Pharmaceutical dealers will be expected to become the theme investment plate throughout 2015

Absrtact: With the introduction of the prescription drug online sales policy, it is likely that the pharmaceutical dealers will become one of the most important investment opportunities in the pharmaceutical industry in the 2015. The open top design nature of comprehensive consideration policy, the starting point of new industry is low enough, the related company stock business fundamentals

With the introduction of the prescription drug online sales policy, it is likely that pharmaceutical dealers will become one of the most important investment opportunities in the pharmaceutical industry in the 2015. The open top design nature of comprehensive consideration policy, the new industry starting point is low enough, the related company stock business fundamental support is high, because of the initial "do not earn money" concept in the first place, so that the two-tier market certification period longer, and many other factors, in 2015, pharmaceutical dealers will enter the policy-driven period, The pharmaceutical dealers will be expected to become the theme investment plate throughout the 2015 year.

Potential market space for pharmaceutical dealers is huge

As early as December 2005 Beijing Jing Wei Large Pharmacy (pharmacy network) to obtain the first "Internet Drug trading Service Qualification certificate", but 2011 ago, online pharmacy sales have been in the retail chain enterprise self-exploration stage, almost no form of large-scale sales. Until June 2011, Taobao Mall Medicine Hall (2012 back to the day when the Cat Medicine Museum) on-line, the online pharmacy market began to achieve rapid development.

According to the new health sector statistics, 2013 China's overall drug market size of about 1.4 trillion yuan, the main sales terminals for urban grade hospital, about 627.1 billion yuan, accounting for 52%, retail pharmacies about 257.1 billion yuan, accounting for 21%, and online pharmacy sales revenue of about 4.2 billion yuan, accounting for only 0.4%. Whether in the relative or absolute space, there is still a huge increase in the scope of pharmaceutical electrical business.

First of all, business-to-business business because of the establishment of a non-profit drug centralized procurement platform, and did not derive large enough commercial market scale, the main mode of enterprise intervention is to provide technical support services, the market size is small, the follow-up development space is broad. Second, there is no industry leading business, the pattern is in many ways, with the gradual liberalization of the policy, the outpatient and retail conversion is expected to form a potential consumer market space of about 100 billion yuan, the pattern may form 1-2 of proprietary platform-oriented enterprises and a number of characteristics of the subdivision. Thirdly, the O2O business is currently in the early stage of business model exploration, the main constraint is the prescription source and Medicare payment, it is expected to form the future of the National Giants (BAT and other internet giants) and regional leader coexistence pattern.

From the electrical business license according to the pattern, the current majority of enterprises have been prepared. Under the interim provisions on the approval of Internet drug trading services, the Internet drug Trade (pharma) is divided into the following three categories according to the trading objects: drug production enterprises, pharmaceutical enterprises and medical institutions of the transaction between the drug manufacturers, drug distributors through their own web site and the enterprise members of other enterprises to carry out transactions The Internet drug trading service for individual consumers from the license holders to see, a certain size of enterprises are holding the corresponding license plate.

Industry into a policy-driven period

May 28, 2014, the State administration of Food and Drug Administration issued the "Internet Food and drug management supervision and management measures ﹙ soliciting comments Draft ﹚", the current "opinion draft" has entered the internal consultative discussion stage, the basic contents include: Business-to-business Third-party trading Platform, Drug production enterprises and drug wholesale enterprises to carry out online drug purchase and sale activities without approval or record; the consumer license plate is no longer approved and the record system is adopted; the third party trading platform is approved by the provincial Food and Drug Regulatory Department in accordance with the conditions of examination and approval; tentative release of the prescription drug network in the form of a positive list; allow the commissioning of third party logistics and distribution.

Prescription Drug Online sales open, the three major drug dealers "can sell, have to sell, can be reimbursed" the first step, is expected to 2015 from the pharmaceutical dealers may usher in the peak of policy. Considering that the prescription drug online sales liberalization is a major trend, the Internet Food and drug operation supervision and administration measures are expected to be promulgated in the first half of 2015.

And with the enactment of the prescription drug online sales policy, it is expected that the drug regulatory departments will also be issued a sales directory, Third-party Logistics and distribution standards and other related policies, and the National Development and Reform Commission, Wei Planning Department, the Ministry of Insurance will be electronic prescriptions, lead the prescription outflow, Medicare reimbursement docking and other issues related to the relevant measures.

The investment direction, the industry direction is correct, has the performance support degree the stock will usher in the opportunity, proposed the investor focus from the prescription, the health insurance, the variety, the logistics, the service, the platform six dimensions to the medicine electric trademark screening.

Prescription, under the existing policy and mechanism constraints, the realization of the free flow of prescription depends on the active cooperation of the Wei planning system, it is expected that the separation of medical policies will be pushed to the ground to become a factor, can focus on tracking Beijing such health reform to promote faster cities.

Health care, Medicare payment is the key to the current drug dealers, because of the complexity of the health care system itself, regional, short-term to achieve large-scale docking difficulties, can focus on the local health care department has a good cooperative relationship between the regional chain, such as the church.

Varieties, the variety of pharmaceutical dealers including OTC and prescription drugs, the number of OTC varieties, accounting for the overall small, less impact. Prescription drug release, will inevitably lead to terminal price competition, how to ensure the quality of the premise, to find the most cost advantages of the species, will become the majority of pharmaceutical manufacturers of hard constraints.

Logistics field, although the draft released the third party logistics restrictions, but for drug safety concerns, the regulatory department will be the logistics distribution link set the corresponding standards, short-term third-party logistics is difficult to achieve large-scale breakthroughs, can focus on tracking the pharmaceutical logistics strong companies.

Service areas, outpatient prescription diversion of the main body is chronic oral drugs, the main patient groups are middle-aged and elderly groups, the need for high-quality pharmaceutical services, the regulator is expected to be issued for pharmacists services related provisions, can focus on the construction of pharmacists team to build relatively good regional chain leading enterprises.

Platform construction field, pharmaceutical and electronic Business business-to-business, Business-to-consumer, O2O future will have a corresponding platform, but the short-term market pattern is not clear, can focus on tracking the corresponding platform layout of the company.