The Report is produced in Chinese only.
關注OTC零售藥品市場提價機會 自中國政府不再實行最高零售價管理(《關於印發推進藥品價格改革意見的通知》),藥品實際交易價格由市場競爭形成,對醫保範圍內的OTC藥品,藥企可自主定價。根據南方所的資料,自2016年以來,全國中西藥品及醫療保健用品類商品零售價格指數逐漸走高。受益消費升級及通脹,在處方藥受招標降價的大環境下,品牌 OTC 卻在漲價。建議關注擁有優質OTC品牌藥品的醫藥企業,例如中國中藥(570HK)、葵花藥業(002737SZ)。 中國中藥擁有12個核心OTC品種,2017年核心OTC產品的收益同比增長28%以上。公司採取大品種培育策略,升級戰略產品的包裝,加強對OTC產品的市場策劃,品牌建設,和與大型連鎖藥房的合作,為成藥業務注入新動力。葵花藥業聚焦品牌兒童藥,著力產品儲備及市場培育,經過2016年銷售管道整頓情況,市場庫存低。當期公司進入拐點期,未來3年品牌兒童藥有望量價齊升,業績有望持續25-30%高速增長。公司產品線豐富,有小兒肺熱咳喘口服液、小兒柴桂退熱顆粒、小兒氨酚黃那敏顆粒等系列兒童藥,以及“小葵花”兒童藥著名品牌。 |
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