Brand dynamics
Group Real-Time Dynamics And Cutting-Edge Information In The Field Of One Health
Focus on R&D; high-quality pharmaceutical companies such as Health Yuan and Lizhu are worth paying attention to
Published Time：
2022-05-20
In 2021, the domestic COVID-19 epidemic in China gradually returned to a relatively controllable state, and the pharmaceutical and biological industry as a whole showed a recovery trend. According to a research report by TF Securities, the industry's operating income increased by 14.07% year-on-year in 2021, an increase from the 8.43% growth rate in 2020. High-quality leading companies with mature business models are expected to return to high growth; the impact of policies such as volume-based procurement on innovative pharmaceutical companies is also gradually decreasing. At a time when the industry is at a low point, it is recommended to focus on sub-sectors with both growth and innovation characteristics, as well as biopharmaceutical companies with strong R&D capabilities and sector attributes.
CITIC Securities' research report summarizes the situation of pharmaceutical companies listed in 2021 and Q1 2022. The pharmaceutical sector is under temporary pressure due to the impact of volume-based procurement and price reductions of medical insurance-covered drugs. However, at the same time, the pharmaceutical industry is accelerating its innovation and transformation, with continuous increases in R&D investment. After the market structure stabilizes following volume-based procurement, high-quality traditional pharmaceutical companies are expected to see steady recovery growth based on the rigid demand for their products, making them worthy of attention.
The pharmaceutical and biological industry combines strong rigid demand and technological innovation attributes, with innovation and upgrading being the unchanging theme of the industry. Recently, TF Securities released a research report stating that the overall R&D expense ratio of the pharmaceutical industry continues to increase, rising from 3.63% in 2020 to 3.90% in 2021. As the commercialization of pharmaceutical products and the localization of medical devices continue to accelerate, innovation will remain the main battlefield for future competition.
According to Wind data statistics, the threshold for the top ten pharmaceutical companies in terms of R&D investment in 2021 was over 900 million yuan. Among the top ten pharmaceutical companies in terms of R&D investment, two large listed companies under Healthspring Pharmaceutical Group, Healthspring and Lizhu Pharmaceutical, had R&D expenses of 1.397 billion yuan and 1.146 billion yuan in 2021, respectively, representing year-on-year growth of 30.36% and 29.59%, ranking sixth and seventh on the list, respectively.
Facing a complex and changing market environment, Healthspring adheres to R&D innovation as its driving force, focusing on patient needs and focusing on innovative drugs and high-barrier complex preparations. Based on the continuous advancement of its existing advantages in inhalation administration, sustained-release microspheres, and antibody technologies, it is developing a new complex injection technology platform represented by micro-nano injections, and the optimization and adjustment of product structure has entered a new stage.
In recent years, Healthspring's layout has covered chemical preparations, traditional Chinese medicine preparations, chemical raw materials and intermediates, health products, diagnostic reagents and equipment, and other multiple fields, gradually developing into an innovative R&D-oriented comprehensive pharmaceutical group with high-barrier preparation and innovative drug platform technologies, integrating R&D, production, sales, and services, with new products continuously being launched.
It is reported that in 2021, Healthspring's R&D investment was mainly used for new product R&D and project technology upgrades. Due to the entry of multiple projects such as early-stage biopharmaceuticals and inhalation preparations into the clinical stage, R&D investment has increased significantly. At the same time, Healthspring is actively seeking opportunities for cutting-edge technology expansion and product internationalization. In 2021, its Healthspring Bio-Research Institute reached a strategic cooperation agreement with Tencent Quantum Laboratory to jointly promote the application of quantum computing + artificial intelligence in the research of microbial synthetic biology and related drugs, combining AI technology to conduct research on the prediction of genomic gene clusters and functional element sequences and metabolic pathway optimization.
It is worth mentioning that in 2021, the performance of Healthspring's inhalation preparation sector accelerated significantly. The company's inhalation preparation sector achieved an operating income of 577 million yuan, a year-on-year increase of 658%. The driving factors mainly come from breakthroughs in R&D results, smooth sales and product hospital admissions in the sector, and significant volume increases through volume-based procurement and national negotiations, rapidly increasing product market share. It is introduced that small-specification products such as levosalbutamol and budesonide (0.5mg) will become the main force for the growth of Healthspring's inhalation preparation sector.
In response, Healthspring stated in an institutional investor meeting that the company's layout in the inhalation preparation pipeline is very rich and comprehensive, and it has a strong leading advantage in the development of inhalation solutions. Subsequent R&D will focus on drug-device combination products such as powder inhalers. The company is confident in the strength and efficiency of its R&D layout and its clarity in supporting future performance. Recently, Guosheng Securities released a research report stating that Healthspring's new respiratory products contributed to increased performance, and the respiratory R&D pipeline continues to advance, giving Healthspring a "buy" rating.
(Data and some views are from: Healthspring 2021 Annual Report, Lizhu Group 2021 Annual Report, TF Securities - Pharmaceutical and Biological 2021 Annual Report and 2022 Q1 Listed Company Summary Report, CITIC Securities Pharmaceutical 2021 & 2022 Q1 Performance Summary Report)
(This article does not constitute any investment advice. Investors operate according to this, and the risk is borne by themselves.)
From: "Daily Economic News"
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