Investment Rating - The report does not provide a specific investment rating for the Contract Sales Organization (CSO) industry [4] Core Insights - The CSO industry is positioned as a new profit opportunity in the pharmaceutical commercial sector, enhancing the efficiency of drug distribution from manufacturers to end-users [3][4] - The industry is characterized by specialization and scale, with a relatively low entry barrier, where sales channels are the core competitive advantage [8][10] - The market for CSO services is expected to grow significantly, driven by increasing competition among pharmaceutical companies and the rising demand for specialized services [9][30] Industry Definition - CSO is a segment of pharmaceutical outsourcing services, providing comprehensive sales and marketing support to pharmaceutical companies, including market research, product planning, and promotional activities [5][6] Industry Characteristics - The future direction of the CSO industry is towards specialization and scale, driven by intensified competition and upgraded client demands for integrated solutions [9][10] - The industry has a low entry barrier due to flexible capital requirements and diverse service models, making it accessible for new entrants [10] Industry Development History - The CSO industry in China has evolved through several stages, from initial direct sales agency roles to a more specialized service model focused on marketing and promotion [14][16][17] Market Size and Growth - The CSO industry market size grew from 62.49 billion RMB in 2019 to 124.53 billion RMB in 2023, with a compound annual growth rate (CAGR) of 18.81% [30] - Projections indicate that the market size will reach 286.91 billion RMB by 2028, with a CAGR of 17.96% [30] Policy Analysis - Recent government reforms in the healthcare sector, such as the implementation of the "Two Invoice System" and centralized procurement, have positively impacted the CSO industry by increasing demand for professional sales services [31][32] Competitive Landscape - The CSO industry features a competitive landscape with three main types of participants: traditional pharmaceutical companies, companies from the pharmaceutical distribution sector, and specialized CSO firms [45] - Leading companies in the first tier include Kangzhe Pharmaceutical, Jichuan Pharmaceutical, and Yiteng Pharmaceutical, which have established strong market positions through effective service models [46][47]
医药合同销售外包（CSO）：行业站上医药商业盈利新风口 头豹词条报告系列
Tou Bao Yan Jiu Yuan·2024-08-27 12:00