Pharmaceutical Industry 2015 Interim Report Summary: Entering the Low Normal Operation New Normal

2015 has passed most of the time. With the mid-year reports of various pharmaceutical listed companies, some brokers have also launched their own industry research reports, focusing on the development of the bio-pharmaceutical industry for the past six months. In the past six months, what is the performance of the biomedical industry? And see how the various brokers evaluate.

According to data released by the National Bureau of Statistics, the pharmaceutical industry (including all pharmaceutical companies with an annual income of 20 million and above) in the first half of 2015 had revenue of 1.24 trillion yuan, a year-on-year increase of only 8.9%. Profit for the same period was RMB 126.2 billion, a year-on-year increase of 12.9%, down from 13.5% in the first quarter of 2015 and 14.7% in the first half of the year. Among the sub-sectors, only the three sub-sectors of traditional Chinese medicine decoction pieces, biological preparations and pharmaceutical equipment in the first half of the year increased their profit margins in the first half of the year.

An industry research report released by Galaxy Securities on September 2 synthesizes the 2015 mid-year report of listed companies in the pharmaceutical industry, and found that its revenue growth rate, net profit growth rate, and net profit growth rate after deductions continued to decline, respectively. %, 9.75% and 8.07%. According to the statistics of the Bureau of Statistics, the pharmaceutical manufacturing industry has broken the growth rate in the first half of the year and entered the 5-10% range. The research report believes that the growth rate of the pharmaceutical industry continues to decline, and has entered a new normal in the low position. The data revenue of the pharmaceutical sector continues to decline. Coupled with the impact of policy such as medical insurance control fees, bidding price reduction, and reduction of drug proportion, it is estimated that the revenue growth rate of the pharmaceutical industry is expected to be between 5-10% in the next three years. The profit side will not be optimistic.

For the decline of the growth rate of some sub-sectors, an industry research report of BOC International on August 28 made a simple analysis of its reasons, and believed that the possible reasons are as follows: First, the income growth of the national medical insurance system is limited and expenditure Rapid increase, and thus more pressure, resulting in a significant slowdown in the sales growth of the best-selling drugs, the difficulty of listing new drugs; Second, anti-corruption actions put more pressure on the entire industry, the willingness of agents to carry out drug promotion activities decreased; Third, policy uncertainty has increased, especially in Hunan, Zhejiang and Anhui.

While the growth rate of the industry continued to decline, the sub-sectors were divided, among which the growth rate of medical services increased. The growth rate of the industry was 36.29%, up 7.55pp year-on-year. In terms of realizing net profit, the medical service sub-sector also The performance is bright, the first half of the year, Q2, Q1 have improved.

At the same time, the Galaxy Securities Research Report also pointed out that the pharmaceutical industry is in an era of rapid change and development. New things, new technologies, new models and new fields will have a huge impact on the traditional pharmaceutical industry in the future. Bring positive changes. The research report believes that the current background of the pharmaceutical industry is to break the medical treatment of medicine and reshape the new medical and health system. To reinvent the new system, it is necessary to vigorously promote social capital to run a doctor, and it also needs the tools of "Internet +".