Medical Massage For Hypertension
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Morning is met summary
Institute of Inc. of Chinese galactic negotiable securitiesIn November 2009 24
Day
Tuesday
Research fast give
Medical industry: Medicines and chemical reagents and price of medical services form mechanism reform to start
Investment grade
Recommend
(analyst: Li Ying roc)
1. Incident
In November 2009 23
Day, the country develops innovation appoint, ministry of social security of resource of Ministry of Public Health, manpower was released jointly a few days ago " reform medicines and chemical reagents and cure
The opinion that cure serves the price to form a mechanism " (the following abbreviation " opinion " ) , with respect to reform medicines and chemical reagents and price of medical services form a mechanism, put forward guidance to think of
Want, basic principle and goal assignment and specific opinion.
2. Our analysis and judgement
(1) reform progressively and impendent medicine the key such as current link and reform of mechanism of public hospital compensation and difficulty area
" opinion " be fulfil to carry out " the opinion that the Central Committee of Communist Party of China, the State Council reforms about deepening medical sanitation system " (in hair [2009]6 date) and
" the State Council implements plan about key of near future of reform of system of sanitation of medicine of print and distribute (2009-2011 year) announcement " (the country is sent [2009]12 date) spirit
And make, the market has early to this expect, and to its a few main content expect somewhat, large-scale to medicines and chemical reagents depreciate somewhat anxious.
We are right " opinion " undertake preliminary unscramble, think simple understanding depreciates for medicines and chemical reagents too biased, we think more important is, medicines and chemical reagents
With medical services price forms mechanism materiality to affecting the operation pattern of Chinese medicine industry, the price forms mechanism reform to mean reform progressively approach
The difficulty such as reform of moving mechanism of current link and public hospital mixes close medicine key area, the future that its reform measure and effect to change to cure is crucial.
1) medicine is current of link layer upon layer the one big chronic illness that increasing price is an industry, dan Jigen source depends on many and coessential those who change product and medical industry " with
Medicine raises cure " mode, below current condition, resolve difficulty thoroughly great. This " opinion " the specific plan that also did not take out overall, but right most
Hind a link, namely medical establishment increases price, make clear further: Reform medical services defends life form medicines and chemical reagents to sell addition policy. According to " medicine is apart "
Requirement, reform medical establishment compensates a mechanism, cancel medical establishment to sell addition of medicines and chemical reagents stage by stage. During reform transfers, want to reduce medical establishment stage by stage
Medicines and chemical reagents increases valence rate, in overall do not break through the premise of 15% to fall, can execute a difference to impose value policy by price discretion. Execute to costly medicines and chemical reagents when necessary most
Impose restriction of price specified number high. Prepared herbal medicine in small pieces ready of decoction adds Chinese traditional medicine valence rate level relaxes appropriately.
2) the difficulty that public hospital reforms has 2: It is the disequilibrium that medical services resource configures, high grade resource is centered at large hospital; 2 it is long-term with
Come, the income of diagnosis and services of the hospital is too low, adopt " raise cure with medicine " the operation that mode will come to maintain a hospital and development. This " opinion " point to clearly
Piece should raise the medical services that reflects technology and service value to serve the price. According to medical services the service amends the requirement of reasonable cost, combinative government finance is devoted
Circumstance, reasonable adjust blame seek profits quality medical establishment is basic medical services the price, raise doctor of traditional Chinese medicine and the examine that reflect value of service of medical personnel technology stage by stage
Cure, operation, nurse wait for project value. We think, this means the compensation mechanism reform of public hospital to begin to start stage by stage, of medical industry
Operation mode has the base of change stage by stage, for next complete changes " raise cure with medicine " mode laid good foundation.
(2) of the price go up dropping is short-term problem only, the formation that more important is the price the mechanism wants reasonable
" opinion " the issue that point to is very specific, form reasonable medicine and price of medical services to form a mechanism namely, we think this is blame Chang Zheng
Truly reform direction, a good mechanism is far it is more important to change than short-term price, adjust the price to form a mechanism to also be not depreciate blindly, smooth
Judge industrial catenary the interest concern of each link is very main, we think is to cancel a hospital to increase price above all currently, drug factory price is large-scale, big limits
The possibility that reduce is not large.
" opinion " cent medicine and medical services two parts to formed a mechanism to undertake elaborating to relevant price. Among them, medical price forms a mechanism
Include to adjust limits of price of governmental government drug, drug price is executed manage by different levels wait for 12 content; Medical services the price to form a mechanism to include medical services
Be sure to read the Chinese the Milky Way with final text please negotiable securities Inc. is avoided duty statement.
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Seat of government of service price solid administration coachs valence and market adjust 9 content such as the administrative kind that valence photograph ties.
(3) " opinion " will cause far-reaching effect to industry development
We think " opinion " after carrying out, structure of fee of prospective medical services will produce change. As a result of medical services the service rises in price, the medicine of hospital terminal
Taste price fall, structure of medical services fee produces major change necessarily, expenses for medicine occupies the proportion of medical services charge to be able to drop apparently, but because considered integratedly to produce
Catenary of course of study the interest of each link, return the producer price of manufacturer of unapt immediate impact at present; Because did not cut off the increase chain between medicine completely, cure
Unripe behavior still won‘t produce major change.
Because be opposite,the relation of poor price relations between medicines and chemical reagents carries out management, pure the space that relies on to change the means of the form of a drug to get super profit will be reduced somewhat;
Because be mixed to innovation medicaments,medicine has a copy encourage, have innovation truly or head the company of copy ability will be benefited; Because control medicine to taste current link to differ
Valence rate, encourage current domain to hold concurrently and recombine, trade situation will produce change quickly, overmatch occupies an area by force more increasingly will remarkable; Because the government makes drug
Taste value in principle to establish uniform price according to current name, and the government establishs drug price, usually not divisional and specific production runs a company,
According to medicines and chemical reagents current name establishs uniform directive price, grind formerly the problem that medicine fixes a price alone or capture a title stage by stage; Because still execute high price for good quality, article
Company of card general drug is benefited the possibility is larger; Because the level of the price difference of various hospital is only adequate big when the price of reasonable to promoting a patient billabong just
The conference is bigger, and the supervisory management difficulty of the hospital is greater under 2 class, still need to consider make a diagnosis and give services integratedly so non-standard the influence ability that cause is judged finally
The degree of appraise patient billabong reachs an influence.
(4) the income structure that the adjustment of the price changed medical establishment directly
We ever pressed the estimation of data of income of hospital expenses for medicine 2007, cancel merely of 15% increase price, complete compensation needs 37.55 billion yuan. Be like
The manufacturer that executes medicines and chemical reagents completely if really deserves to send directly, medicine is current of enterprise collection 3-5% deserve to send fare,
Breathtaking, live will appear instantly problem, must rely on to raise income of diagnosis and services or governmental subsidy ability to live substantially, because be in,look antecedent condition the next time
The gender increases income of diagnosis and services considerably very be a hard job to the public to accept, so we think: Look from current condition, reform still is advance gradually means, final meeting "
Execute difference of purchase and sale of medicines and chemical reagents to increase price too, establish medical issue to a variety of means such as service fee are reformed stage by stage or cancel policy of addition of medicines and chemical reagents,
Price of service of full medical services, increase the measure such as terms of payment of governmental investment, reform to perfect public hospital to compensate a mechanism " .
The complexity that we think to be based on a problem and interest square numerous, this kind of way is logical, but also cannot protracted too long, otherwise other changes each
Change will get block up. The extent that we think one of among them difficulty are serving the price to be able to promote at medical services and the block that produce from this have many
Big; The scope that the price level that another focus is fee of medical issue service and difference increase price whether whether offset reductive loss. In the meantime, we think
Early days measure is still insoluble high issue of medical price theory, what should not make reform is terminal, courage of farther reform measure need, wisdom, more
Investment and equal opportunity.
We are conjectural: Medical services the price to will rise stage by stage, of price of service of most medical services raise rate finite, or amount is limited.
Additional, " opinion " point out, should reduce large and medical equipment supervision and remedial value. Strengthen medical examination and remedial facilities price are monitored. Be over
Be apt to serves means of cost examine and verify, medical examination and expenses of remedial facilities depreciation are calculated by rated workload. Those who drop on the high side is medical equipment supervision and treat
Cure price, promote medical examination and remedial facilities intensive are changed use. We think this measure is theoretic bigger to high-end equipment influence, right homebred,
Those who face basic level is medium low end equipment influence is minor, but as a result of one, second line city is large equipment is most already relatively all ready, be opposite so current 3 lines city
City hospital purchases equipment to reach the impact of replacement of updating equipment of each large hospital high end should be bigger henceforth.
" opinion " special put forward, to high cost especially establish (interpose) enter kind of medical apparatus and instruments, can lead through restricting current link price difference, release market price
The measure such as case information, lead the price reasonable form. We think the income of pair of relevant enterprises adds fast meeting to be affected somewhat, but as a result of domestic company product
The value is relatively inferior, should pay close attention to more so should be the entrance plant with expensive empty above all (interpose) enter kind of medical apparatus and instruments, its price has bigger fall
Space.
(5) the comprehensive reform of terms of payment is vogue far
" opinion " in put forward active exploration to establish mechanism of negotiation of both sides of medical cost supply and demand. Medicines and chemical reagents and the base that medical services the price are established in the government
On, reform terms of payment of medical services insurance, execute stage by stage plant by disease pay fee, by the service unit pays cost and amount to advance. Explore classics of medical services insurance actively
Do orgnaization and medical establishment (hospital association) , supplier of medicines and chemical reagents negotiates through talking things over, charge of reasonable and affirmatory medicine reachs kind paying fee. Encourage conditional
Be sure to read the Chinese the Milky Way with final text please negotiable securities Inc. is avoided duty statement.
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what the place develops terms of payment and charge negotiation mechanism is pilot.
The particular kind that we think to be able to pay close attention to terms of payment to be reformed in the round and practice time, think the effect of this pair of industries will be very apparent,
Be worth to pay close attention to for a long time.
3. Investment proposal
We think, " opinion " the producer price that puts forward not clearly to reduce medicaments, the anticipation that the product depreciates is not special and intense, and ceaseless and clear
the not certain factor that policy reduced a trade, because medical services ensured a level 2010,rise again, raw material medicine restores to wait for an element relatively affirmatory, cure
Medical industry is in 2010 add fast will exceed 2009, the industry still maintains healthy progress.
Be worth respect regard from appraise, at present dynamic 2009 city is filled with rate in 35 times or so wave motion, city was filled with 2010 rate is 30 times more adjacent, basic with row
Of course of study add fast photograph to match, we think basic and reasonable, as a result of the determinism that grow big, can enjoy certain excessive price, we still are maintained " recommend "
Grade.
In our key company, industry of drug of haing drug stock, 39 medicine, double crane, consistent drug industry still has appraise to be worth an advantage, and constant luck medicine,
Baiyao of share of traditional Chinese medicine, Yunnan, letter establishs the enterprise such as peaceful to still can regard core as configuration, search appraise the value is relative more appropriate when increase configuration, answer
The intrinsic value of astral medicine still is being released ceaselessly, investor Yi Ke is timely increase configuration.
If from " opinion " those who come on stage is medium short-term effect looks, we think the following enterprise may receive clearer income.
Constant luck medicine, letter establishs peaceful to wait have stronger research and development is mixed a copy ability, of policy of value of product of benefit from benefit from tilt; Traditional Chinese medicine accuses (include subordinate
the answer star medicine that industry of share of traditional Chinese medicine, consistent drug and hold country accuse 34% equity) , the medicine such as Shanghai medicine is current medicine of enterprise benefit from benefit from is current
The integrated speed of the industry is accelerated; The main breed of the company such as Baiyao of industry of drug of 39 medicine, a thousand pieces of gold, Yunnan, Tian Shili, Ma Yinglong (exclusive breed)
Enter basic medicines list (basic level edition) , determinism of value of product of benefit from benefit from is taller; The product hopeful benefit from benefit from of the enterprise such as industry of drug of health predestined relationship is basic medicaments
Catalog (patulous edition) ; Benefit from benefit from of company of production of prepared herbal medicine in small pieces ready of decoction adds the Chinese traditional medicine such as industry of Kang Mei drug valence rate level relaxes;
Company of card general drug criterion size of market of benefit from benefit from expands reach high price for good quality; The company of diagnostic reagent production such as division China biology suffers concussion not quite, will still benefit from benefit from
The profession persists enlarge look.
We warn investor at the same time, cure changes is a long-term and arduous system project, unfavorable and excessive look upon its are short-term influence, more unfavorable accordingly
And the attention that abandons pair of company growing sexes and appraise value standard and judgement. At present medicine price level and level of overall appraise value do not consider excessive low, investment
Person the company that still needs not to match with growing sex to appraise value keeps vigilant.
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