醫藥生物行業:冠脈支架進入低價時代,創新品種有望迎來加速放量契機,維持“推薦”行業評級
機構:興業證券
評級:推薦
近日,聯合採購辦公室發佈《國家組織冠脈支架集中帶量採購擬中選結果公示》,冠脈支架全國集採價格正式落地。
短期關注進口替代,長期自主創新是核心:我們認為,類似於藥品集採,此次方案對後續高值耗材的集採具備較大的參考意義。基於此次意向採購量較大且進口國產不分組,我們認為將利好於目前國產產品佔比尚不高的細分領域實現進口替代,例如骨科中部分細分賽道等。同時,我們認為,只有量大、標準化、競爭比較激烈的產品才適用於集採,其他產品如IVD將主要通過DRGS等方法進行控費。短期來看,雖然產品價格可能會面臨一定衝擊,但進口替代仍有望帶來以價換量的紅利。長期來看,耗材集採政策推廣將可能為創新器械產品的發展帶來契機,在過去固有格局發生變化下,加速創新產品的放量進程。同時,類似於藥品市場,相關創新器械企業也將投入更多的資源和推廣力度於創新產品線。例如,在冠脈支架集中採購後,我們預計冠脈領域新型器械產品如可降解支架、冠脈藥物球囊等品種將可能會迎來加速放量,其在PCI中的滲透率有望逐漸提升。
展望未來,我們預計隨着高值耗材集採推進將倒逼企業加大創新投入,創新能力將成為器械頭部企業的核心競爭力。我們認為,類似於此前的藥品集採,集採之後器械中的bigpharma依然會持續向好,這類企業建議關注邁瑞醫療、威高股份等;同時,器械中的biotech可能會輕裝上陣,建議關注微創系(心脈等)、德諾系(啟明等)康德萊醫械、三友醫療、南微醫學等新一代公司。
風險提示:政策推進速度低於預期;執行力度低於預期;政策後續演變超預期
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