医药生物行业点评报告：第十批国采明确“足量报量”要求，关注竞争格局优良的大品种

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical and biotechnology industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [3]. Core Insights - The tenth batch of national drug centralized procurement has officially started, with a focus on ensuring "sufficient reporting" of demand quantities. This batch includes 62 varieties and 263 specifications, marking the largest collection in history. The total sales of these varieties in 2023 reached nearly 55 billion yuan in public medical institutions [1][2]. - The report highlights three major products from the tenth batch of procurement, each with a market scale exceeding 2.5 billion yuan: 1. Injection of Loxoprofen Sodium, with sales close to 3 billion yuan in 2023. 2. Liposomal Doxorubicin Hydrochloride Injection, with sales of 2.939 billion yuan in 2023 and 1.615 billion yuan in the first half of 2024. 3. Compound α-Keto Acid Tablets, with sales exceeding 2.6 billion yuan in 2023 [2][4]. - The report emphasizes the competitive landscape of the procurement process, noting that the entry threshold has been raised to at least seven qualifying companies for each product, with many products having ten or more qualifying companies [1][4]. Summary by Sections National Procurement Overview - The tenth batch of national centralized procurement has been launched, with a requirement for "sufficient reporting" of demand quantities, which will influence future procurement volume determinations and monitoring of reporting issues [1]. - A total of 62 varieties are included, with a combined sales volume of nearly 55 billion yuan in 2023 across public medical institutions [1]. Major Products and Market Performance - The three largest products in the tenth batch are: 1. Injection of Loxoprofen Sodium: 2023 sales of nearly 3 billion yuan, with a market share of 70% held by Hainan Hailing Chemical Pharmaceutical [2][4]. 2. Liposomal Doxorubicin Hydrochloride Injection: 2023 sales of 2.939 billion yuan, with 2024 first-half sales of 1.615 billion yuan [2][4]. 3. Compound α-Keto Acid Tablets: 2023 sales exceeding 2.6 billion yuan, with a market share of 60.47% held by Beijing Fresenius Kabi [4]. Investment Recommendations - The report suggests focusing on companies with major products that have cleared procurement risks and possess favorable competitive landscapes, as well as those with significant market potential [4].