Diagnostic reagents channel hegemony race came | Who is the winner?

Medical Network May 21st In vitro diagnosis of hot areas of medical devices, has emerged a news:

On May 16th, Runda Medical issued 38 announcements a day, eating 5 companies in one fell swoop. The price paid was 496 million in cash and 641 million in shares. The total purchase price was 1.137 billion yuan.

The acquisition target, amount, stock, etc. See the table below.

This is medicine The circle is not a large amount, but in the area of ​​IVD circulation, it is definitely a big deal.

Runda Medical did not start its mergers and acquisitions until this year. Last year it also purchased 6 peers, involving a total investment of nearly 1.6 billion yuan. The year before last, it also acquired shares in five companies, involving a total investment of about 560 million yuan.

Looks like a very strong, but last year its main business income is 4.3 billion, profit 387 million. Last year, the consolidated subsidiary of the report has a total of 34, one is more special, the name is Yunnan Celes Biotechnology Co., Ltd. , Runda holds 35%.

Not only Runda Medical, Dean Diagnostics, Golden Domain Medicine, Celis, etc., but also in the merger and acquisition continue to exert force.

For example, last September, Dean Diagnostics acquired Guangzhou Di Huixin for nearly RMB 1 billion. medical instruments 64% of the company's shares. In the five years from 2013 to the end of 2017, Dean Diagnostics has acquired at least 18 companies, with a total cost of approximately 3.4 billion yuan.

A few months ago, the industry exposed the unlicensed third-party medical inspection enterprise Aidinkon plans to sell it for $500 million. Among the potential buyers is Gold Medal Medicine.

This has to say the exclusivity of this business model.

For a long time, medical tests were in public hospital Basically, it is not profitable. The laboratory department is not a major profit-making department. Later, it began to have private third-party inspection agencies. Starting from small and medium-sized hospitals, it slowly made achievements and gained the trust of some large hospitals. Only then continue to grow.

However, in this field, the current market concentration is still very low, and the top 5 market shares add up, and it is estimated that it is still less than 15%.

In recent years, many of the state's policies have referred to the need to divest the hospital laboratory and establish a regional medical laboratory. The help of policies has also ignited the market's fire.

Although the current market is very fragmented, it also means that there are mergers and acquisitions institutions. Those listed IVD companies are the most qualified to carry out mergers and acquisitions.

This is nothing, the reagents, consumables, instruments, etc. required for the third-party inspection, suppliers can usually do the exclusive relative monopoly, on a first-come-first-served basis, and then come to nowhere. The target of mergers and acquisitions can be said to be less and less. Whoever preempts, whoever occupies a dominant position.

In the industry chain competition, it must also be strong, otherwise it will be led by the nose to go upstream.

According to analysis conducted in Runda Medical's 2017 annual report, the overall industrial chain for in vitro diagnostics in China has a market space of approximately 45 billion yuan from the upstream industrial layer (manufacturers) to the middle circulation layer (channel providers), from the middle circulation layer to the downstream terminals. Layers (medical institutions, third-party laboratories, etc.) have a market space of approximately 70 billion RMB.

At present, there are many brands of in vitro diagnostic products in the domestic market, and the varieties are complex. The market share of integrated service providers in the regions of circulation and service areas has not been able to occupy absolute advantages in the national market.

At the same time, the market for first-rate manufacturers of in vitro diagnostic products is relatively concentrated (the top ten manufacturers account for more than 80% of the global market share), and the supply of in vitro diagnostic products is subject to manufacturers' production and marketing policies.