Medical Network September 26th For pharmaceutical companies, research and development strength is closely related to the company's future development, so the R&D investment and R&D pipeline of pharmaceutical companies are attracting attention. According to the statistics of the 223 pharmaceutical manufacturing enterprises disclosed by Dongfang Fortune Network, the top 11 pharmaceutical companies in the first half of 2018 invested more than 200 million yuan, of which 3 pharmaceutical companies invested more than 500 million yuan. yuan. Fosun Pharma's R&D investment surpassed Hengrui Medicine, leading with 1.188 billion yuan; Tonghua Dongbao's R&D investment increased by 824.89% compared with the same period of last year. Where did it go? The research and development investment of Beida Pharmaceuticals accounts for 45.79% of the operating income. Is it worried about the potential risks of “one product is the biggest�
Table 1: A-share pharmaceutical companies R & D investment TOP11 (unit: 100 million yuan)
(Source: Listed company mid-year report)
200 million is the threshold, and 3 pharmaceutical companies have invested more than 500 million in half a year.
In the first half of 2018, the A-share R&D investment in the top 11 pharmaceutical companies, R & D investment is more than 200 million yuan, of which 3 pharmaceutical companies invested more than 500 million yuan, respectively, Fosun Pharma, Hengrui Medicine and Kelun Pharmaceutical . Fosun Pharma has the highest investment in research and development, and it is the only company among many pharmaceutical companies that has invested more than 1 billion yuan.
Figure 1: Investment in research and development of Fosun Pharma in the same period of 2015-2018 (Unit: 100 million yuan)
(Source: Listed company mid-year report)
Fosun Pharma's innovation and research and development as the core driving force for development, and continue to improve the "imitation and innovation" drug research and development system. In recent years, the company's R&D investment has increased year by year, and the proportion of R&D investment in total operating income has also increased year by year. According to the semi-annual report of Fosun Pharmaceutical , the company invested 1.18 billion yuan in research and development from January to June 2018, an increase of 89.82% over the same period of last year. The proportion of R&D investment in total operating revenue exceeded 10% for the first time. According to the data of Fosun Pharmaceutical Annual Report, the company's R&D investment in 2017 was 1.529 billion yuan. In the first half of 2018, only half a year later, R&D investment was almost equal to the total R&D investment last year.
The business of Fosun Pharma is concentrated in the three major sectors of pharmaceutical manufacturing and R&D, medical services and medical devices and medical diagnosis. In the first half of 2018, the pharmaceutical manufacturing and R&D sector recorded operating income of 8.956 billion yuan, accounting for total operating income. 75.52%. In terms of R&D investment, in the first half of 2018, the R&D investment in the pharmaceutical manufacturing and R&D sector was 1.064 billion yuan, an increase of 100.90% over the same period last year.
High investment will naturally have high returns. During the reporting period, the company has 9 monoclonal antibody products (including 4 innovative monoclonal antibodies), 13 indications approved in clinical trials in mainland China, 2 monoclonal antibody products, 1 joint Therapy was accepted for clinical trial application in mainland China. Five of the products have entered clinical phase III, one product declaration production (ie rituximab injection) and included in the list of priority review procedures; three innovative monoclonal antibodies in the United States Taiwan was approved for clinical trials; 1 innovative monoclonal antibody was approved for clinical trials in Australia; recombinant anti-HER2 humanized monoclonal antibody was used to simultaneously advance clinical trials in China and Europe; the first CAR of Fosun Kate, the joint venture company -T product FKC876 was accepted by the State Food and Drug Administration for clinical trial registration review.
The consistency evaluation of generic drugs was also promoted in an orderly manner. During the reporting period, amlodipine besylate tablets (Silida), escitalopram oxalate tablets (departure), and Alfacalcitol tablets (Liqing) were used. The product has successfully passed the consistency evaluation of generic drugs; the six products such as clindamycin capsules, potassium chloride granules and indapamide tablets have been newly submitted for consistency evaluation.
2 pharmaceutical companies' R&D investment increased by over 100% , Tonghua Dongbao was as high as 824.89%
In terms of growth rate, except for Renfu Medicine, the other 10 companies have increased their R&D investment. The growth rates of Fosun Pharma, Tonghua Dongbao, China Resources Sanjiu and Beida Pharmaceutical are relatively high. Among them, Tonghua Dongbao and Beida Pharmaceuticals achieved more than 100% growth, and Tonghua Dongbao was as high as 824.89%.
Tonghua Dongbao is mainly engaged in the research, development, production and sales of diabetes biological products, proprietary Chinese medicines and chemical drugs. Over the years, the company has continuously strengthened the construction of scientific research platforms, improved its own scientific research and innovation system, and relied on scientific research platforms to build on the second generation of recombinant human insulin. The company actively develops research and development of three generations of insulin insulin (insulin glargine, insulin aspart, insulin detemir, insulin lispro), as well as agonist hypoglycemic drugs and chemical oral hypoglycemic drugs to meet the needs of different diabetic patients on the market. Demand provides more choices for patients with diabetes in China.
Figure 2: Investment in R&D of Tonghua Dongbao in the same period of 2015-2018 (Unit: 100 million yuan)
(Source: Listed company mid-year report)
From the research and development investment of Tonghua Dongbao in recent years, from the first half of 2015 to the first half of 2017, although the company's R&D investment has increased, the magnitude is not very large. The proportion of R&D investment in operating income is in single digits and has dropped. . In the first half of 2018, the company invested 380 million yuan in research and development, an increase of 824.89% over the same period of last year, a large increase, and R&D investment accounted for 25.99% of operating income.
Tonghua Dongbao said that the increase in R&D investment in the first half of 2018 was due to the combination of research and development of super fast-acting insulin analogues and insulin-based mealtime. In 2018, the company cooperated with Adocia of France to jointly promote the research of the fourth-generation insulin-super fast-acting insulin, insulin glargine and super fast-acting insulin premixed preparations, and promoted the process of the research and development system to meet the international leading standards . The new situation of four generations of insulin entering the international market.
4 pharmaceutical companies R & D investment accounted for more than 10% of revenue , the highest "eat" nearly half of income
From the perspective of R&D investment as a percentage of operating income, there are 4 companies with more than 10%, namely Fosun Pharma, Hengrui Medicine, Tonghua Dongbao and Beida Pharmaceutical. According to the data in the past few years, in the first half of 2018, Fosun Pharma and Tonghua Dongbao all exceeded 10% for the first time. Hengrui Pharmaceutical insisted on investing about 10% of R&D funds per year, and Beida Pharmaceuticals was as high as 45.79%. Eat "nearly half of the income.
To date, Beida Pharmaceuticals has a marketed product, Eckinib, which is the main source of revenue and profit for the company. In May 2016, the results of the national drug price negotiations were announced, and Ekentini was the only short-listed domestically-made innovative drug with a price cut of 54% (after the price cut was 1399 yuan/box). In the first half of 2018, Eckini's “price-for-value†effect began to appear, and the sales achievement rate exceeded expectations, but the “quantity-price linkage†and sales revenue growth have not yet been achieved. In order to cope with the risks brought by “one product is the biggest oneâ€, the company has stepped up the research and development of new drugs. With the promotion of new projects and the full promotion of new drug projects in the clinical trial phase, the company's R&D investment has increased.
Figure 3: Investment in research and development of Beida Pharmaceutical in the same period of 2016-2018 (Unit: 100 million yuan)
(Source: Listed company mid-year report)
From the research and development investment of the company in recent years, before the first half of 2017, the company's R&D investment did not exceed 100 million yuan. However, in the first half of 2018, the company's R&D investment reached 266 million yuan, an increase of 194.37% over the same period of last year, accounting for operating income. The ratio is as high as 45.79%.
Innovation is the foundation of Beida Pharmaceutical and the driving force for sustainable development. The company conducts research on small molecule targeted drugs, immunotherapy and combination therapy. As of the end of the reporting period, the company has more than 30 research projects, and has entered clinical research. There are 8 items in the phase III clinical trials.
Source: Listed company mid-year report and annual report
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