津药药业:甾体深耕 创新致远

Core Viewpoint - Tianjin Pharmaceutical Industry is undergoing a strategic transformation from a "production-driven" model to a "dual empowerment of R&D and market" approach, as indicated by the company's recent organizational changes and focus on core business areas [2][3]. Group 1: Organizational Changes - In September 2023, Tianjin Pharmaceutical established two main centers for raw material manufacturing and sales, with additional centers for product planning and R&D set to launch in early 2024 [2]. - The company aims to optimize its organizational structure to adapt to new industry dynamics, reflecting a comprehensive strategic choice beyond merely rebranding [2]. Group 2: Focus on Core Areas - The company is concentrating on critical therapeutic areas such as emergency medicine, dermatology, ophthalmology, anesthetics, respiratory, and autoimmune diseases, based on thorough research into disease patterns and clinical needs [3]. - The raw material manufacturing center achieved a capacity utilization rate of 92% this month, showcasing operational efficiency [3]. Group 3: R&D Investment and Innovation - Over the past three years, the company has invested more than 150 million yuan annually in R&D, with the R&D expense ratio expected to rise to 7.7% in 2024 [4]. - The company has developed several products in dermatology and ophthalmology, including the domestically exclusive Difluprednate eye drops set to launch in 2025, utilizing new technology for better drug penetration [4][5]. Group 4: Internationalization Strategy - The company is pursuing an "integrated development of domestic and international sales" strategy, leveraging its advantages in raw material and formulation integration to achieve resource sharing and market synergy [5][6]. - Tianjin Pharmaceutical is transitioning from "product export" to "capability export," aiming to build a global supply chain and local production capacity in countries along the Belt and Road Initiative [6]. Group 5: Compliance and Long-term Stability - Compliance is emphasized as a fundamental principle for sustainable growth, with the company implementing a comprehensive compliance management system and ensuring that all key personnel sign compliance commitments [7]. - The company maintains a competitive edge in the steroid hormone sector, with over 80% self-sufficiency in key raw materials and numerous international certifications [7][8]. Group 6: Long-term Vision - The company views the pharmaceutical industry as a marathon rather than a sprint, focusing on deep specialization in steroids and long-term innovation to solidify its development foundation [8][9].