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惠譽:中國製藥行業:仿製藥主導的市場,具有良好增長前景
November 29, 2016 / 2:00 AM / a year ago

惠譽:中國製藥行業:仿製藥主導的市場,具有良好增長前景

(The following statement was released by the rating agency) SHANGHAI, November 28 (Fitch) 本文章英文原文最初於2016年11月23日發布于:<a href="https://www.fitchratings.com/site/pr/1015293">Fitch: China Pharma Manufacturers: Healthy Growth as Generics Dominate 惠譽評級預計在中期內,中國的醫院和零售藥店的藥品銷售將繼續保持健康的增長。這一增長勢頭的支持因素包括老齡化人口的醫療需求上升、城市化持續進行、可支配收入上升、醫 療保險覆蓋範圍擴大、以及公眾更容易獲得治療與醫療設施。 然而,惠譽的增長展望顯示,未來行業的增速與2007-2012年期間超過20%的同比增長率峰值相比將出現小幅放緩,這是因為國家醫療保險的費用控制、由藥品招標導致的 藥品價格降低、以及政府醫療開支的增長放緩。 仿製藥主導著中國的醫藥市場,在藥品銷售總額中占85%的份額。中國製藥商的研發投入通常較低,其寧願削減研發預算並將其用於給醫院和醫生銷售回扣,因為公立醫院的盈利高 度依賴藥品銷售。政府出台的公立醫院改革旨在通過抬高醫療服務的價格將藥品銷售與公立醫院分開,但惠譽認為,只要藥品銷售仍然是公立醫院的重要收入來源,改革就會進展緩慢 。 2009年推出的中國醫療改革計劃將會緩慢推進,並繼續通過省級藥品招標對藥品價格帶來下行壓力。藥品價格下降將有可能損害中國製藥商的平均盈利能力,但惠譽預計規模大、 業務多元化程度高的製藥商將從規模經濟和更高的經營效率中獲益。 相比國際同類企業,中國製藥商的規模較小、地域分散程度較低,但公開上市的中國製藥商通常具有強勁的財務狀況,主要由於他們有穩定的自由現金流生成能力和較低的資本開支及 研發支出。大部分市場領先企業具有較低的財務槓桿率或具有凈現金頭寸。這些企業外部融資需求較低,但併購用途除外,而股權融資是併購的首選融資方式。 完整報告《中國製藥商藍皮書:價格競爭激烈、仿製藥占主導地位》是最新一期的中國研究系列報告。該系列研究報告旨在對中國企業部門的關鍵信用狀況展開全面而深入的研究。完 整報告請參見www.fitchratings.com或點擊本文上方的鏈接。 聯繫人: Flora Zhu(朱彧) 聯席董事 +86 10 8517 2110 惠譽(北京)信用評級有限公司 中國北京市朝陽區建國門外大街2號 中國人保財險大廈19層1903 Janet Sun(孫旭) 聯席董事 + 86 21 5097 3091 惠譽(北京)信用評級有限公司上海分公司 中國上海市浦東新區陸家嘴環路479號 上海中心大廈34層3401室 Ying Wang(王穎) 高級董事 +86 21 5097 3010 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com; Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. 詳情參見<a href="https://www.fitchratings.com">www.fitchratings.com 注意:本新聞稿為中文譯本。如有疑問,請以英文版本為準。 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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