Mindray medical also said in the recent reception of research activities that the centralized purchase promoted by the state medical insurance bureau is mainly aimed at the field of drugs and high-value consumables. The products of the companys three major business lines do not involve drugs and high-value consumables. Among other products, orthopedic consumables account for a small proportion of income, so it has no impact on the companys business at present. For example, from the perspective of potential impact in the future, medical equipment as a cost item, rather than an income item, is the natural subject of cost control and cost reduction. Therefore, medical equipment does not belong to the object of centralized purchase implemented by the National Medical Insurance Bureau.
I was taken to purchase, but it was not me who lost
Some successful enterprises directly pointed out that the essence of purchasing with quantity is to compress the intermediate circulation links, and the implementation of policies has little impact on the ex factory price of the companys products.
Purchasing with quantity helps me expand the market
It is reasonable to subdivide the leading enterprises, but the layout of the whole industrial chain can help them avoid the risks brought by centralized purchasing. The purchase with volume is not completely bad, and some companies are actually profiting from it.
Faced with the impact of centralized purchasing, some enterprises choose to be concise and comprehensive
Some enterprises choose to talk about it
Enterprises reflect different, so, how should investors distinguish between harm or equipment brought by centralized purchase to your self selected stocks?
Market participants said that for most pharmaceutical companies, centralized purchase means that there will be a substantial price reduction of products. For enterprises, it is the double compression of profit and valuation. This is also the reason why the stock prices of some companies have fallen due to the last round of drug purchase and this round of medical equipment purchase.
But objectively speaking, the market is a little overreacted, and there is a certain degree of collective stampede, and some enterprises that are not related to the centralized purchasing or weakly related are also brought into the ditch.
For the enterprises whose main products involve centralized purchasing, the winning enterprises will obtain most of the market share, and the enterprises that have not won the bid can only compete in the narrow remaining market share. Most of the marginal enterprises will be eliminated and the concentration will be more and more concentrated. The bid winning enterprise with rich product pipeline will squeeze out other manufacturers and ensure that its other consumables can continue to have high gross profit. On the contrary, if the winning product provides abundant cash flow for the company, winning the bid at a low price is no different from cutting off the cash flow. Some companies will even be directly destroyed, their corporate valuation and growth logic. Enterprises killed by mistake, or pharmaceutical enterprises with innovation core competitiveness, will continue to set new heights. This is a golden pit. As for the pharmaceutical enterprises with innovation core competitiveness, the above market participants said: enterprises with large R & D investment, rich self-developed product pipeline, low product substitutability, high product gross profit margin and sufficient profit margin are reserved. Editor: Qiu Jiang source: Shanghai Securities News Author: Zhang Xue editor in charge: Zhong Qiming_ NF5619
Enterprises killed by mistake, or pharmaceutical enterprises with innovation core competitiveness, will continue to set new heights. This is a golden pit. As for the pharmaceutical enterprises with innovation core competitiveness, the above market participants said: enterprises with large R & D investment, rich self-developed product pipeline, low product substitutability, high product gross profit margin and sufficient profit margin are reserved.