The business club reported on July 22 that "The 12th Five-Year Plan for the Pharmaceutical Industry" (hereinafter referred to as the "Planning") led by the Ministry of Industry and Information Technology will be formally released this month." Yu Mingde, President of the China Association of Pharmaceutical Enterprises Management in July The fifth China Healthcare Industry Investment and Financing Summit was held on the 14th. This "Planning" together with the "12th Five-Year Plan for Biomedical Development" issued by the National Development and Reform Commission and the "Outline of the National Pharmaceutical Distribution Industry Development Plan" (2011-2015) issued by the Ministry of Commerce are the 12th Five-Year Plan for the pharmaceutical industry. "planning plan content.

Yu Mingde said: The core idea of ​​the “Twelfth Five-Year Plan” is “Industrial Transformation and Technology Upgrade” and does not pursue the current superposition of speed and quantity. This is essentially different from the “Eleventh Five-Year Plan”. Product standards must be upgraded to be more secure and effective, and the quality assurance system must also be improved. This will greatly increase the level of production in the pharmaceutical industry in China.

Pharmaceutical investment is significant

Yu Mingde predicted that during the "12th Five-Year Plan" period, China's pharmaceutical industry will produce a series of very positive changes. Such as the improvement of pharmaceutical originality; China will move from a big generic pharmaceutical country to a big country of original medicine, and by the end of the “Twelfth Five-Year Plan”, there will be 25 Chinese people’s own world-class new drugs. In addition, China's preparations will go to Europe and the United States market, there are already 31 companies have been certified in Europe and the United States preparation, "We hope that the 12th Five-Year" reached 100. At that time, let Mr. Obama also eat Chinese medicine, will not be a joke. ”

Many investors attending the meeting showed great enthusiasm for the pharmaceutical industry. It is generally believed that the pharmaceutical industry currently has a reasonable valuation and significant long-term value.

The data shows that last year, more than 60 companies in China had a total investment of 6 billion yuan, which is equivalent to the sum of 2007-2009. At the same time, the domestic and overseas IPOs in the medical and health industry have risen steadily, becoming one of the four industries with the largest number of IPOs.

Yu Mingde said at the meeting that by 2015, the total output value of China's pharmaceutical industry is expected to reach 3.6 trillion to 3.7 trillion yuan; from this year to 2015, the average annual increase will reach 23% to 24%. The increase in industry profits in 2011 is expected to reach 30%.

Analysts said that the dynamic PE of core stocks in the pharmaceutical industry this year is about 30 times. According to the growth rate of 30% of the industry's profit, from the perspective of long-term investment, the next 10 years will be the gold industry of China's pharmaceutical industry for 10 years. The industry relies on steady growth to resolve the valuation pressure, and pharmaceutical stocks still have obvious long-term. Investment value.

According to the data of Zero2IPO Research Center, in the first half of 2011, a total of 605 investment cases occurred in China's venture capital market, of which 538 cases involved a total amount of investment of USD 6.067 billion. Biotechnology and health care are still one of the investment hot spots this year. In the first half of the year, there were 33 investment cases totalling 194 million U.S. dollars.

It is reported that the medical and health industry generally accounts for about 10% of GDP in developed countries, while China's industry accounts for less than 4% of GDP. At present, the industrial integration and mergers and acquisitions of multinational pharmaceutical companies and domestic large-scale pharmaceutical groups in China are becoming more and more active. The national policy also encourages private capital to enter the medical service sector. Therefore, the medical and health industry is becoming the focus of a large number of new PE funds.

Yu Mingde analyzed the companies he visited and found that for many companies, funds, technology, etc. are important, but the policy environment is the most important factor affecting the development of companies, especially pharmaceutical companies. Yu Mingde called for the government to establish a stable policy environment.

At the meeting, some investment and financing sources told reporters that due to the uncertainty of the policy, the organization had a short-term wait-and-see attitude toward some promising areas such as medical care.

Medical device getting hot

Meng Jianguo, deputy secretary-general of the Chinese Medical Equipment Association, said at the meeting that supporting the medical device industry will be one of the priorities of the “Twelfth Five-Year Plan”. In the next five years, the demand for medical equipment, imaging equipment, inspection equipment, and informatized products in China's county-level hospitals will soar. “The new medical reforms will be heavily invested in grassroots medical institutions. This year, the state will invest 2.5 million yuan in each county hospital. Each TCM hospital has invested 2 million yuan.” At present, China has more than 1.8 million natural villages and nearly 420,000 township-level governments. In addition, the new medical reform drive the private hospital market, it will bring business opportunities to the medical device market.

It is reported that currently China's medical device market has a capacity of approximately 100 billion yuan, a compound annual growth rate of approximately 21%, and a ratio of 1:10 for drugs. “The developed countries are 1:1, which shows that there is still huge room for growth in the medical device market.” Meng Jianguo said.

Chen Shiyou, the director of the direct investment department of CICC, is also quite optimistic about medical devices: “At present, 60% of China’s medical institutions use medical devices that belong to the mid-1980s and are facing new generations; medical device consumption is in the entire pharmaceutical industry. The proportion is only 13%, while the international average is 42%, and there is still much room for growth. The future of medical machinery will be the VC/PE investment focus."

In addition, the home medical device market is also generally favored by investors.

The famous American Cartel Research Center predicts market trends in the next 10 years, ranking first on affordable home health care; the US “Fortune” magazine predicts rapid development of products in the first 10 years of the 21st century, home medical care Instruments are also ranked first. In the West, home medical devices have accounted for 40% of the entire medical device's output value.

Recently, two companies have announced plans to participate in the Singleton Care and Home Health Care Research Program. GE Healthcare has funded a $5 million family health research project by the Hungarian government; Intel and Ireland’s National Development Agency have established a US$30 million TRIL. (Independent Living Technology Research Center).

In China, the rapid development of equipment manufacturers, including home medical devices, such as Yu Yue Medical, also confirms this market opportunity.

Tian Tu, a venture capital partner, said that most medical equipment used in most hospitals in China is imported from abroad. However, in fact, the cost performance of low-end and middle-end equipment produced by some domestic small companies is not lower than that of foreign products, and investors should have more. Consider providing support to domestic medical device companies.


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