Jinwu Financial News | Pharmaceutical outsourcing concepts are rising. Zhaoyan Pharmaceutical (06127) rose 5.11%, Tiger Pharmaceuticals (03347) rose 4.33%, Fangda Holdings (01521) rose 2%, Kanglong Chemical (03759) rose 1.84%, and Pharmaceutical Biotech (02269) continued to rise 0.79%.
According to the report of Zhongtai Securities, the bank believes that as the medical insurance fund prepayment system continues to be deepened and improved, and the supporting DRG/DIP system continues to be implemented in various provinces, cities, and regions, the “triangular debt” relationship between hospitals, pharmaceutical companies, and health insurance has existed for a long time, and the “zero drug bonus policy” reduces the profit space of hospitals, it is expected to significantly reduce the pressure on the financial chain of medical institutions, ease the pressure on payment of expenses, and shorten the payment cycle for pharmaceutical companies and consumables manufacturers.
According to CMB International Research, the MSCI China Healthcare Index has a cumulative decline of 17.9% since the beginning of the year, outperforming the MSCI China Index by 32.4%. Benefiting from overseas interest rate cuts and improvements in the domestic macroeconomic environment, pharmaceuticals are expected to outperform the market as a highly flexible industry. As the policy focus shifts to stimulating the economy, the bank believes that medical equipment renewal policies are expected to be implemented at an accelerated pace and promote the profit recovery of domestic medical equipment companies. Furthermore, the results of the new round of health insurance negotiations will soon be announced. Despite some pressure on health insurance fund income and expenditure, the bank believes that the policy trend of health insurance funding to support innovative drugs will not change. Health insurance fund regulations are becoming stricter, and products that meet the three characteristics of in-hospital, immediate needs, and health insurance will continue to grow. The CXO sector is expected to benefit from a recovery in overseas R&D demand, and the impact of the Biosafety Act may be limited.
