Based on the long-term growth of the pharmaceutical industry, GF Fund will lay out the second active management pharmaceutical theme fund - GF Pharmaceutical Health Mix on October 13. Proposed fund manager Wu Xingwu said that the long-term logic of the current round of pharmaceutical market has not changed, in the long run, innovative drug industry chain, medical services, high-end equipment and other segments of the industry, excellent enterprises have bigger, stronger space and opportunities.
　　The long-term good logic of the industry remains unchangedAffected by the COVID-19 epidemic, the pharmaceutical and biological sector became the highlight industry of the A-share market in the first half of the year.
　　"The long-term logic of medicine hasn't changed." Wu Xingwu analysis pointed out that this round of market is a new round of medical reform before and after 2016 as a starting point, and the content of medical reform includes the consistency evaluation of generic drugs and the acceleration of innovative drug approval. In this context, the price of generic drugs has been suppressed, the market demand of the sub-industry with innovative drugs as the main line has been activated, and the pharmaceutical industry has developed towards a relatively healthy trend, which is the main line of this round of market, and so far, there has been no significant change.
　　From the perspective of market demand, the aging population structure is an important support for the long-term development of medicine. Wu Xingwu believes that China's aging population is accelerating the formation, long-term population structure supports the long-term demand of the pharmaceutical industry, Chinese residents have the ability and willingness to pay for their own health, coupled with a series of policy support to encourage innovation, generic drug consistency evaluation, procurement, innovative drug approval and other policy support, the driving force for the long-term development of the medical industry is still continuing.
　　The market segment ushered in a golden development periodAlthough the recent pharmaceutical sector is in the adjustment stage, Wu Xingwu believes that from a long point of view, the sector represented by pharmaceutical biology and has long-term sustained growth may usher in a new wave of rise after adjustment.
　　"The recent adjustment of pharmaceutical stocks, one is because the valuation of pharmaceutical stocks is relatively high, and some funds have switched from the pharmaceutical sector to the low valuation sector; Second, the margin of liquidity easing in the market is slightly tighter than in previous months." Wu Xingwu believes that the core logic behind the high valuation of pharmaceutical stocks is based on the large pharmaceutical market capacity, the continuous expansion of aging pharmaceutical consumer demand, the strong expectation of sustainable growth of various leading companies and the explosive growth point brought by continuous innovation. If there is no major change in the long-term logic of good companies, high valuations of good companies may be the norm for a long time.
　　"With the gradual advancement of medical reform and approval policies, the pharmaceutical industry has become more stringent in product quality requirements, gradually increasing investment in research and development, stricter requirements for medical insurance reimbursement, and more inclined to domestic manufacturers, multiple factors determine the competitive pattern of the pharmaceutical industry will gradually become clear, and market share will further focus on the leading." Wu Xingwu said that with the support of three major factors, such as import substitution in the original field, innovative harvest in new fields and international market development, the innovation capacity and channel platform capacity of leading enterprises are being strengthened, and they have good sustainable growth.
　　In terms of subdivision, he is more optimistic about the following three aspects: first, innovative drugs and industrial chains, second, medical services, and third, medical device companies. Among them, innovative drugs can improve patients' drug experience on the basis of meeting basic drugs, and policies generally do not restrict the pricing of innovative drugs too much, so innovative drugs are an important source of power for the long-term development of pharmaceutical companies. In addition, private medical service institutions can provide more differentiated and high-quality services, and there is also a strong demand space.