Core Viewpoint - The key to the pharmaceutical industry's leap lies in improving market mechanisms, as highlighted by the comparison with successful companies like Huawei and BYD [2]. Group 1: Market Mechanism and International Comparison - The U.S. has successfully attracted significant investments from major pharmaceutical companies by establishing price benchmarks and tariff threats, leading to 60% of their profits coming from the U.S. market [2]. - In contrast, Europe’s social welfare policies have led to a "decentralization" of the pharmaceutical industry, with major companies like Roche and Novartis choosing to launch new drugs in the U.S. due to its larger and more attractive market [2][3]. - China's per capita spending on innovative drugs is significantly lower than that of Japan, with Japan's per capita spending being 24.4 times higher despite having a GDP 3.9 times that of China [3]. Group 2: Challenges in China's Pharmaceutical Industry - China excels in the invention and transformation stages of the pharmaceutical chain but struggles in the commercialization phase, often acting merely as a "project provider" [4]. - The current pricing negotiation process for innovative drugs in China begins with price reductions, unlike the U.S., where there is a stable pricing period post-launch [3]. Group 3: Recommendations for Improvement - The first recommendation is to reform the approval and evaluation mechanisms for innovative drug reimbursement, suggesting a direct connection between drug approval and insurance coverage [5]. - A proposed solution includes allowing innovative drugs to enter the insurance system at the price of similar existing drugs, with subsequent evaluations based on real-world data to adjust reimbursement prices accordingly [6]. - The second recommendation emphasizes the development of commercial health insurance, which could potentially raise significant funds if the middle class participates [6][7]. Group 4: Financial Implications and Social Equity - If 350 million middle-class individuals in China each spend 800 yuan monthly on commercial insurance, it could generate over 3.4 trillion yuan annually, surpassing current health insurance funding [7]. - Concerns about commercial insurance benefiting only the wealthy are addressed by comparing it to private cars versus public transport, suggesting that it could enhance basic medical coverage for those in greater need [7]. - Achieving reimbursement levels similar to Japan could position the pharmaceutical industry as a true economic pillar, allowing companies to contribute more in taxes and better support public welfare [7].

（原标题：中国药促会宋瑞霖：如果手机价格被管控 就不会有今天的华为） 经济观察报 记者 张英 "医药界什么时候会出现华为、比亚迪这样的公司？如果华为的手机价格有管控，还会有今天的华为吗？如果比亚迪等电动汽车也进行集采，还会 有今天的比亚迪吗？"10月26日，在第十届医药创新与投资大会上，中国医药促进会资深会长宋瑞霖说，医药产业的腾飞关键在于如何完善市场机 制。 他引入国际案例来说明市场机制的决定作用。他指出，美国通过设置价格基准和关税威胁，成功吸引了礼来、辉瑞等巨头将数百亿美元的投资撤 回美国。头部跨国药企60%的利润来自美国，这使得它们必须服从美国的市场政策。 相反，欧洲由于搞社会福利主义，持续降低药价，导致了医药产业的"去中心化" 。欧洲制药巨头如罗氏、诺华、拜耳、赛诺菲等，其全球新药也 纷纷选择在美国首发，因为美国市场大且价格更具吸引力。最典型的是英国，在退出欧盟后，因市场吸引力不足，也面临着大型药企取消投资的 问题。 宋瑞霖表示："我们要从这些国际案例当中去思考，去研究一下中国该怎么办。" 他认为，目前中国创新药产业的发展与市场潜能是不匹配的。数据显示，中国的人均创新药支出严重偏低。以日本为例，其人均 ...

Core Viewpoint - The Hong Kong pharmaceutical sector is experiencing a significant rally, with Sipai Health (00314) showing particularly strong performance, having increased nearly 60% since its low on May 28, 2023 [3][10]. Trading Performance - Sipai Health's stock price surged from a low of 3.37 HKD on May 28 to a high of 5.74 HKD on June 19, with a closing price of 5.3 HKD and a trading volume of 45.23 million HKD on that day [1][3]. - The stock has demonstrated a "volume-price rise" pattern, with daily trading volumes frequently exceeding 1 billion HKD, and a weekly increase of over 30% [4][7]. - The stock's turnover rate exceeded 60% during this period, indicating strong trading activity [4][5]. Institutional Interest - There has been a notable increase in large orders, with significant buying activity from institutional investors, as evidenced by a net inflow of 26.95 million HKD over the past five days [5]. - The proportion of holdings by mainland investors increased from 11.57% on May 29 to 13.22% on June 18, reflecting growing interest from this investor group [5]. Technical Indicators - Technical analysis shows that Sipai Health has broken through key resistance levels and is positioned above all major moving averages, indicating a bullish trend [7]. - The MACD indicator has shown a second bullish crossover above the zero line, and the RSI remains in a strong range of 70-85, suggesting robust upward momentum [7]. Business Model and Market Position - Sipai Health operates a unique business model that integrates medical services, insurance, and health management, which is gaining renewed market attention [10]. - The company has established strategic partnerships with multiple insurance firms, enhancing its profitability through high-margin insurance products [10][12]. - The business model's dual focus on medical services and insurance mitigates risks associated with purely online medical platforms and aligns with industry trends towards cost control and the rise of commercial insurance [10]. Financial Performance - The company's commercial medical insurance service revenue is projected to grow significantly, with a year-on-year increase of 39.6% expected in 2024 [11]. - By the end of 2024, Sipai Health's corporate medical insurance client base is anticipated to reach 476, covering over 1.1 million employees and their families, marking a growth of approximately 45% [11]. Competitive Advantage - Sipai Health's competitive edge stems from its integrated approach, where medical services drive pharmaceutical sales, and insurance needs enhance medical consumption [12]. - The company's ecosystem creates a "flywheel effect," improving business barriers and enhancing overall value [12]. - The current market conditions and the company's strong fundamentals suggest that Sipai Health's valuation recovery may just be beginning, with potential for further price appreciation as market penetration and innovation in pharmaceuticals expand [12].