D ability is directly related to the future product echelon construction and variety reserve of the enterprise With the State Council's opinions on reforming the review and approval system of pharmaceutical and medical devices issued in 2015, the State Council established innovation and quality as the core competitiveness of the pharmaceutical industry, established the concept of "innovation as the source and quality as the basis" of the entire pharmaceutical industry, and changed the current domestic market The current situation of imitation based and uneven quality The amount of R & D investment and the strength of R & D team are the most fundamental guarantee of drug R & D innovation Hengrui is known as the "first brother of R & D" in the industry with its strong R & D capability, especially in the field of tumor medicine