At present, the growth of the domestic medical and health industry, just like the Internet 20 years ago, the visionary PE institutions should seize the process of rapid growth of the industry and find that they may grow into good seedlings like Huawei in the world. The company came to share the fruits of industrial growth.

The logic of investing in the medical device industry will soon be verified. First, under the impetus of the national new medical reform policy, the rigid demand of China's primary medical market has been released. Secondly, under the premise of continuously improving independent innovation and technology level, medical device enterprises are expected to achieve import substitution. Ouyang Xiangyu, managing director and partner of Junlian Capital, said that at present, the sales ratio of medical devices and drugs in developed countries is about 1:1, while China is only 1:10, with broad demand and certain technical barriers. The medical device market has great potential, and it will develop faster in the early stage of investment.

Policy promotes the development of medical device industry

In the first three quarters of this year, 18 medical device companies in the A-share market achieved a total operating revenue of 8.432 billion yuan, a year-on-year increase of 16.89%; a total net profit of 3.018 billion yuan, an increase of 10.25% year-on-year. Two.

The financial indicators for the third quarter of the single quarter show that since the outbreak of the international financial crisis in 2008, the medical device sector has been the only sector in the six sub-sectors of pharmaceutical biology that has not experienced a decline in performance.

While the industry is growing steadily, the endogenous growth of China's medical device industry is gradually increasing due to policy factors.

The "Health China 2020 Strategy Research Report" issued by the Ministry of Health on August 17 clearly stated that in the next 8 years, the major projects of the seven major medical systems involving a total amount of 400 billion yuan will be launched. For independent research and development of pharmaceuticals, medical consumables, medical equipment and large-scale medical equipment, the Ministry of Health has launched a special project for the national health industry of 10 billion yuan. Among them, the Ministry of Health plans to set up 210 project funds, of which 100 projects will fund the research and development of medical consumables, 20 million yuan per project, 100 projects funded medical device research and development, each project 50 million yuan, and 10 projects for funding The development of large-scale medical equipment, each project about 300 million yuan.

At the same time, the deepening of the new medical reform is also the underlying reason for pushing up the performance of the medical device sector. Grassroots medical institutions are becoming the main consumers of the medical device market in China, and the demand for conventional medical devices in rural areas will also be released quickly. According to the planning opinion of the Ministry of Science and Technology in 2012, the output value of new medical equipment in China during the “Twelfth Five-Year Plan” period is expected to reach 200 billion yuan.

In addition, compared with the global per capita medical device consumption level, domestic per capita consumption has 5 to 6 times improvement. Demand for consumption upgrades and product upgrades will lead to increased investment in medical devices.

Ouyang Xiangyu said that the industry generally divides the medical and health industry into three major blocks. One is medical equipment (equipment) and medical diagnosis, one is medical research and development, and the other is medical services, including specialist hospitals, medical IT service companies such as B2B and B2C, and mobile Internet medical service companies. “For the three major blocks, we are all concerned.” However, from the existing investment cases, the number of investment projects in the first category is relatively large, the investment phase is basically early, and the single amount is relatively small; and the third type of investment projects It is mainly concentrated in the growth period or even later, and the amount of a single investment is relatively large.

The high-end medical device market is monopolized by foreign companies

In recent years, the domestic high-end medical device market has been monopolized by foreign-funded enterprises. From the medical equipment department of China National Pharmaceuticals Import and Export Chamber of Commerce, only in the field of CT equipment, Siemens, Philips, Toshiba and other five companies account for the domestic market. The share is as high as 90%. Industry insiders said that this situation will be rewritten.

China's domestic high-end medical device companies are becoming a new industry highlight. The data shows that in the first three quarters, companies with gross profit margins exceeding 50% were all occupied by high-end medical device companies. According to industry insiders, in this situation, the concept of import substitution is expected to become a reality, and the market space for high-end products will open.

According to Chen Xueli, the chairman of Weigao Group, the ability of scientific and technological innovation is an important aspect that reflects the comprehensive national strength of a country and is also a strategic support for enhancing the core competitiveness of enterprises. In these years, the driving force for the expansion of Weigao is the leading of technological innovation. At present, there is still a gap between China's high-end products and European and American countries. To a certain extent, it is subject to foreign countries, which makes it difficult for people to see a doctor and expensive to see a doctor. In order to enhance the domestic medical device technology and use affordable products to make the people see the disease, Weigao will vigorously carry out scientific and technological research activities and enhance product innovation capabilities. "Weigao's future 20 categories of products must enter the international first team!" He vowed.

From the latest progress of Meiya Optoelectronics (002690, shares), China's medical device products have achieved alternatives to imported products in certain areas. In 2012, Meiya Optoelectronics successfully launched the dental CBCT machine (ie, cone beam X-ray tomography scanner). In January and July of this year, the first and second generation models of the "Medical Device Registration Certificate" were obtained. At present, the company is making arrangements in key cities across the country. “Since the listing of CBCT machines from Meiya Optoelectronics, the prices of foreign brands have dropped by about 30%.” Observers told reporters.

Does Junlian prefer to invest in medical equipment companies in the low-end or high-end? Ouyang Xiangyu said that the agency is optimistic about the entire industry. For example, the market targeted by high-end medical devices should be “import substitution”, and low-end enterprises should be close to market customers.

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