With China's gradual entry into an aging society, rising incomes of residents and upgrading of consumption structure, China's medical and health industry has developed into a huge market with a scale of 4 trillion.
The medical and health industry has grown at an average annual rate of more than 20% over the past five years, far exceeding the global average growth rate of about 6%, making China the second largest healthcare market outside the United States.
Collecting the huge base of China's population and consumption, the medical service market will have a huge room for improvement, and the goal set by the Health and Health Commission in the "Health China 2020 Strategy Research Report" will be in the 2020 health consumer market. It is expected to reach a scale of nearly 7 trillion yuan.
Under the two-wheel drive of national policies and market demand, medical health has become a unique hot industry. At the same time, new technological concepts such as the Internet, big data, and artificial intelligence are bringing new changes to the traditional medical industry. More and more industrial investors have turned to the medical and health industry, and have established medical strategic investment funds.
So in 2017, nearly 1.5 trillion yuan of funds were invested in the medical field. The medical and health industry was highly sought after by the capital, and the medical investment track was once crowded.
In the past three years, listed companies have initiated or participated in nearly 160 medical health industry funds. The amount of funds to be raised exceeds 240 billion yuan. The number of industrial fund establishments has continued to rise in the past three years. Pharmaceutical companies such as Sinopharm and Tasly have set up a strategic investment fund for the pharmaceutical industry.
I wrote in "The Absurdity and Medical Hedging" that although the entry of external capital has pushed up the scale of investment in the industry in the short term, it has also caused a large amount of ineffective supply, and can not really promote the transformation of the industry, so medical investors The practice is still "a long way to go."
However, in the next five years, the medical and health field still has high growth attributes. Under the influence of the medical reform policy, the pattern will be differentiated. The traditional pharmaceutical production and distribution enterprises will weaken their investment value. Medical services (in vitro diagnosis, precision medicine , rehabilitation medicine) ), private hospitals, medical devices, and Internet medical services have strong investment value.
Investment darling
The big health industry has become a hot spot for social capital.
From insurance institutions to BAT, they are already in the big health industry. For example, “Ping An Good Doctor†has been listed in Hong Kong this year (focusing on mobile medical business), Alibaba United has launched “Dr. Doctorâ€, Alibaba’s Tmall Medicine Museum, and Tencent has also invested in many mobile medical companies such as micro-medicine. Penguin almonds will continue to attract more and stronger social capital in the future.
With the continuous iterative change of technology, whether it is biomedical technology, high-end medical equipment, mobile Internet medical, intelligent medical field, countless new technologies are integrated into the industry, bringing endless innovation and innovation to the development of the industry. pursue.
At the same time, some people have proposed "2018 capital winter", capital has become calm, and various investments have fallen. Is this really true?
Combined with the analysis of investment and financing data in 2018, the amount of financing in the medical industry continues to rise. In the first three quarters of 2018, the total financing amount has reached 87.1 billion yuan, which is more than three times the total domestic financing of the medical industry in the year of 26.8 billion yuan. Among them, medicines and medical services are the two fastest growing sectors. The quarter reached 43.3 billion yuan and 24.3 billion yuan respectively.
In terms of the number of financing events, the total number of investment events in the first three quarters of 2018 was 716.
From 2014 to 2017, the average single financing amount was about 50 million yuan. In the first three quarters of 2018, the single financing amount reached 120 million yuan, reflecting the industry's tendency to single-digit high financing.
In addition to social capital, the “national team†capital is also actively investing in the health care sector, which has an important impact on the investment ecology of the health care sector. This "national team" mainly includes the SASAC, various ministries and commissions, directly affiliated institutions, central enterprises and other companies involved in the establishment of funds, as well as a government-guided fund and industry-specific funds formed by local governments. From its investment layout, it can interpret the direction of industrial development and the focus of industrial planning.
According to the statistics in the table below, a total of 15 “national team†investment institutions/funds participated in the medical field investment, involving nearly 70 projects. Most of these institutions began to be deployed after 2010, and their participation in the project is as follows:
Source: Eggshell Institute, Arterial Network Mapping
As can be seen from the above table, the capital investment targets of the national team are mainly distributed in the fields of biomedicine, medical devices, innovative drugs, genetic testing, medical AI, etc. It is also the field in which the capital of social institutions is closely concerned, and the capital of the national team has entered a large amount. It is because the medical and health field is an industry related to the national economy and the people's livelihood, the national economic lifeline and national security, and also the guidance for the development and investment of the industry. Compared with the national capital, social capital has more advantages in investment efficiency, investment management and customer service.
More paths
The result of increased competition means that medical and pharmaceutical startups are getting more financing, but not so good for investors, because it means higher valuations.
The average valuation between the two rounds in the market has become more and more common. The high valuation has not ignited the enthusiasm of investors. A series of policies and industry favors investors to be optimistic about the medical investment industry. .
In order to increase financing development more quickly, the capital operation of the New Third Board medical concept stocks has become busy since 2018.
Among them, many new three-board medical concept stocks have become the target of mergers and acquisitions of listed companies. The new three-board medical concept stocks that have not participated in the merger are also actively carrying out capital operations, busy preparing for the next step of development, listing in Hong Kong, and equity financing, all of which are means for them to expand their capital.
According to wind data statistics, as of June 20 this year, 65 new three-board medical companies have announced successful completion of financing, totaling nearly 3 billion yuan.
9 companies including Zesheng Technology (871392.OC) and Huahan Plastic (430335.OC) have a single financing amount of more than 100 million yuan in the first half of the year. Among them, Zesheng Technology, Junshi Bio (833330.OC), Xiangyu Pharmaceutical (832276.OC) three companies each with a single financing of 504 million yuan, 300 million yuan, 149 million yuan Top 3.
There are joys and sorrows. Many of the capitals that have turned to the health care industry have also been splashed with cold water. In the face of cruel reality, they are beginning to be unsettled. Unwilling to accept medical care is a very slow industry. It is a long-term need to be able to A returning industry is an industry that is hard to make huge profits.
This requires investors who are engaged in investment in this industry to continuously learn and study various sub-sectors. No one can become an expert in this industry with a few investment projects. Continuous learning and special research are the only paths for investment in this industry. Water depth is just an excuse for not wanting to learn.
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