China Healthcare:Big is better for consistency evaluation

类别:行业研究 机构:国信证券(香港)金融控股有限公司 研究员:Jason Siu 日期:2018-01-12

Heart & brain drugs stunned 1st batch of consistency evaluation.

    On 29 Dec 2017, China’s FDA announced the first batch of 17 generic drug namesfor consistency evaluation on their quality and efficacy (仿制药质量和疗效一致性评价). Twelve of them were heart & brain medicines, among ten of which beinganti-hypertension drugs. The other five drugs were antibiotics, anti-psychotic drugs,anti-cancer and anti-viral for hepatitis and HIV. The latter anti-viral medicine fromChengdu Brilliant Pharma (成都倍特药业) was generic version of Tenofovir?(Disoproxil Fumarate) at 300mg, similar to Sinobiopharm’s (1177.HK, NR)Qingzhong.

    Sinobiopharm’s Tuotuo passed consistency evaluation.

    For HK-listed drug-maker, only one medicine was included into the list, namelySinobiopharm’s Tuotuo 托妥? (Rosuvastatin Calcium Tablets 瑞舒伐他汀钙片).

    This medicine, as a generic version of Crestor?, is well known to its cholesterollowering efficacy. Other heart and brain medicines on that list include genericversions of (1) Plavix? (Clopidogrel); (2) Monopril? (Fosinopril sodium); (3) Avapro?(Irbesartan HCl); (4) Zestril? or Prinivil? (Lisinopril); and (5) Cozaar? (Losartanpotassium). The generic version of Gefitinib Tablets (吉非替尼片) (anti-cancer)from a China A-share listed player had also been included into the list. It is worthnoting that, its tender price in 2017 stood at RMB1,680 per box (250mg) fromGuangxi Province, 29% discount to the original medicine (Iressa?) from AstraZeneca of RMB2,358 per box in Hubei and Sichuan Provinces.

    Consistency evaluation raises China drug-making standard.

    As cited by CFDA newsletter, consistent with government policy to provide qualitymedicine to Chinese masses, we see consistency evaluation will (1) improve themedicine production level from Chinese drug-makers, (2) guarantee drug safetyand effectiveness, (3) promote the sector’s technology upgrades; and (4) raisetheir global competitiveness. We expect more preferential selection of thoseChinese drug-makers whose medicines had passed the consistency evaluationduring central procurement from hospitals.

    Big is better for consistency evaluation.

    Note that, if there are more than three producers of the similar drug type (or drugstructure) getting qualified in consistency evaluation, those drug type or structurefailing to pass consistency evaluation shall not be selected in centralizedprocurement for hospitals. Moreover, we reckon that those medicines from biggerand reputed Chinese drug-makers would likely fulfill the consistency evaluationtests. Those HK-listed Chinese drug-makers with large capacities to produce qualitygeneric drugs include (1) Sinobiopharm; (2) CSPC (1093.HK, NR) and (3) FosunPharm (2196.HK, NR).



亿嘉和 持有 -- 研报
艾迪精密 买入 -- 研报
科沃斯 买入 -- 研报
金辰股份 持有 -- 研报
中国中车 持有 -- 研报
恒立液压 买入 -- 研报
罗博特科 持有 -- 研报
迈为股份 持有 -- 研报
捷佳伟创 买入 -- 研报
景嘉微 买入 -- 研报
日机密封 买入 -- 研报




中信证券 41 持有 买入
中国国旅 37 持有 持有
恒立液压 31 持有 买入
贵州茅台 30 持有 买入
三一重工 29 持有 买入
保利地产 29 买入 持有
中炬高新 29 持有 买入
上汽集团 28 持有 买入
中国国旅 28 持有 持有
万科A 28 买入 持有
中国中车 27 持有 持有
新宙邦 27 持有 买入
当升科技 27 持有 买入
瀚蓝环境 26 持有 买入
中信证券 25 持有 买入
用友网络 25 持有 持有
宋城演艺 25 持有 买入


电子信息 579 93 293
汽车制造 383 36 214
金融行业 324 26 139
房地产 320 36 188
建筑建材 304 45 136
化工行业 294 49 108
生物制药 263 56 146
电子器件 259 47 140
酒店旅游 255 21 77
酿酒行业 249 15 110
机械行业 243 48 120
食品行业 205 22 68
电力行业 191 32 50
钢铁行业 171 22 49
家电行业 171 14 107
商业百货 168 29 82
农林牧渔 165 28 56