Original userfield deployment investment2022-10-18
Medicine has recently experienced a violent backlash. It is said that where there is oppression, there is resistance. The early stage of medical equipment was the most sluggish, and this round became the leader of the rebound.
From the beginning of the centralized procurement of coronary stents, medical devices have become the hardest hit area for centralized procurement policies, and the pharmaceutical industry will become a manufacturer of cardiac stents. Indeed, coronary stents, as the first stop of the national centralized procurement of high-value consumables, entered the freezing point as soon as they debuted. The price of 700 yuan has basically shrunk the basic price of coronary stents, and the market size has changed from 10 billion to 1 billion. scale.
But how to track the centralized procurement of medical devices all the way, from coronary stents to orthopaedic joints and spines, from coronary drug balloons to electrophysiology of the newly announced rules. We found that although centralized procurement is also significantly reducing prices, there are two important differences in the impact on the company level.
1. The absolute value of the ex-factory price: The ex-factory price of coronary stents has dropped from a few thousand yuan to 700 yuan, becoming the first core high-consumption level of 100 yuan. At such a price level, even if there are 1.5 million operations per year in the country, it is still unsupportable. Larger factory scale. However, although the centralized procurement of coronary balloon alliance has also dropped a lot, the ex-factory price is still at the level of 6,000 yuan, and the final centralized procurement results of orthopedic joints are also 4,000 yuan for knee joints and 7,000 yuan for hip joints, and there is no freezing point of 100 yuan. price.
2. Collective purchasing price Vs ex-factory price: Most of the high-value consumables adopt the distribution system, which means that under the original system, although the key price is not low, the ex-factory price is not high. In many cases, the ex-factory price is about 30% of the terminal price. This is also one of the purposes of the national centralized procurement, which is to compress the price of circulation links. Therefore, we have seen many varieties of orthopedics, brain tonic, intraocular lens, and IVD. Although it seems that the price has been reduced by 60% or even 80%, it has little impact on the manufacturer’s ex-factory price. Once the competition pattern improves, it may be incremental for the expansion of market share to enterprises. The most typical case is Aibo’s intraocular lens. Alliance centralized procurement brings opportunities for rapid growth of Aibo intraocular lens.
Let’s take a look at the different sub-sectors of medical devices, and the possible changes after the centralized procurement.
Electrophysiology field
The most leading domestic companies are Huitai Medical, which spans vascular intervention and electrophysiology, and Minimally Invasive Electrophysiology, which is split from Minimally Invasive. Electrophysiology may be the last blank area for domestic replacement of high-value consumables. In the 5 billion-level market, imported brands such as Johnson & Johnson occupy most of the market. There are only a few domestic electrophysiology companies, and the original business only comes from low-end products. High-end magnetic pressure high-density mapping and electrophysiological ablation products are still in the research and development stage.
On October 14, the Fujian Medical Insurance Bureau issued the “Announcement on the Centralized Procurement of Cardiac Interventional Electrophysiology Medical Consumables by Inter-Provincial Alliance with Quantity”. A single-piece category with a drop of ≥50% can qualify for the proposed selection, and the centralized procurement rules are mild.
Huitai Medical, the first three quarters increased by 52%-69%, while the Q3 single quarter increased by 86%-142%. In such high growth performance, the commercialization of 3D electrophysiology equipment has contributed to the acceleration. This is because 3D electrophysiology consumables are not. Under the complete background, looking forward to the future magnetic pressure mapping and pulse ablation will be launched in the next 2-3 years, Huitai will have more complete electrophysiological solutions.
Minimally Invasive Electrophysiology, which has just been launched recently, is another sub-track leader incubated by Minimally Invasive. If the advantage of Huitai electrophysiology lies in ordinary mapping and puncture products, the advantage of minimally invasive electrophysiology is that the 3D electrophysiology equipment was approved earlier, and the 3D electrophysiology plan was laid out earlier. The full layout of equipment + consumables, the dual technical route of radiofrequency and cryoablation in the field of ablation. And from the company’s point of view, it is a single electrophysiological track with purer color and greater elasticity.
Orthopedics
Orthopedics, as a key high-value consumable second only to coronary heart stents, has also experienced multiple rounds of price reductions from local alliances to national centralized procurement.
Orthopedic joints were the first to be upgraded to the national centralized procurement. After experiencing the price game, Akcome, Chunli and Weigao survived tenaciously, and domestic leaders such as Akcome have expanded their market share by actively responding. to the extra increment. In the centralized procurement of orthopaedic joints, we have also seen differences in the implementation of imported brands and domestic brands. Due to the relatively large drop in terminal prices, many imported brands have entered a state of lying flat, while domestic brands have subsidized distributors, increased The investment in large-scale services has seized the opportunity of centralized procurement to expand market share and increased market share. After the centralized procurement, the market may still have a scale of 4 billion to 5 billion. The domestic leader after the market share has expanded, there is still room for continued development after stabilizing its position.
For the spine after the joint, it is possible that under the background of the early price reduction of coronary stents and artificial joints, the decline in the centralized procurement of orthopedic spine tends to be moderated. Weigao Orthopedics, a leader with a decline of only 60% of the maximum price, successfully won the bid. It will bring a better foundation for the future price-to-volume exchange.
Therefore, the coronary stent-artificial joint-spine has been collected all the way. Those who have experienced it will feel that the national policy has tightened its pockets from the beginning, and it has become more relaxed now, and market expectations have also improved relatively.
Conclusion: In this article, we use 1) the absolute value of the ex-factory price and 2) whether the centralized procurement is reduced to within the ex-factory price, these two criteria to judge the impact of the centralized procurement of equipment, and also briefly talk about the electrophysiological centralized procurement that everyone is concerned about. The impact of orthopedic centralized collection.
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