Investment Rating - The report maintains a positive outlook on the pharmaceutical and biotechnology industry, with an investment rating of "Look Favorably" [2][3]. Core Insights - The National Medical Security Work Conference was successfully held, focusing on exploring multi-payment mechanisms for innovative drugs and gradually expanding the list of Class B drugs to include other eligible commercial health insurance [4][9]. - The results of the tenth batch of national drug procurement were announced, with 62 drugs successfully procured amid intense competition, leading to instances of low bidding [4][56]. - The Shanghai Municipal Government has established a 10 billion yuan biopharmaceutical industry merger and acquisition fund as part of its support for listed companies [4][59]. - The pharmaceutical and biotechnology industry index increased by 0.67%, outperforming the CSI 300 index, with offline pharmacies and medical research outsourcing showing the highest gains [4][26]. Industry Review - The pharmaceutical and biotechnology industry index rose by 0.67%, ranking 28th among 31 primary industries, outperforming the CSI 300 index, which increased by 0.42% [4][26]. - Sub-industries such as offline pharmacies and medical research outsourcing saw gains of 3.75% and 3.36%, respectively, while other biological products and chemical preparations experienced declines of 3.30% and 2.46% [4][26]. Valuation - As of December 13, 2024, the overall PE (TTM) for the pharmaceutical and biotechnology industry was 27.86x, slightly up from 27.83x in the previous period, remaining below the average [5][33]. - The top three sub-industries in terms of PE (TTM) were diagnostic services (93.83x), hospitals (42.92x), and medical consumables (35.23x), while pharmaceutical distribution had the lowest valuation at 17.38x [5][33]. Important Industry News - The National Medical Security Bureau and the National Health Commission issued a notice to improve the centralized procurement and execution mechanisms for medicines, emphasizing the importance of using selected products [50][51]. - The tenth batch of national drug procurement results revealed that 385 products from 234 companies were shortlisted, with an average of over six companies bidding for each drug, indicating fierce competition [56][58]. - The approval of innovative drugs and new indications continues to progress, with several companies receiving regulatory approvals for new treatments [60][64][75]. Investment Recommendations - Continuous attention is recommended for the innovative drug and device sector, particularly for companies with original innovation capabilities and those with an international perspective [9][110].
医药生物行业周报：医药生物行业双周报2024年第25期总第123期全国医疗保障工作会议在京顺利召开
长城国瑞证券·2024-12-17 07:10