Based on the long-term growth of the pharmaceutical industry, GF Fund will deploy the second actively managed pharmaceutical theme fund on October 13th-GF Pharmaceutical Health Hybrid. The proposed fund manager Wu Xingwu said that the long-term logic of the current round of the pharmaceutical market has not changed. In the long run, in the sub-industries such as the innovative drug industry chain, medical services, and high-end equipment, outstanding companies have room and room to become bigger and stronger. opportunity.
The logic of the industry's long-term improvement remains unchanged
Affected by the new crown pneumonia epidemic, the pharmaceutical and biological sector became a highlight industry in the A-share market in the first half of the year.
"The long-term development logic of the pharmaceutical industry has not changed." Wu Xingwu analyzed and pointed out that this round of market is based on a new round of medical reform around 2016 as a starting point. The content of the medical reform includes the consistency evaluation of generic drugs and accelerated approval of innovative drugs. In this context, the price of generic drugs has been suppressed, the market demand of sub-sectors with innovative drugs as the main line has been activated, and the pharmaceutical industry is developing in a relatively healthy situation. This is the main line of this round of market. No significant changes have occurred.
From the perspective of market demand, the aging population structure is an important support for the long-term development of medicine. Wu Xingwu believes that my country’s population aging is accelerating, and the long-term population structure supports the long-term needs of the pharmaceutical industry. Chinese residents have the ability and willingness to pay for their own health, plus encouragement of innovation, consistency evaluation of generic drugs, large-scale procurement, With a series of policy support such as the approval of innovative drugs, the driving force for the long-term development of the medical industry continues.
Market segments usher in a golden development period
Although the pharmaceutical sector is currently in an adjustment phase, Wu Xingwu believes that, from a long-term perspective, the sector with long-term sustainable growth represented by pharmaceutical biology may usher in a new wave of rise after the adjustment.
"The recent adjustments in pharmaceutical stocks are due to the relatively high valuation of pharmaceutical stocks, and some funds have switched from the pharmaceutical sector to the low-value sector; the second is that the marginal easing of liquidity in the market has tightened slightly compared to previous months." Wu Xing Wu believes that the high valuation of pharmaceutical stocks is based on the core logic behind the large pharmaceutical market capacity, the continuous expansion of aging pharmaceutical consumer demand, the strong expectations of the sustainable growth of various leading companies, and the explosive growth brought by continuous innovation. . If the long-term logic of high-quality companies does not change significantly, high valuations of good companies may be the norm for a long time.
"With the gradual advancement of medical reform and approval policies, the pharmaceutical industry has become increasingly strict with product quality requirements, gradually increased investment in research and development, stricter requirements on medical insurance reimbursement, and more preference for domestic manufacturers. Multiple factors determine the competitive landscape of the pharmaceutical industry. It is clear that market share is further concentrated to the leading companies.” Wu Xingwu said that with the support of three major factors including import substitution in the original fields, high volume of innovation in new fields, and international market development, leading companies’ innovation capabilities and channel platform capabilities are strengthening. Better sustainable growth.
In terms of segmentation, he is more optimistic about the following three aspects: one is innovative drugs and the industrial chain, the other is medical services, and the third is medical device companies. Among them, innovative drugs can improve patients' medication experience on the basis of satisfying basic medications, and policies generally do not limit the pricing of innovative drugs too much. Therefore, innovative drugs are an important source of motivation for the long-term development of pharmaceutical companies. In addition, private medical service institutions can provide more differentiated and high-quality services, and there is also a strong demand space.
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