The medical network on July 6, because of the particularity of the pharmaceutical industry, from the production, procurement, sales, and other countries have a series of relevant regulations. Each of these links will affect the development of enterprises and affect the pharmaceutical companies in the IPO. In the industry's view, "anti-corruption, two-ticket, quality consistency evaluation, GMP and GSP supervision" are reconstructing the pharmaceutical industry and the market. For example, the marketing model of innovative drugs needs to change from "relationship" to "academic", while the marketing model of generic drugs should change from "relationship" to "wide coverage and deep channel".
The requirements for the regulatory operation of the pharmaceutical industry have been constantly on the agenda, and this effect has also been transmitted to the IPO process of pharmaceutical healthcare companies.
According to 21st century business herald reporters incomplete statistics, as of June 30, 2017, a total of 86 medical health class enterprises IPO, the approval issued by 20, will be eight, not too will at seven, seven suspend/terminate the audit. Many involve kickbacks, two-ticket and other sensitive issues.
More contact with the securities and futures commission and understand the CSRC hair trial program of the personage inside course of study to the 21st century business herald reporters that at present the trend of tighter regulation is still unabated, letter, including the pharmaceutical industry, are in the path of differentiation and intensification. From the securities and futures commission inquiries and pharmaceutical industries can be seen in the reply, in the past two years relevant questions to ask more and more thin, such as two votes to the enterprise marketing, the influence of drug companies to implement sales incentives and the relationship between the professional academic promotion, etc.
Roland berger management consultants partner Jin Yi to 21st century business herald reporters that the surface is listed after the application is not, in fact the deep core reason is that the sustainable development of the business compliance and business problems, pharmaceutical enterprise IPO in the short term will not high throughput rate, but the medium and long term will get better. Cao zhongliang, managing partner of gaotejia investment group, has made a point of stressing that follow-on IPO companies will still need to focus on the sales model of specific enterprises.
IPO "temptation"
In the first half of 2017, the approval of the 20 companies zhejiang sincerity pharmaceutical co., LTD., hainan split pharmaceutical co., LTD., etc. 11 companies main business for the pharmaceutical research and development, production and sales; In addition, four main businesses are medical devices; 1 1 for the health care physical therapy, diagnosis and research services for genomics class, one for the biology of renewable materials research and development, production and sales, 1 for blood products research and development, production and sales, and 1 for biological electronic technology.
21st century economic report reporter found, the above 20 has the approval issued by the companies to raise money for (four not labeled) focused on the research and development, promote the marketing and supplement working capital, including saint pharmaceutical group co., LTD. For $1.18561 billion list, leading to raise the total amount and open fund raising minimum total health is 209.2523 million yuan.
In fact, many pharmaceutical companies are not already IPO on the road of IPO. From the list of "China's top 100 pharmaceutical industries", most are listed companies or subsidiaries of listed companies. MaiSiKang lai founder Shi Lichen reporter pointed out into the 21st century economy, enterprise listed can widely absorbs the social capital, rapidly expand the scale of enterprises, improve enterprise well-knownness, the enhancement enterprise competitiveness. The enterprise listed financing, the capital operation, the realization of the scale of fission, the opportunity to obtain the curve overtaking, quickly stepped into the ranks of large enterprises.
Reaches the kang medical shao-bo Chen, chairman of the 21st century economic report reporter said, listed on the company is set at the beginning of the target, convenient exit of venture capital to enter the capital market, on the other hand, can better share capital market development; Drug firms an IPO application has been accepted by chairman secretary, said companies have listed on the new three board, but the new three board liquidity is small, and the enterprise is in rapid growth, need to raise more funds to develop, for this new three board to the main board IPO.
And mergers appear frequently in pharmaceutical industry in recent years, which mostly medicine in order to speed up the development of listed companies, industry chain extension and so on a series of mergers and acquisitions, such as China resources lump-sum acquisition flame pharmaceutical industry. In 2016, more than 400 mergers and acquisitions of pharmaceutical health industry were over 180 billion yuan, according to a number of statistics from listed companies and gotjia research reports.
For mergers and acquisitions trend, huatai securities research report pointed out that medical services for residents of the growing demand and national health care reform and policy support, industry revenue and net profit growth to achieve high growth, this trend will continue in the future. Jin Yi to 21st century business herald reporter pointed out that in 2017 the pharmaceutical industry mergers and acquisitions trend, the niche of mergers and acquisitions is still very active, such as miniaturization of medicine enterprises will gradually specialization or takeover, drugstore chain integration will also be further intensified.
The transformation of some listed companies also relies on capital market growth. According to the statistics of the 21st century economic report, in November 2015, there were more than 10 listed pharmaceutical companies, with a total amount of 18.21 billion yuan in 20 days. Some listed companies are optimistic about the development prospects of the medical industry, and the transformation is completed by means of steady increase. For example, on November 19, 2015, the total amount of funds raised by aoyang technology, which is the main industry of viscose fiber, amounted to no more than 960 million yuan, which was a strategic transformation to the big health industry. The main industry is the alloy investment of electrothermal alloy material issued by the company on November 20, 2015, which will expand the medical and health care, old-age care and other industries in the mode of PPP, and will raise 2 billion yuan to transform private hospitals.
Seven failed to pass the trial
No doubt, the drug companies can get better financial support after they enter the capital market, but not all ipos can succeed. According to the 21st century economic reportage, seven pharmaceutical companies in the first half of the year, seven aborted/terminated the trial.
According to wind data, in the first half of this year, there were 275 initial companies audited by CSRC, of which 224 were approved by the ipo, 37 were rejected, 7 were postponed and 7 were cancelled. As you can see, the pharmaceutical industry is in a higher proportion of the industry.
According to the CSRC's previous release, there are five main aspects of the problems that failed to pass the IPO. Abnormal operation or financial condition; Persistent profitability; Associated transactions and associated relationships; The authenticity, accuracy, completeness and timeliness of the application documents. The problems of the seven failed medical firms include three things: operating and financial conditions; Suspicion of commercial bribery; The risk was not disclosed in time.
On June 23, the China securities regulatory commission website announcement, according to henan embellish hong pharmaceutical co., LTD. (hereinafter referred to as henan embellish wong) is no, because of its product quality problem be punished and exposure for many times, and run hong pharmaceutical in the past has not submitted the application materials. In addition, runhong pharma is also required to answer questions about whether there are commercial bribery in professional academic promotion.
It is understood that the main products of the company are vinpocetine injection, which can be used to improve the effects of cerebral infarction sequelae, cerebral hemorrhage sequelae, and cerebral arteriosclerosis. But the company's products involve quality problems five times and are included in the "key drug monitoring catalogue" in places such as anhui province. The CSRC believes that the information disclosure is inaccurate and complete, and the relevant risks are not fully disclosed.
Jiangxi's 3L group, however, was suspended because the application documents were not ready for the review process.
In early June 2014, jiangxi 3 l group has carried on the preliminary revealed for the first time, but according to the securities regulatory permission [2015] 1706 date file, due to the sales staff "SiKe seals," and events, such as false invoices, the effectiveness of internal control system has been questioned, on May 22, 2015, the review meeting, jiangxi 3 l group IPO application was rejected.
There are also reasons for the termination of the IPO of several other companies, such as the company's plans for financing and equity restructuring; The price of the main products fell in the private sector due to some bank accounts. Covidien medical because of net profit growth and significantly higher than that of income, connection transaction amount is larger, main business gross profit margin fluctuation is bigger, sales rate is lower than the comparable companies in the same industry.
Compliance is on the agenda again
More contact with the securities and futures commission and understand the CSRC hair trial program of the personage inside course of study to the 21st century business herald reporters that at present the trend of tighter regulation is still unabated, letter, including the pharmaceutical industry, are in the path of differentiation and intensification. The inquiry from the SFC and the reply of the pharmaceutical industry enterprises can be seen that the relevant questions have been more and more detailed in the past two years. For example, on June 23, the CSRC issued a notice on the results of the review of the 95th meeting of the 2017 conference, and the IPO application of runhong in henan was not.
In a statement, issuance examination committee drug firms to propose a number of issues, including: enterprise leading products of vinpocetine injection was listed in anhui province, qinghai province, suzhou and other provinces and cities, after the "focus on drug monitoring directory" will have a significant impact on sale? What is the impact of the "two-ticket" implementation on the drug distribution model? The relationship between sales incentives and professional academic promotion implemented by pharmaceutical companies? How do pharmaceutical companies control the academic promotion activities of the dealers and the sales price of products to the end customers, and whether there is a commercial bribery situation in the products of the distributor?
Previously, the wide hang seng, also for 16 pharmaceutical industry since 2010 would not enterprise audit opinion to comb, due to the complexity of the pharmaceutical industry of circulation, production and management need qualifications, regulatory review focused on the production and marketing of normative, repeatedly asked about commercial bribery and issues related with dealers.
Because of the particularity of the pharmaceutical industry, there are a series of relevant regulations in the countries of production, procurement and sales. Each of these links will affect the development of enterprises and affect the pharmaceutical companies in the IPO. In jinyi's view, "anti-corruption, two-ticket, quality conformance, GMP and GSP supervision" are the refactorings of the pharmaceutical industry and the market. For example, the marketing model of innovative drugs needs to be transformed from "relational" to "academic", while the marketing model of generic drugs should be transformed from "relational" to "broad and deep channels".
According to jinyi, a large number of pharmaceutical commercial and circulation agencies need to reposition, build new capabilities, find new business growth points and source of profit. Pharmaceutical companies are looking for to the business model of sustainable development, listed as naturally want to regulators to account for their business model is geared to the needs of the future, be prepared and sustainable development.
"With deep anti-corruption and renovation of medical environment and medical business compliance is the core of the pharmaceutical companies to focus on development issues, the existing sales pattern continues, but may not be able to last long." If the compliance of its business cannot be proved, Mr Jin argues, the listing would be to shift the "mine" of compliance risk "mines" to investors, which regulators cannot tolerate.
Very high investment group executive partner Cao Zhongliang is particularly pointed out the influence of sales model to drug companies, and to the 21st century economic reporter analysis pointed out that the IPO for the pharmaceutical industry enterprises, enterprise sales mode is the issuance examination committee focus on objects, including the following aspects: the promotion fee detailed and specific component composition, gift ever to relevant personnel, kickbacks, or indirect, such as travel or travel funding; Purchase some specific content of the promotion service, whether these services match the payment of the payment, the actual situation of the meeting of the issuer; Whether the issuer exists to make money or the circulation of funds in an individual account to the sales representative.
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