第十批药品国采的品种数为历史最多、入围门槛历史最高，预计后续会加大淘汰力度，给药企带来一定竞争压力。同时，此轮国采中注射剂占比也创历史新高，作为强依赖于院内发展的药物，未来相关药企竞争格局或将有所改变。近期医药板块在大幅震荡后小幅回升，考虑到板块估值仍处于历史底部、叠加后续宏观利好政策出台+流动性改善，该行认为仍有进一步修复空间。BOC International focuses on recommending Kang Fang Biotech (09926), Xiansheng Pharmaceutical (02096), Legendary Biotech (LEGN.US), Genting Xinyao B (01952), and Hehuang Pharmaceutical (00013).
The Zhitong Finance App learned that BOC International released a research report saying that on November 1, the Joint Drug Procurement Office issued the “Notice on Launching the Tenth Batch of Drug Information Filing Work Related to Centralized Drug Procurement”, announcing the official launch of the 10th batch of national procurement. The tenth batch of domestic procurement included a total of 62 varieties and 263 product regulations, including 37 large injectable varieties (accounting for about 60%).
According to the report, on-site negotiations on the adjustment of the 2024 national medical insurance drug catalogue have been completed. The new medical insurance drug catalogue is expected to be released at the end of November and officially implemented on January 1 next year. The negotiation period was from October 27 to noon on October 30. A total of 127 companies and 162 types of drugs were involved, including 117 types of drugs not included in the medical insurance catalogue and 45 types of drugs negotiated for renewal within the medical insurance catalogue.
The tenth batch of domestically procured drugs is the highest in history, and the entry threshold is the highest in history. It is expected that elimination efforts will be stepped up in the future, putting some competitive pressure on pharmaceutical companies. At the same time, the share of injections in this round of domestic procurement has also reached a record high. As a drug that relies heavily on in-hospital development, the competitive pattern of relevant pharmaceutical companies may change in the future. Recently, the pharmaceutical sector rebounded slightly after a sharp shock. Considering that the sector's valuation is still at the bottom of history, compounded by subsequent favorable macroeconomic policies and improved liquidity, the bank believes there is still room for further restoration.
The bank said it will continue to focus on recommending potential beneficiaries of health insurance negotiations, including innovative drug brands with rich short-term catalysts such as Kang Fang Biotech (09926), Xiansheng Pharmaceutical (02096), Legendary Biotech (LEGN.US), Genting Xinyao B (01952), and Hehuang Pharmaceutical (00013), which have high profit growth or break-even time points, and high repair flexibility in valuations. At the same time, it is recommended to focus on: 1) private medical services and medical and aesthetic targets with strong consumer attributes; 2) those with strong market value and fundamental deviations from small innovative Chinese medicines Companies will rebound and be resilient after improved liquidity Very impressive.
