From 13,000 to 700 yuan, the heart bracket reduces the price, and only the middlemen who “eliminate” are the middlemen who “eliminate”

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“Judging from the implementation of the procurement of drugs before, the purchase volume of winning products will exceed the original amount, and the products that have not won the bid are basically rest.” Pharmaceutical -related investment has been 7 years. “This is a good thing for patients, but it has a great impact on the industry. The annual bracket sales in China are about 1.5 million, with a amount of about 20 billion yuan.

Heart stent. Picture source: Lepu Medical Official Website

From the patient level, it took more than 10 billion. For most patients, they get a big gift package. Mr. Shen, a patient with Henan myocardial infarction, told the Beijing News reporter that a few years ago, he was made 4 brackets for sudden myocardial infarction. It cost more than 100,000 yuan before and after the operation. Local medical insurance can only be reimbursed for some expenses. For Mr. Shen, who is only 3,000 yuan for retirement salary, the remaining expenses are also a big burden.

On November 5th, the results of the concentrated volume of coronary brackets were produced in Tianjin. This time, the country’s first organization of high -value medical consumables for centralized band purchases. A total of 11 Chinese and foreign companies participated in the bidding. The listed companies involved include Lepu Medical (300003.SZ), Lanfan Medical (002382.SZ) and minimally invasive Medical (00853.HK).

Eventually, through the public bidding, 10 selected products were generated. The price of the bracket dropped from about 13,000 yuan to about 700 yuan, and the price reduction was as high as 94.6%. Among them, the prices of 10 bid products did not exceed 1,000 yuan, and the minimum was only 469 yuan. It is expected that patients across the country will use the national selection products after the national collection of prices in January 2021. The procurement cycle will be two years. According to the data released by the National Medical Insurance Bureau, in this collection, it is expected to save 10.9 billion yuan according to the intention of purchasing.

The next day after the news was announced, the A -share medical device sector was significantly affected. On November 6, according to statistics from Oriental Fortune Choice, a total of 78 medical device listed companies classified in the Shenwan industry, of which 71 were closed on the day, and the total market value evaporated by more than 70 billion yuan.

The end of the “Mobility of Promotion”

The intermediate chain dealer “basically disappears”?

“In this collection, the biggest winner is the patient and medical insurance fund, and the related business has shrunk significantly.” Li Meng said, “The price reduction is large, one is because the original price does have water, the cost of domestic brackets is about four or five hundred, and the factory price is expensive. 2500-3000 yuan, 10,000 in the hospital. Another reason is that the rules set by the Medical Insurance Bureau are only depending on the price. From low to high-election 10 products, it does not distinguish the difference in product differences, so the company must reduce the price to ensure the winning bid. However After winning the bid, the amount will be distributed according to the existing market share and takes care of the clinical habits. “

Cardiac stents, also known as coronary arteries, are commonly used in cardiac intervention surgery, which has the effect of dredging arterial vascular. The main materials are stainless steel, nickel titanium alloy or cobalt chromium alloy. The earliest appeared in the 1980s, and experienced the development of metal stents, pharmaceutical coating stents, and biological absorption brackets.

Bohai Securities issued a research report on November 6 that the concentrated band purchase increased the availability of patients with the coronary bracket of the patient, and also transferred the space for the efficient allocation of medical insurance funds.

Fan Tian (pseudonym), former general manager of a medical device company, expressed concern about the development of the industry. He said to reporters: “If the price space is limited, will the company still have enough motivation to develop a new coronary bracket in the future? The price reduction is less appropriate, and the 90%range is too big. “

The front -line medical staff of a hospital believes that “the price has fallen by 90 %, and it can save many people’s life.” It said that after all, the reform will have the sound of opposition, but the reform is also inevitable. The management laws and regulations of medical devices are still very incomplete in my country. It used to be a real profiteering. So for manufacturers, it cannot be said to be a devastating blow, but it is not so profitable. “

“The price reduction this time is equivalent to the unnecessary sales expenses such as the profit of the dealer, the rebate, etc., and the majority of the manufacturer’s profits. From the fact that from the factory to the dealer to the hospital, the price of medical equipment is generally 1 : 3: 5 relationships. “Li Meng said that in this way, dealers in the middle chain are basically gone.

Data show that there are currently 330 million patients with cardiovascular patients in my country. From 2009 to 2019, China’s coronary heart disease surgery has grown from 230,000 to more than 1 million cases, with an annual growth rate of 10%-20%. According to the calculation of about 1.5 of each surgical stent, 1.5 million heart brackets are used in my country a year.

More than 90 % of the stock sector fell in the medical device sector

The market value evaporates more than 70 billion yuan a day

Listed companies in the medical device sector generally closed down on November 6.

Oriental Fortune Choice shows that there are 78 medical device listed companies in the Shenwan industry, as many as 71 of them closed down on the same day, of which the Heartai Medical was-13.97%, Jianfan Bio-11.15%, Kellyta-8.32%, Dai Dai, Dai Dai Victoria Medical-8.06%and Sano Medical -7.67%.

At the same time, the total market value of the medical device sector has evaporated more than 70 billion yuan a day on November 6, of which Mindray Medical dropped from 475.1 billion yuan to 455.1 billion yuan, which evaporated about 20 billion yuan, which was the most evaporated on the market value on November 6 the most. Listed companies, followed by Jianfan Bio, Kangtai Medicine, Heartai Medical, and Shengxiang Bio, which evaporated 7.1 billion yuan, 2.9 billion yuan, 2.7 billion yuan and 2.6 billion yuan, respectively.

The results of the concentrated volume procurement of the coronary brackets are the results of the three listed companies, namely Lepu Medical (300003.SZ), Lanfan Medical (002382.SZ) and minimally invasive Medical (00853.HK).

As of the closing of November 6, Lepu’s medical stock price fell 3.49%to close 29.30 yuan/share, with a total market value of 52.87 billion yuan; Lanfan medical stock price fell 4.29%, closed at 20.96 yuan/share, with a total market value of 20.21 billion yuan; micro Creating medical stock price fell 0.17%to close at 29.650 Hong Kong dollars/share, with a total market value of 53.526 billion Hong Kong dollars, while the heartbroken medical treatment of the minimally invasive medical spin -off of the science and technology board fell 13.97%to close 237.20 yuan/share. The market value is 17.07 billion yuan.

Judging from the information disclosed by various institutions, Lanfan Medical’s indirectly holding 93.37%of its subsidiaries Shandong Jiwei Medical Products Co., Ltd. (hereinafter referred to as “Jiwei Medical”) products are the lowest of 10 products, among which they are selected. The product is the drug coating bracket system (Rapamycin), with a declared volume of 10.069 million. The proposed price is 469 yuan, a decrease of 84%compared with the previous nation’s lowest price.

The third quarterly report of 2020 showed that Lanfan Medical achieved operating income of 4.655 billion yuan from January to September this year, an increase of 79.14%year-on-year, and the net profit attributable to shareholders of listed companies was 1.888 billion yuan, an increase of 403.16%year-on-year.

The product of Lepu Medical’s bid is the cobalt -based Leippomycin to eliminate bracket system. Essence

The third quarterly report of 2020 showed that Lepu Medical achieved operating income of 6.387 billion yuan from January to September this year, an increase of 8.63%year-on-year, and the net profit attributable to shareholders of listed companies was 1.973 billion yuan, an increase of 22.38%year-on-year. From the perspective of the semi-annual report, from January to June this year, the core cardiovascular intervention products, non-cardiovascular equipment and drug preparation business contributed to the heart pulse medical revenue of 678 million yuan, 1.308 billion yuan, and 1.546 billion yuan. 77.28%, 68.02%and 84.41%.

Two products listed in Hong Kong have two products entering the list of selection, both of which are coronary threpomycin to eluted cobalt -based alloy stent systems. %And 74%.

From January to June of this year, minimally invasive medical card involvement products, orthopedic medical device business and cardiological management business received revenue of US $ 88.37 million, US $ 86.62 million, and $ 82.7 million, respectively. The main aorta and peripheral blood vessel intervention medical device fields of micro-invasive medical treatment on the science and technology board are split and listed on the science and innovation board. The net profit attributable to shareholders of listed companies was 162 million yuan, an increase of 44.32%year -on -year.

Guoxin Securities issued a research report on November 6 that the industry ecology is expected to change significantly, long -term industry logic is facing changes, metal brackets have entered the era of low gross profit, and the profit margins of circulation are significantly compressed, which is even more significant. After the price is reduced, the net interest rate is expected to be 0-10%. Based on the winning price of 700 yuan, it is estimated that the net profit space of a single bracket is compressed to 0-70 yuan. Earlier, a single bracket was expected to have a net profit of 640-1440 yuan. After the price reduction, the impact on the profit margin of the metal stent was expected to be greatly increased.

Guoxin Securities believes that leading enterprises have a wealth of product pipelines outside the bracket and have more controllable impact on actual performance. The differentiation trend of terminal patients will be more obvious, and the high -price bracket group may expand at their own expense. The proportion of consumables in the cost of PCI surgery has further declined, and the willingness of innovative product marginal payment may increase.

Large price reduction leads to industrial reconstruction

It will promote the further growth of head enterprises

On September 30, some investors asked Lanfan Medical on the interactive platform: “my country’s national organization’s high -value medical consumables centralized procurement was officially launched. The coronary bracket was determined to be the first procurement variety. Official execution. What impact will it have on the company’s coronary bracket products? “

In this regard, Lanfan Medical replies that from the experience of winning the company in Shanxi Province, in the reinforcement of the channel value system, it is expected that sales costs and market expenses will be reduced to a certain extent. The essence of the country’s volume procurement is to compress the intermediate circulation link. For manufacturers, it will not only reduce the market and sales costs, but also promote the further growth of head enterprises. On the whole, expectations are more optimistic.

从1.3万降到700元,心脏支架大降价,“消灭”的只有中间商

“The price cut this time has a great impact on the manufacturer. The terminal price affects the entire chain. R & D, production, distribution, and hospital department use. After the terminal price is down, it is necessary to reshape and reconstruct it.” Fan Tian said, “The dealers are basically gone. The rationality of the dealers before is that there are a large number of domestic hospitals. It is impossible for manufacturers to run and need dealers to run. Among them, the dealers will provide some services to the hospital. More than half of the services of the business are unnecessary services. The chain is unreasonable to increase the price, but it will be more appropriate to fall less. “

Many people will worry about the quality of the product after the price reduction. In this regard, Li Meng believes: “The same product quality, these companies dare not do hands and feet in quality. Reporter on the Beijing News Shell Financial reporters: “The impact of price reduction should have little impact on quality, and it has a big impact on dealers.”

Bohai Securities issued a research report on November 6, stated that the selected price of the selected in the collection was about 700 yuan, with an average decrease of more than 90%. %, The procurement of the chromium alloy stent (1.09 million) is basically the same. It is expected that the medical insurance funds will exceed 90 billion yuan, increasing the availability of the patient’s carrier’s coronary stent, and the efficient configuration space for medical insurance funds. Essence

Guoxin Securities said that the 15 billion yuan metal bracket market is expected to reduce significantly. The amount of collection of collection is 1.075 million, accounting for about 2/3 of the demand for the entire market. In 2019, the domestic coronary bracket terminal market is expected to exceed 15 billion yuan. The size of the bracket market is about 750 million yuan. The market size of non-collector stents has fallen to approximately 1.59 billion to 2.19 billion yuan, and the overall market size of the metal bracket is expected to reduce to 2.3 billion to 4.7 billion yuan.

Guoxin Securities suggested that short -term related product profit space is affected to a certain extent, and it is recommended to continue to pay attention to leading enterprises with strong R & D and innovative capabilities and rich product pipelines.

Beijing News Shell Financial Reporter Xiao Wei Li Yunqi Editor Xu Chao School pair

Reporter contact the mailbox: xiaowei@xjbnews.com