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).



建设银行 持有 -- 研报
光大银行 持有 -- 研报
农业银行 买入 -- 研报
上海银行 持有 -- 研报
招商银行 持有 -- 研报
宁波银行 持有 -- 研报
中信银行 持有 -- 研报
新城控股 买入 -- 研报
世茂股份 买入 -- 研报
绿地控股 买入 -- 研报
华夏幸福 买入 -- 研报


光大银行 0.34 0.47 研报
中信银行 0.54 0.63 研报
招商银行 1.34 1.48 研报
建设银行 0.59 0.64 研报
农业银行 0.35 0.39 研报
宁波银行 0.90 1.14 研报
上海银行 0 0 研报
华侨城A 0.63 0.49 研报
荣盛发展 0.75 1.04 研报
世茂股份 0.95 1.06 研报
新城控股 0 0 研报


上汽集团 40 持有 中性
中国国旅 40 持有 中性
烽火通信 35 持有 中性
贵州茅台 35 持有 持有
先导智能 35 持有 买入
中炬高新 34 持有 中性
三一重工 32 持有 中性
通威股份 32 持有 买入
万科A 32 买入 持有
光迅科技 31 持有 持有
一心堂 31 持有 中性
宋城演艺 31 持有 中性
华鲁恒升 30 持有 持有
锦江股份 30 持有 持有
当升科技 30 持有 买入
中国国旅 29 持有 中性
汇川技术 29 持有 买入


电子信息 873 97 370
机械行业 467 53 186
建筑建材 467 47 207
生物制药 454 58 261
汽车制造 438 42 174
化工行业 415 53 177
电子器件 399 53 197
房地产 375 30 187
金融行业 375 27 145
食品行业 369 29 165
酒店旅游 353 20 136
酿酒行业 339 18 167
交通运输 293 32 158
商业百货 283 34 118
服装鞋类 270 20 132
电力行业 243 36 84
其它行业 235 23 104