In-vitro diagnostic companies increase their frequency in the first quarter | Differentiated competition

Medical Network April 28th With the technological innovation, policy dividends continue to release, in vitro diagnostic industry usher in a period of rapid growth.

A few days ago, a number of in vitro diagnostic listed companies announced the first quarterly performance forecast of 2018, and these companies all achieved year-on-year growth. Among them, Wanfu Biotech expects the first quarter net profit to achieve 40% - 60% growth, the first quarter of life expectation The net profit was 11.4030 million yuan -13.9371 million yuan, a -10% -10% change over the same period of last year; Aide Biosciences estimated a net profit of 24.97 million in the first quarter, a year-on-year increase of 52%.

It is also expected that the performance of in vitro diagnostic listed companies will continue to rise. With the increasingly active gene sequencing and liquid biopsy diagnostics, domestic in-vitro diagnostics companies will usher in opportunities to overtake the curve. 'April 26, Johnson & Johnson China Market participants in the Southwest Region said in an interview with a 21st Century Business Herald reporter.

Currently, Roche, Abbott, Siemens, and Danaher’s Big Four occupy 90% of the in vitro diagnostic market. Most of the domestic companies that do not have production capacity are engaged in the distribution of Big Four. proxy Most of the business, however, including Antu Biology, Wanfu Biological, Jingjing Life and a group of in-vitro diagnostic companies with independent intellectual property rights are trying to break the monopoly of foreign companies, start with differentiated competition, and gradually achieve domestic alternative import.

Reviewing the development history of the in-vitro diagnostics Big Four, they are gradually expanding their business scale through unique technological advantages.

New era securities medicine Industry researcher Sun Jinqi mentioned in his research report that Roche's unique electrochemiluminescence technology makes it unique in the immunodiagnostic market, and i-STAT, developed by Abbott based on microfluidic technology, also allows it to perform POCT (on-site real-time detection). Subdivided areas have significant advantages for the production of medical care equipment Known by Siemens, the advantages in imaging diagnostics are remarkable. Beckman, acquired by Danaher, has the world's leading automated biochemical analyzers and endoscopes. 'In vitro diagnostics is a technology-intensive industry with continuous high R&D investment. Is the core of the four giants to maintain their core competitiveness and leading position.

Looking at the domestic market, this criterion still works. Among the listed companies that issued the first quarterly advancement announcement, they have exclusive technology or exclusive products. enterprise Both have achieved significant growth.

According to Wanfu Bio's first-quarter performance forecast, the main reason for maintaining high-speed growth was that both domestic and overseas businesses achieved rapid revenue growth, and the proportion of high-margin quantitative products further increased.

On February 7, Wanfu Bio announced that it recently signed a "strategic cooperation agreement" with Siemens. After the signing of this agreement, it will help support the current regional medical service system of Wanfu Biotechnology, from basic inspection to imaging and Subsequent other services provide a strong guarantee for the regional medical inspection center. Since then, Wanfu Bio will raise funds by 720 million yuan, which will be mainly used for new production base construction projects and information system upgrade projects.

In 2017, the Berry gene landed on the A shares, which also ushered in rapid growth through technological innovations. It developed the blood tumor mutation detection method (cSMART technology) and can now perform accurate tumor gene analysis of blood and tissue samples based on the cSMART platform. Testing, effective targeted drug testing and efficacy testing. The company achieved revenue of 1.171 billion yuan in 2017, net profit of 233 million yuan, an increase of 54.12% over the previous year.

The advent of new technologies has also created opportunities for differentiated competition for import substitution by domestic companies.

With the advent of chemiluminescence technology, the rapid development of immunodiagnostics has been driven by extremely high detection sensitivity and fully automated rapid and convenient detection methods. In recent years, biochemical diagnosis has surpassed biochemical diagnosis as the largest subfield in in vitro diagnostics, accounting for in vitro diagnostics. The proportion has reached 35%. The current size of the industry for immunodiagnostics has exceeded 20 billion, and the industry growth rate exceeds 20%.

Roche is the market leader in immunodiagnostics. Its growth rate in China last year was 21%. The main source of growth was immunodiagnostic products. Roche also absorbed the world’s second-ranking in-vitro diagnostic company, German Bolingmann. , Mastery of electrochemiluminescence immunoassay, has gradually become the absolute overlord in this field. 'The above market sources told reporters, but at present there are several excellent companies in the world, such as Antu Biology, Ji Egg Biological, which can gradually realize the import. Alternatives.

Sun Jinqi also introduced in his research report that currently, chemiluminescence has been rapidly promoted in clinical applications by virtue of its high sensitivity, good specificity, high degree of automation, high precision, and high accuracy, and has rapidly achieved an alternative to ELISA. Become the mainstream technology in the field of immune quantitative analysis, occupying more than 70% of the market share.

In 2013, Antu Biologicals'Magnetic Particle Chemiluminescence Reagents' was launched, and the business achieved rapid growth. In 2015, sales reached 204 million, and sales revenue reached nearly 600 million in 2017; new industries also achieved breakthroughs in direct chemiluminescence technology. The self-production of supporting automatic inspection equipment has achieved a compound annual growth rate of 37.5% for its revenue in 2012-2016, a revenue of 920 million in 2016, and a compound annual growth rate of profits of 56.6%, and a net profit of 4.5 in 2016. Billion. Through the comprehensive use of chemiluminescence immunoassay technology, high-throughput flow fluorescence technology, multi-color fluorescence PCR technology and other technical platforms to develop diagnostic reagents, it has formed a 'based on the full range of clinical disease detection products of tumors. , Other areas of detection products supplemented by a rich product line, began to implement import substitution in the high-end cancer detection market.

In fact, unlike the biochemical diagnosis of previous generations of technology, the barriers to chemiluminescence technology are higher and the requirements for technology are higher. Different import substitution models have different requirements for companies.

In response, the above-mentioned market participants summarized to reporters: 'After several years of development, a basic pattern of differential import substitution has basically formed in the immunodiagnostic market. High-end three hospital In addition, Antu Biology has established a good reputation in the secondary and sub-hospital market with the automated Chemiluminescence Detection Instrument Autolumo A2000/A2000plus and channel advantages accumulated over the years. The new industry has become an industry leader with high installed capacity.

Comparing with the giants' development trajectory, due to the fact that there are many segments in the in-vitro diagnostics industry, the life cycle of each sub-sector, industry capacity, industry growth rate, technology platform, and gross profit margin are all very different. After the subdivided area reaches its peak, The growth rate of relying solely on endogenous growth is limited, and injecting competitive advantage through industrial M&A has become a consensus in the industry.

Take Danaher, one of the giants, as an example. As the king of mergers and acquisitions in the business world, almost all of its business is acquired through mergers and acquisitions. In 2011, it acquired Beckman Coulter, the international diagnostic giant, for US$6.9 billion. The premium was approximately 45% higher than the closing price at the time. Since then, its revenue has continued to increase. The overall revenue for 2017 was US$18.3 billion, an increase of 8.6% year-on-year. Its diagnostic business performance was dazzling. Revenue for the full year was US$5.839 billion. In total revenue accounted for 32%.

'M & A through the industry chain, and then through the output of advanced supply chain management to promote its endogenous growth, so as to achieve value growth. 'The market participants explained that this type of industrial operation is particularly suitable for subdivided industries, through mergers and acquisitions Make up short board, so as to achieve the growth of the overall output value.

This was also verified in Antu Biology. In September 2017, Antu once again launched the research and development achievement, AutolasA-1, a fully automated laboratory line, and became the first domestic company to launch an assembly line business. However, due to its There are shortcomings in diagnosis, and before the introduction of the technology, it also went through mergers and acquisitions.

In December 2016, Antu obtained the world's leading biochemical instrument manufacturer by acquiring Hong Kong Shengshi Junhui. In addition, the company also acquired 75% equity of Beijing Biotec Biosciences and won 119 biochemical test reagent approvals.

In vitro diagnosis is praised as the “rising industry in the sunrise industry” and there is huge room for growth. With the continuous advancement of medical insurance control fees and grading diagnosis and treatment, the rapid growth of downstream demand will enable domestic brands to benefit first, and high-quality diagnostic listed companies will The wheel industry shuffles to achieve greater market share.