$Changchun Hi-Tech (SZ000661)$ The state defines the scope of injections. As I said before, in fact, Jinsai Pharmaceutical, an important subsidiary of Changchun Hi-Tech, will not be affected by the centralized procurement of growth hormone due to its better product matrix.
What I said before was too empty, and now I will make a well-founded explanation: the basis is the “National Basic Medical Insurance, Work Injury Insurance and Maternity Insurance Drug List (2021)” (hereinafter referred to as “2021 Drug List”)
The definition of the scope of injections by the Medical Insurance Bureau is the basis for the payment of medical insurance funds, which is the basic law of centralized procurement: 2. Standardize payment standards
During the agreement period, the negotiated drugs (hereinafter referred to as “negotiated drugs”) shall implement the national uniform medical insurance payment standards, and each coordinating region shall determine its self-payment ratio and reimbursement ratio according to the fund’s affordability. During the agreement period, no second price negotiation shall be conducted. During the validity period of the agreement, if the negotiated drug has specifications not specified in the National Medical Insurance Drug Catalogue and needs to be included in the scope of medical insurance payment, the enterprise must apply to the National Medical Insurance Bureau, and the National Medical Insurance Bureau will determine the payment standard according to the terms of the agreement and implement it nationwide. During the agreement period, if a drug with the same generic name as the negotiated drug is on the market, the direct online price of the drug with the same generic name shall not be higher than the negotiated medical insurance payment standard of the same specification. If the negotiated drug has the same generic name on the market during the agreement period, or is included in the centralized drug procurement (centralized procurement organized by the state and centralized procurement by provincial alliances including inter-provincial alliances), the provincial medical insurance department may, according to the market The competition, the price of the drug with the same generic name, or the results of the centralized procurement of the drug, etc., adjust the medical insurance payment standard for the drug!
The “2021 Drug List” stipulates that the same generic name for growth hormone water injection and powder injection will not be distinguished: Let’s continue to look at the implementation of the provinces. The 11 provincial alliances in Guangdong have already landed, Fujian is about to land, and there will be Hebei soon. Province,
With the implementation of the bidding, the capital market will gradually realize the certainty. In the future, we will not even look at the rules, because the rules have been formulated, and all provinces will implement them in accordance with national regulations. The result is that powder injection is used as the basic medicine to guarantee the basic and meet the basic clinical needs of patients. The result of the indiscriminate competition between water injection and powder injection is that water injection will not happen because the price of centralized procurement is reduced, no matter what province, no matter how big the price is. amount, no matter how many water injection manufacturers there are.
Funds pursue certainty, and the consensus on immunization of water needle centralized procurement will eventually be formed with the advancement of centralized procurement. An alliance of 11 provinces will be determined, one will be determined in Fujian, and one will be determined in Hebei. So in the future, you may not have to wait for other provinces. Because the rules will not change, the formation of a consensus on water needle centralized procurement and immunity will greatly promote the improvement of Changchun Hi-Tech’s investment logic. The anti-fragility of Changchun Hi-Tech will be manifested, because many pharmaceutical companies are unable to stand alone in the face of centralized procurement, or the reduction of more or less will put pressure on performance and hit the pricing power, but Changchun Hi-Tech will not be afraid of centralized procurement. , Due to the product line completed by Kinsey, powder injection will win the bid every time, and it will get more admissions in various provinces and get great drainage, which will greatly shorten the progress of admissions and admissions. It used to take N more to develop a hospital. Time, now is a tender document, it will be logical to enter the hospital with the winning product, and with the strong product strength of Kinsey, the growth of future performance is also very certain.
No one believes things until they succeed, but common sense, laws, regulations, and systems all point to this goal. Mr. Market is always suspicious and capricious. He will always fall into the trap, not help in the snow, but anti-fragility It will be demonstrated with the implementation of centralized procurement time after time, and it will also be consolidated and clarified with the realization of performance. Double-click will definitely happen, performance will improve, and valuation will increase! @Today’s topic
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