2015年半年盘点： 医药行业黄金时期已过，医疗服务&器械成投资热点

In the past ten years, driven by the government's increased investment in the medical and health industry, China's medical and health market has experienced a stage of rapid development. With the continuous progress of medical reform, the pattern of China's medical and health market will undergo fundamental changes. Zero2IPO Research Center believes that the overall pharmaceutical industry will maintain rapid growth in the future, but the structure will be more optimized. Since the start of the new medical reform, governments at all levels have increased investment in the construction of medical facilities and equipment updates, coupled with the steady increase in the number of medical services in China, the Chinese medical device market has ushered in an era of rapid development. Fundamentally, relying on medicines to support doctors will inevitably be forced to increase the price of medical services. Strong demand and favorable policies will promote the rapid growth of the medical service industry, and mobile medical care will drive the development of medical services and related medical device segments.

The golden age of the pharmaceutical industry has passed, and policy dividends are the key

With the aging population, changes in the spectrum of diseases and the continuous promotion of drug upgrades, the medium and long-term growth trend of the biomedical industry remains unchanged. However, in the short and medium term, medical insurance fee control, bidding price reduction, administrative price reduction, new drug approval efficiency, etc. will affect the development of the industry. The impact is more profound; although the state's regulatory policies on the pharmaceutical industry are complex and changeable, the industry trends behind the policy changes are still relatively clear, such as strengthening the rationality of drug use, encouraging the import substitution of high generic drugs, and prioritizing the review of generic drugs that are urgently needed in clinical practice. Evaluate and optimize the competitive landscape of the industry, etc.

Favorable policy & market demand, medical equipment enters the fast lane of development

Since the start of the new medical reform in 2009, governments at all levels have increased investment in the construction of medical facilities and equipment updates, coupled with the steady increase in the number of medical services in China, the Chinese medical device market has ushered in an era of rapid development. With the improvement of relevant laws and regulations, the policy orientation of the Chinese government's medical device industry director has become clearer, that is, to gradually improve regulatory efficiency, encourage innovation, especially domestic key innovation, and strengthen quality and security.

Medical service is a medical reform, and mobile medical care will drive the development of related industries

The biggest benefit in the process of medical reform is privatization (that is, the restructuring of public hospitals), and medical services will continue to benefit from the institutional dividends brought about by this long-term industry reform. At present, the proportion of medical services in the medical and health industry as a whole is relatively low, and there is basically no policy resistance. The policy environment is better than that of the pharmaceutical industry, and the future space is huge. Under the high-growth trend of the mobile medical market, the evolution from horizontal applications to vertical solutions that open up the value chain of mobile medical services will become the development direction of the industry.