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).

数据推荐

投资评级

更多>>
股票名称最新评级目标价研报
深圳燃气 买入 -- 研报
陕天然气 买入 -- 研报
中曼石油 买入 -- 研报
中海油服 买入 -- 研报
海油工程 持有 -- 研报
广汇能源 持有 -- 研报
中国石化 持有 -- 研报
荣盛石化 持有 -- 研报
恒逸石化 持有 -- 研报
恒力股份 持有 -- 研报
中国太保 持有 -- 研报

盈利预测

评级选股>>
股票名称11年EPS12年EPS研报
视觉中国 0 0 研报
埃斯顿 0 0 研报
先导智能 0 0 研报
恒生电子 0.45 0.47 研报
四维图新 0.69 0.44 研报
东方财富 0.49 0.31 研报
美亚柏科 1.08 0.89 研报
广电运通 1.46 1.02 研报
中科曙光 0 0 研报
启明星辰 0.59 0.46 研报
二三四五 0.62 0.69 研报

股票关注度

更多>>
股票名称关注度平均评级最新评级
贵州茅台 36 持有 持有
上汽集团 35 持有 持有
三一重工 32 持有 持有
华鲁恒升 32 持有 持有
中炬高新 31 持有 持有
泸州老窖 30 持有 持有
恒立液压 29 持有 中性
万科A 29 持有 买入
三花智控 29 持有 买入
索菲亚 29 持有 持有
碧水源 29 持有 买入
宇通客车 28 持有 持有
山西汾酒 27 持有 持有
通化东宝 27 持有 持有
美的集团 27 持有 买入
五粮液 27 持有 持有
光线传媒 27 持有 持有

行业关注度

更多>>
行业名称关注度关注股票数买入评级数
电子信息 877 113 221
生物制药 599 76 126
机械行业 555 77 152
汽车制造 515 45 121
酿酒行业 494 18 85
食品行业 447 30 136
化工行业 437 66 118
建筑建材 395 52 175
交通运输 394 40 74
金融行业 385 29 144
农林牧渔 356 32 121
房地产 339 40 90
酒店旅游 329 22 112
电子器件 320 57 97
商业百货 259 39 73
服装鞋类 248 26 78
家电行业 244 16 56