Longjin Pharmaceutical(SZ:002750)2022-12-07 08:24Group 1: Company Overview - Kunming Longjin Pharmaceutical Co., Ltd. was established in 1996 and currently holds 15 drug approvals across 10 categories [1] - The main product is the injectable Ligusticum Chuanxiong, which is the only variety currently in production [1] - The company has a new production line that started operations at the end of 2013 and reached full capacity in July 2014 [1] Group 2: Market Position and Sales - The average hospital coverage rate for the product is below 15%, indicating significant growth potential [2] - The sales model primarily relies on agents and provincial managers responsible for hospital terminals, with academic promotion led by the marketing department [2] - A recent academic promotion event involved 140 hospitals in Tianjin, with plans for further promotions in Henan [2] Group 3: Product Safety and Development - The safety re-evaluation of injectable Ligusticum Chuanxiong began in 2013, with an estimated completion of 30,000 clinical cases by October [3] - The company has revised the product's instructions to enhance transparency regarding adverse reactions and pharmacological effects [3] - Three anti-cancer drugs are currently in preclinical stages, with plans to apply for clinical trials this year [3] Group 4: Competitive Landscape - The injectable Ligusticum Chuanxiong has a higher coverage rate in tertiary hospitals compared to the national average of 15% [4] - The product's price is competitive, with the average factory price for 25mg at 7 RMB per unit and the bidding price at 25 RMB per unit [4] - The company is exploring potential large-scale products, including injectable fibrinolytic enzymes, which are expected to be a new growth point [3][4] Group 5: Raw Material Procurement - The price of Ligusticum Chuanxiong raw materials has stabilized or decreased this year, with major suppliers being Yuxi Wanfang and Honghe Qianshan [4] - The raw material is sourced as a 90% purity crude powder [4]