Pharmaceutical enterprises | 'Lian marriage' | Hospital into investment new outlet

Medical Network August 21st Today, the target of mergers and acquisitions of listed pharmaceutical companies, in addition to the biomedical field, is also involved in medical services. According to the Beijing News reporter incomplete statistics, as of August 16, this year, Fosun Pharma 14 listed pharmaceutical companies including Xingpu Medical, Tonghua Jinma and Zhongzhu Medical announced the hospital investment M&A project, involving 23 hospitals/hospital investment management institutions including Liupanshui Anju Hospital, Kyushu Hospital and Sichuan Friendship Hospital.

According to national policies, at least 2,000 state-owned enterprise hospitals will complete the divestiture work before the end of this year. These targets of state-owned enterprises that have been divested and restructured have also become the target of pharmaceutical companies entering the medical service field. The third-party medical service system was founded by Maxwell. Shi Lichen said that medicine and medical care are different industries. How to select high-quality hospitals for pharmaceutical companies needs to be fully investigated. How to manage hospitals after mergers and acquisitions is the key to establishing a brand.

With the favorable policy environment and the extremely unbalanced supply and demand of medical services, the medical service industry is increasingly regarded as a hot spot for future consumption. The large-scale entry of social capital into the medical service field has become a hot phenomenon in recent years. 2018 Since then, many listed companies have deployed medical services, and have acquired hospitals. In addition to listed companies such as Guangsheng, Dongfang Ocean and Guangzheng Group, they are more of a pharmaceutical company.

From the perspective of the income of the medical service sector, the medical service income of many pharmaceutical companies has become an important part of corporate income. The medical income of Hengkang Medical, Xinbang Pharmaceutical, Jinling Pharmaceutical and other enterprises has exceeded 20% or even higher. Among them, Hengkang Medical is the most prominent, and medical income has accounted for 93.71% of the company's revenue.

According to the incomplete statistics of the Beijing News reporter, 14 pharmaceutical listed companies have launched hospital M&A investment projects this year, involving 23 hospitals, including three tertiary hospitals. Among these mergers and acquisitions, Tonghua Jinma intends to acquire The largest number of enterprises, plans to spend 2.191 billion yuan to acquire 5 hospital assets.

Judging from the amount of investment in enterprises, listed companies have invested more than 100 million yuan in 19 hospitals, and two of them have invested more than 1 billion yuan, all from Kangmei Pharmaceutical. That is, Kangmei Pharmaceutical has the highest investment amount for Kangmei Tongliao Hospital. For the 1.33 billion yuan, Kangmei Pharmaceutical ranked second in the investment amount of Kangmeitongcheng People's Hospital, which was 1.08 billion yuan. The investment amount of Hengkang Medical intends to acquire Maanshan Central Hospital shares ranked third, with 900 million yuan-9.3 100 million yuan.

In 2016, the State Council issued a document requesting that before the end of 2018, the hospitals sponsored by state-owned enterprises were required to be stripped out. In 2017, the six ministries and commissions issued a document again to highlight the timeline, to separate the transfer, restructure and reform, and close the revocation, etc. State-owned enterprise hospitals, etc. In March 2018, the State-owned Assets Supervision and Administration Commission and other three ministries issued an ultimatum to further promote the restructuring of medical institutions in large independent mining areas, and proposed that they should be transferred to local governments, specialized institutions or enterprises as much as possible, starting from 2019. Grant subsidies to medical institutions in any way.

According to incomplete statistics, since 2016, private capital has completed the acquisition of more than 20 state-owned enterprises, of which more than 10 are packaged and sold by many hospitals. At present, there are more than 2,000 state-owned enterprises hospitals 'to be married', most of which are two. Class and below hospitals.

Zhuang Ning, deputy director of the National Health and Wellness Commission, pointed out that pharmaceutical companies can extend the industrial chain by selecting suitable state-owned enterprises to be divested in hospitals, which is conducive to synergy and enhance the competitiveness of enterprises. At the same time, China's vast traditional Chinese medicine enterprises 4. The group has obvious advantages in terms of medical care and rehabilitation.

'The best hospital for the acquisition now is the state-owned enterprise hospital.' In Shi Lichen's view, the state-owned enterprise hospital has a fixed number of medical practitioners--employee workers, and there is no such problem as the preparation of pure public hospitals. The difficulty of M&A reform is relatively difficult. Small. However, to select high-quality hospitals, companies still need to do a full investigation, including internal department settings, brands, doctor resources and many other aspects.

Pharmaceutical companies are keen on M&A hospitals, mainly due to policy changes in recent years. Shi Lichen pointed out that with the deepening of medical reform, drug , medical, health care and circulation policies have continued to fall, medicine The industry is reshaping the pattern, industry consolidation is accelerating. Tender The deepening of policies such as medical insurance control fees has led to the continued decline in the prices of some drugs and the further reduction of profit margins; the in-depth adjustment of drug use policies, the reduction of the use of drugs, and the introduction of policies to limit antibiotics. enterprise Production and management also played a significant role in inhibition.

The rapid growth of the medical service market and its strong follow-up growth space, the support and guidance of national policies and social capital for medical treatment, the continuous improvement of the influence of private medical care, and the favorable practice of doctors' multi-point practice are all medical enterprises entering medical services. The industry has provided support. 'For listed pharmaceutical companies, expanding the new medical services business unit and extending the business downstream, can find new profit growth points. hospital It is one of the ways for pharmaceutical companies to expand their business, so that pharmaceutical companies' own products can have stable sales. Purely selling drugs can't control business performance, and hospital cash flow is fast and stable. For listed pharmaceutical companies, It can control relatively stable business performance. '

After the drug company acquired the hospital, it had to face a more difficult problem, namely how to manage the hospital. Shi Lichen pointed out that medicine and medical care are not an industry, most hospitals have regional characteristics, especially in local hospitals. This is different from the previous national management methods of pharmaceutical companies, and high-quality medical resources are a big problem. 'Good doctors are basically in public hospitals. Some hospitals look great. Actually, the reputation is very bad. After you bought the hospital, How to establish a brand is the key. '

Medical institutions have the advantages of relatively stable operation, strong anti-cyclicality, and good cash flow, which have attracted the attention of Tonghua Jinma. In May this year, Tonghua Jinma, which was suspended for half a year, announced that it plans to spend 2.191 billion yuan to acquire Qimei Hospital. 84.14% equity of each of the mine hospital, chicken mine hospital, crane mine hospital and Hekang Cancer Hospital. The target company promises that in 2018, 2019, 2020, the total net profit of the five hospitals will not be less than 171,591,300 yuan respectively. , 18,557.61 million yuan and 21,187.22 million yuan. If the merger is completed, Tonghua Jinma will add a comprehensive hospital service business segment.

Tonghua Jinma was involved in the medical service field for the first time. The M&A plan attracted doubts as soon as it was launched. On August 7, Tonghua Jinma's share price suddenly fell sharply. The opening price was 11.41 yuan, closing at 10.28 yuan, almost falling. After that, it has not been too Great improvement, the closing price on August 17 was 6.48 yuan, almost close to the waist.

Due to the uneven profitability of the five hospitals, the counterparty has losses or large debts, administrative penalties and other issues, the merger also attracted the attention of the Shenzhen Stock Exchange.

According to the data, the five hospitals belonged to the regional coal mine group of Longmei Group. Except for Hekang Cancer Hospital, the other four are top three hospitals. In 2017, Qiqiu Hospital realized a net profit of 2,396,460 yuan; 4,627.27 million yuan; chicken mine hospital realized net profit of 72.213 million yuan; Crane Mine Hospital realized net profit of 27,501,900 yuan. Hekang Cancer Hospital has suffered losses for two consecutive years, including a loss of 2,676,200 yuan in 2017.

For the loss of hospitals, Tonghua Jinma said that Hekang Cancer Hospital was under financial difficulties before being acquired by Beijing Jinshang, the controlling shareholder of Tonghua Jinma. After the acquisition, through the provision of financial support, the drugs were uniformly negotiated and purchased, and effective and formulated. Incentives, etc., the loss of the hospital in the past two years is decreasing year by year, the overall profitability shows an improvement trend, and it is expected to start making profits in 2018.

On August 17, Tonghua Jinma replied to the Beijing News reporter. If the restructuring is completed successfully, the listed company will acquire a mature medical service business and form a two-wheel drive industrial structure with the pharmaceutical business. The future will be with these five hospitals. 3. Drug integration, drug sales and procurement, management and other aspects of integration, improve the market competitiveness of listed companies.

The deep layout is healthy and has also been recognized by strategic investors. The announcement on August 10th shows that Beijing Light Industry Real Estate will invest no more than 2 billion yuan to cooperate with Beijing Jinshang and Tonghua Jinma in the field of big health. Relying on their respective superior resources, we will carry out long-term cooperation in the field of medical and health care.

According to the 2017 annual report of Hengkang Medical, medical services have become the core business of the company. In 2017, the medical service revenue reached 2.523 billion yuan, an increase of 111.37% over the previous period. During the reporting period, the company directly controlled 8 secondary hospitals or specialists. Hospital; 1 cancer clinic with income rights, 1 medical examination hospital, 1 professional imaging diagnostic institution and 5 hospitals under construction; also participated in investment in Jingfu Huacai, Jingfu Huayue two industry M&A funds, M&A funds It owns 4 general hospitals.

Compared with the rapid growth of revenue, the net profit of Hengkang Medical has dropped sharply. In 2017, the net profit of shareholders of listed companies fell by 49.75% year-on-year, with a debt ratio of 57.60% and a year-on-year increase of 27.32%. In the first half of 2018, the net profit attributable to shareholders of listed companies fell by 51.66%-57.70%.

In this regard, Hengkang Medical said that the net profit and revenue growth in 2017 were inconsistent because the two new hospitals opened in 2017, and the four hospitals acquired were in the post-acquisition integration period. The financing cost increased sharply, and the interest rate increased, which eventually led to a sharp drop in net profit. In addition, some hospitals cancelled the drug addition, and the company's operating income and profit were less than expected.

Hengkang Medical, which has tight funds, has not stopped the pace of mergers and acquisitions. On May 2 this year, Hengkang Medical announced that it intends to purchase 93.52% of the shares of Maanshan Central Hospital Co., Ltd. in cash at a transaction price of 900 million yuan-9.3. After the transaction is completed, Hengkang Medical will obtain a controlling stake in a comprehensive hospital with a top three qualifications. Hengkang Medical believes that this will optimize the medical resources owned by the company and further broaden the geographical coverage of the medical services business nationwide. .

However, this restructuring and merger has just announced that the company's stock has collapsed. On June 29, the company's stock resumed trading for seven consecutive days, the stock price of 'waist 斩', closed at 3.16 yuan on August 17.

As early as 2007, he invested in the construction of Kangmei Pharmaceutical Co., Ltd. in Puning. He has invested in the management of Puning Kangmei Hospital, Kangmeimeihekou Central Hospital and other dozens of public hospitals, and has carried out medical logistics extension and distribution services in more than 100 public hospitals. This year, I frequently shot and announced three investment hospital projects, and extended the tentacles to county medical institutions.

Kangmei Pharmaceutical announced on January 10 that it signed a cooperation agreement with Hubei Tongcheng County State-owned Assets Management Co., Ltd., Tongcheng County People's Hospital and Tongcheng County People's Government. Kangmei Pharmaceutical invested RMB 1.08 billion to cooperate with the partners. The investment company and the medical management company are the main body of the hospital investment cooperation project, and the Tongcheng County People's Hospital will be renovated and expanded to build the top three comprehensive hospital 'Kangmeitongcheng People's Hospital'; at the same time, it will be owned by Tongcheng County in various forms. Township hospitals provide services, and establish a three-level medical system with patient-centered hospitals as the core and patient-centered.

Kangmei Pharmaceutical said that this move is conducive to the company's integration of high-quality resources, speeding up the layout of the company's medical industry in the Central China region, deepening the medical service industry chain, and laying out the 'smart + big health industry' medical service system.

In the same way, Kangmei Pharmaceutical is also used in Liuhe County, Jilin Province. Kangmei Pharmaceutical announced on August 7 that it plans to invest 193 million yuan to establish Kangmei Hospital Investment (Liuhe) Co., Ltd., responsible for investment management Liuhe County Central Hospital, Liuhe County Maternal and Child Health Hospital, Liuhe County Tuberculosis Control Institute, to build a county medical association, to build a regional medical health center.

In addition, Kangmei Pharmaceutical also won the Tongao City Hospital, the only top three comprehensive hospital in Tongliao City. The announcement on August 3 showed that Kangmei invested about 1.3 billion yuan to set up a medical investment company and a medical management company. In a way, cooperate with Tongliao State Investment Corporation and Tongliao Hospital to build 'Kangmei Tongliao Hospital' to build a three-level linkage medical complex, and comprehensively build a regional medical health center in the northeastern Inner Mongolia. The total investment of the plan is 2.5 billion yuan. .