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China Pharmaceutical Sector 2019 Q4

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China Pharmaceutical Sector 2019 Q4 CHINA PHARMACEUTICAL SECTOR 2019 Q4 An EMIS Insights Industry Report Any redistribution of this information is strictly prohibited. Copyright © 2020 EMIS, all rights reserved. EMISPDF cbreese from 95.175.200.191 on 2020-01-23 13:52:04 GMT. DownloadPDF. Downloaded by cbreese from 95.175.200.191 at 2020-01-23 13:52:04 GMT. EMIS. Unauthorized Distribution Prohibited. CONTACT US www.emis.com FOLLOW US ABBREVIATIONS API Active Pharmaceutical Ingredients CFDA China Drug and Food Administration CPIA China Pharmaceutical Industry Association EDL Essential Drug List GAC General Administration of Customs GQCE Generic Quality Consistency Evaluation MOHRSS Ministry of Human Resources and Social Security NDRC National Development and Reform Commission NHFPC National Health and Family Planning Commission NRDL National Reimbursement Drug List pp Percentage Point RMB Chinese Currency Renminbi TCM Traditional Chinese Medicines YYTJ China Pharmaceutical Statistics Any redistribution of this information is strictly prohibited. Copyright © 2020 EMIS, all rights reserved. EMISPDF cbreese from 95.175.200.191 on 2020-01-23 13:52:04 GMT. DownloadPDF. Downloaded by cbreese from 95.175.200.191 at 2020-01-23 13:52:04 GMT. EMIS. Unauthorized Distribution Prohibited. 01 EXECUTIVE SUMMARY p.5 Sector in Numbers Sector Overview Sector Snapshot Driving Forces Restraining Forces 02 SECTOR IN FOCUS p.12 Quarterly Update China Pharmaceutical Manufacturing 2019 Q3 Quarterly Summary Sector Outlook Sector Highlights Main Sector Indicators Top M&A Deals M&A Activity 03 COMPETITIVE LANDSCAPE p.22 Highlights Top Pharmaceutical Enterprises Top Pharmaceutical Exporters 04 COMPANIES IN FOCUS p.26 Shanghai Pharmaceuticals Holding Co Ltd Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd China National Medicines Corporation Ltd Shenzhen Neptunus Bioengineering Co Ltd Nanjing Pharmaceutical Co Ltd EMISPDF cbreese from 95.175.200.191 on 2020-01-23 13:52:04 GMT. DownloadPDF. CONTENTS Downloaded by cbreese from 95.175.200.191 at 2020-01-23 13:52:04 GMT. EMIS. Unauthorized Distribution Prohibited. 05 REGULATORY ENVIRONMENT p.42 Government Policy Government Policy for TCM Healthy China 2030 Anti-Corruption Policies 06 CHEMICAL MEDICINES p.50 Highlights Main Events Revenue Profit 07 TRADITIONAL CHINESE p.55 MEDICINES Highlights Main Events Revenue Profit EMISPDF cbreese from 95.175.200.191 on 2020-01-23 13:52:04 GMT. DownloadPDF. CONTENTS Downloaded by cbreese from 95.175.200.191 at 2020-01-23 13:52:04 GMT. EMIS. Unauthorized Distribution Prohibited. CHINA PHARMACEUTICAL SECTOR 2019 Q4 An EMIS Insights Industry Report CONTENTS 01 EXECUTIVE SUMMARY Any redistribution of this information is strictly prohibited. Copyright © 2020 EMIS, all rights reserved. 5 EMISPDF cbreese from 95.175.200.191 on 2020-01-23 13:52:04 GMT. DownloadPDF. Downloaded by cbreese from 95.175.200.191 at 2020-01-23 13:52:04 GMT. EMIS. Unauthorized Distribution Prohibited. 01 EXECUTIVE SUMMARY CONTENTS Sector in Numbers No.1 No.1 No.2 API Producer API Exporter Pharmaceutical Globally Globally Market Globally RMB RMB RMB 2,399bn 309bn 3,591bn Sales Total Total Revenue Profit Assets 2.8mn 8,782 1,257 tonnes Number of Number of Conventional Enterprises Loss-Making Enterprises Drugs Output Note: Data for 2018. Source: YYTJ, GAC, CEIC, NBS, IMS Health CHINA PHARMACEUTICAL SECTOR 2019 Q4 6 An EMIS Insights IndustryEMISPDF cbreese Report from 95.175.200.191 on 2020-01-23 13:52:04 GMT. DownloadPDF. Downloaded by cbreese from 95.175.200.191 at 2020-01-23 13:52:04 GMT. EMIS. Unauthorized Distribution Prohibited. 01 EXECUTIVE SUMMARY CONTENTS Sector Overview China is the world’s second largest pharmaceutical market after the US and the largest producer and exporter of active pharmaceutical ingredients (APIs) globally. Since it is the world’s most populous country, with a large share of ageing population, the healthcare and pharmaceutical industries are of key importance to the government, which has launched a series of reforms in both sectors over the last few years. The pharmaceutical sector is going through transformation and liberalisation, which are expected to narrow the price gap between local and foreign drug manufacturers and increase competition and sector consolidation. Along with the removal of the price cap on drugs in 2015, the government has increased its supervisory role. Entry Modes Since 2015, China’s government has implemented a series of major reforms in the pharmaceutical sector, which lowered the entry barriers and reshaped the sector’s business model. The most significant change was the liberalisation of drug prices, which had been regulated by the government since 2000. In 2015, the government also took measures to accelerate the registration process for new pharmaceutical companies, as well as the approval procedures for new innovative drugs, which are supported by the government in line with the plan to transform China into an innovation-led manufacturer of high-quality and high-tech products in the coming years. However, local governments have set cost reduction requirements for hospitals, which put pressure on drug manufacturers. Segment Opportunities Local generic pharmaceuticals have high sales volumes and lower prices but are of poorer quality than imported off-patent medicines, and this is the major segment of competition for foreign companies. Previously, this segment used to enjoy large sales directly to hospitals, generating good profits for companies. With the implementation of a zero-markup policy on drugs at all public hospitals in 2017 the share of branded generics in total sales decreased sharply. The launch of a centralised drug procurement scheme with minimum sale quantities in China’s major cities at the end of 2018 is expected to accelerate the replacement of originator drugs with generics. There are lucrative opportunities in the development of innovative drugs, due to high profitability. Government Policy The pharmaceutical sector is largely dependent on government policies and on the reforms which the healthcare industry has been undergoing since 2009. The government is trying to guarantee the sector’s healthy development through various measures, such as drug price liberalisation, encouragement of consolidation among local companies, anti-bribery measures and providing support for innovations in drug development and manufacturing. Source: NDRC, IMS Health, NBS, CEIC CHINA PHARMACEUTICAL SECTOR 2019 Q4 7 An EMIS Insights IndustryEMISPDF cbreese Report from 95.175.200.191 on 2020-01-23 13:52:04 GMT. DownloadPDF. Downloaded by cbreese from 95.175.200.191 at 2020-01-23 13:52:04 GMT. EMIS. Unauthorized Distribution Prohibited. 01 EXECUTIVE SUMMARY CONTENTS Sector Snapshot China Pharmaceutical Sector PRODUCTION 2.8mn tonnes 2.6mn tonnes Conventional Drugs Chinese Patent Drugs EXPORTS USD 8.9bn Export Value IMPORTS FINANCIAL RESULTS Sales Revenue: RMB 2,399bn* USD 27.8bn Total Profit: RMB 309.4bn* Import Value KEY PLAYERS’ NET REVENUES WESTERN CHINESE 1. Shanghai Pharmaceutical: RMB 159bn MEDICINES MEDICINES 2. Baiyunshan Pharmaceutical: RMB 42bn Sales Revenue: Sales Revenue: 3. China National Medicines: RMB 39bn RMB 1,500bn RMB 637bn 4. Shenzhen Neptunus: RMB 38bn 5. Nanjing Pharmaceutical: RMB 31bn Total Profit: RMB 205bn Total Profit: RMB 78bn *NBS Revised Data Note: Data for 2018. Source: YYTJ, GAC, CEIC, NBS, Company Data CHINA PHARMACEUTICAL SECTOR 2019 Q4 8 An EMIS Insights IndustryEMISPDF cbreese Report from 95.175.200.191 on 2020-01-23 13:52:04 GMT. DownloadPDF. Downloaded by cbreese from 95.175.200.191 at 2020-01-23 13:52:04 GMT. EMIS. Unauthorized Distribution Prohibited. 01 EXECUTIVE SUMMARY CONTENTS Sector Snapshot China Pharmaceutical Sector In 2018, the value added in China’s pharmaceutical sector grew by 9.7% y/y, compared with a 12.3% y/y growth in 2017. The slowdown came as the sector witnessed a significant decline in the output of pharmaceuticals, compared with the previous year. In 2018, the production of conventional pharmaceutical products declined by 20% y/y to 2.8mn tonnes, while the output of Chinese patent drugs dropped to 2.6mn, representing a decrease of 27.8% y/y. According to the National Bureau of Statistics (NBS), in 2018 China’s pharmaceuticals manufacturing capacity utilisation rate declined to 77%, compared with 79.1% in 2017. In 2018, many pharmaceutical producers were affected by the ongoing reform of the chemical drugs classification system, and also by the process of verification of drug clinical trial data. The manufacture of pharmaceutical is also subject to more stringent environment protection requirements introduced with the new Environment Protection Law that took effect on January 1, 2018. Environmental inspection campaigns held by the Ministry of Environmental Protection (MEP) led to capacity reductions or closures among the API plants, which are the largest contributors to pollution among all pharmaceutical manufacturers. This resulted in API price increase, which pushed some smaller drug producers that were unable to bear higher production costs to reduce their output or even stop production. Despite the drop in China’s output of pharmaceuticals, in 2018 the sector witnessed a significant y/y growth in sales revenue, which increased by 12.6% y/y to RMB 2,399bn. The main reasons for the revenue growth include the increased prices of some pharmaceutical products, the larger quantities of certain drugs procured through centralised tendering, as well as the implementation of the two- invoice system throughout China in 2018. According
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