1. 1.5 billion to ask for a stone, Hengrui "more silly money"?

1. 1.5 billion to ask for a stone, Hengrui "more silly money"?

Source: Siqi Club/Zhao Yanwu

Hengrui entered the field of eye medicine, is it a rushing medical treatment in the transformation or a target of unique eyes?

Hengrui Pharmaceuticals followed his first imitation in China in November 2021, and in May this year, he won the first visit to the country. , Let Hengrui Pharmaceutical squeezes a place in the field of eye medicine.

As early as November 2019, Hengrui Pharmaceuticals spent $ 165 million to introduce two Germany's two dry -eye drugs Cyclasol and Nov03 to obtain its exclusive rights for clinical development, production and market sales in China.

Source: Hengrui Pharmaceutical Announcement

In addition to the launch of the list of fluoride eye drops and the vagoscous phosphorus sodium dripping eye fluid, at least 4 types of eye disease indications under the research of Hengrui Pharmaceutical are HR19034, SHR1314, SHR8058 (Nov03) , SHR8028 (Circus A), Hengrui Pharmaceutical's R & D investment of 6 drugs has reached 424 million yuan, plus the introduction of SHR8058 and SHR8028 in 2019. Based on the exchange rate at the time, Hengrui Pharmaceuticals has since since 2019 since 2019 In the field of ophthalmology, it has invested 1.579 billion yuan. Even if it is not a SHR-1314 dedicated to eye diseases, the investment funds are still 1.342 billion.

It is worth noting that Hengrui Medicine can be said to be "small" in the field of ophthalmology. Although two drugs have been listed, they have been approved recently. It is speculated that there is no substantial progress in sales.

The Kanghong Pharmaceutical Industry, which is only a trump of the domestic ophthalmology in the field of ophthalmology by only one eye medicine. According to the annual report, in 2021, R & D investment was 1.029 billion yuan, mainly in research projects, including ophthalmological diseases and new additions. There are only 6 indications.

Compared with Kanghong Pharmaceutical, the eye medicine in the field of eye medicine is more focused on the eye medicine. From 2019 to 2021, R & D investment is 55 million, 84 million, and 118 million, respectively. Zero in the field.

Picture source: Xingqi Eye Medicine Annual Report

As we all know, Hengrui Pharmaceutical has been affected by multiple influences such as collection and medical insurance negotiations in recent years. In 2021, the performance declined for the first time, facing huge pressure on transformation. Hengrui Medicine, which is "Xiaobai" in the field of eye medicine, has entered the field of eye medicine. Is the illness in the transition? Or is there any target of wisdom?

The golden track is not doubtful

With the change of lifestyle and the popularization of electronic products, the number of patients with different ages of different ages has increased sharply. For example, the number of global myopia has soared to 1.4 billion, and the number of myopia population in my country ranks first in the world, reaching 630 million. It also reached 360 million.

The global and my country's eye drug market size has increased year by year. In 2021, the global eye drug market size reached US $ 36.1 billion, and domestic domestic market reaches 3.9 billion US dollars. It is expected that by 2030, the global market size will reach US $ 73.4 billion, and the country will reach 16.9 billion US dollars. Great potential.

Data Source: Eggshell Research Institute

According to the statistics of major eye diseases in China and the United States in 2019, it is found that the number of patients with dry eye disease and ureaitis is about 10 times that of the United States, and the number of allergic conjunctivitis, cataracts and myopia are significantly higher than the United States. It is worth noting that the size of the eye medicine market in China and the United States is far from the same period, which is enough to show that the diagnosis and treatment of the ophthalmology market in my country is extremely low. my country's eye medicine track is a gold track.

Picture source: Oriental Securities

In January 2022, the state released the "14th Five -Year Plan" national eye health planning, requiring to supplement the shortcomings of the ophthalmology and its support discipline, and provides strong policy support for the development of the eye medicine. The field of eye medicine can be described as wise.

Sprint two cannons double red when they start

Shortly after Hengrui Medicine entered the field of eye medicine, he was approved and listed two products, which have been approved to be listed on the two products of his fluoride anteidthystin and dirty phosphorus sodium eye drops. Although they are all generic drugs, they are all first visits in China. It can be described as the first machine. It is worth mentioning that these two eye medicines are very good.

His fluoride first -priced eye drops were developed by the Japanese Pharmaceutical Co., Ltd. in 2020. In 2020, the global sales of the pre -fluorine -related dosage formation of about $ 208 million were the TOP5 products of the terminal anti -blue light eye preparation and pupil shrinkage drugs of China's public medical institutions in 2021. The sales growth rates from 2019 to 2021 were 49%, 121%, and 143%, respectively. It is worth mentioning that after the application of Hengrui Pharmaceutical's application for the listing of the prefront the fluorine, the National Pharmaceutical Review Center (CDE) included it in the priority review on the grounds of clinical urgency and market shortage drugs.

The land -exaggerated phosphorus sodium dripping eye fluid was originally developed by the American Inspire Pharmaceutical Company. In 2021, the global sales of the Gas Phosphorus sodium tither the global sales of about 148 million US dollars were TOP10 products in other ophthalmic drugs of China's public medical institutions in 2021. In 2020, 2020 The sales growth rates in 2021 were 263%and 557%, respectively.

Precise layout multi -line advancement

According to the statistics of the Eggshell Research Institute, my country's eye diseases are mainly refractive, dry eye, cataract, glaucoma, retinopathy, vesicitis, etc. Among them, cataract non -surgical therapy cannot be used, and can be applied to the refractiveness of drug treatment (myopia is myopia (myopia vision ) The number of patients with dry eye and glaucoma ranked among the top three, with 630 million, 360 million, and 50 million, respectively. Image source: Eggshell Research Institute

And Hengrui Pharmaceuticals, Fluorine Drops of Vegetarian Eye Drops, Vagged Phosphorus Sodium Drops, HR19034 Drops of Eye Dip, SHR8058, SHR8028 and other 5 eye medicine products corresponding to referring (myopia), dry eye, glaucoma, glaucoma, glaucoma, glaucoma Waiting for the three major patients with the highest base, his abolishment of fluoride eye drop eye drops and ground -boasting phosphorus sodium eye drops have been approved to be listed, which has allowed Hengrui Medicine to achieve the two major eye disease drugs, from scratch Have.

The adaptive disease of SHR8058 and SHR8028 is the second dry eye disease in the patient's base. Hengrui Pharmaceutical's eye medicine product layout can be said to be tailor -made for the field of eye disease. In the future, the field of eye medicine is likely to become Hengrui Pharmaceutical New Important performance growth points.

In addition, although the eye medicines of Hengrui Pharmaceutical are mostly imitations or livense-in, with the innovation ability of Hengrui Pharmaceutical and the basis of developing and License-in development, it is very likely to independently develop heavy eye medicine in the future. It will also wait and see.

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