Pharmacies are back on the road of "selling medicines," which sounds like a joke.
In May this year, the national medical insurance negotiation drug "dual channel" policy was introduced. This is the first time that chain pharmacies have been included in the scope of medical insurance guarantee supply from the national level, and a unified payment policy with medical institutions has been implemented.
The retail market reacted quickly, and many chain pharmacies used the "dual channel" policy to rearrange. On December 7, Dajia Weikang, with the "DTP" pharmacy as the core, officially landed on the GEM.
Once upon a time, when Chinese retail pharmacies sold health care products and shampoos, they were not keen on selling drugs. Nowadays, DTP pharmacies have become the standard for chain pharmacies, and pharmacies can increase the unit price of customers through specialized services.
At present, the ecology of China's chain pharmacies is undergoing great changes with the "dual channel" policy. Industry insiders frankly said: China's chain pharmacies without DTP, there is no future.
Revenue structure changes DTP business into a growth point
Wu Xiaobin, global president and chief operating officer of BeiGene, once sighed: When PD-1 was first listed, all sales were concentrated in the hospital channel, and the "dual channel" policy expanded the terminal channel of innovative drugs and solved the problem of the "last mile" of market access.
Taking Dajia Weikang as an example, the company is mainly engaged in the distribution and retail business of pharmaceuticals, devices and other products, and its revenue structure is changing rapidly in the three years from 2018 to 2020: the proportion of retail business has risen from 12.66% to 25.13%, of which DTP pharmacies account for more than 80% of the retail business in 2020.
Circulation enterprises have begun to transform into pharmaceutical service providers, which is a new situation in the field of pharmaceutical business.
Pharmacies don't sell drugs, which used to be an embarrassing topic for the industry. At the end of 2011, Beijing even issued a policy requiring pharmacies to have no more than 30% of the "non-drug area".
"One-third sells medicines, one-third sells health care products, and one-third sells shampoo" was once the standard in pharmacies. According to the Ministry of Commerce, the proportion of non-drug sales in pharmacies nationwide was 22.4% in 2013, and by 2016, this proportion increased to 27.5%. But with the opening of the DTP pharmacy business around 2015, pharmacies began to return to selling drugs.
At the end of November 2015, the people asked the pharmacy to set up a new special drug division; by the end of 2016, China Resources Land had laid 64 DTP pharmacies across the country. Chain pharmacies began to intervene heavily in DTP pharmacies responsible for the sales of new special drugs, seizing the business of the original hospital special needs pharmacies.
Compared with fast-moving consumer goods such as OTC and health care products, the new special drugs provided by DTP business have the characteristics of long-term and stability, and will also help retail pharmacies obtain sustained and stable cash flow, so they have become the object of competition among chain pharmacies.
The efficiency of DTP is not the same from pharmacy chain to pharmacy chain. In 2020, the average annual income of DTP single stores disclosed by the people was only 7.683 million yuan; nusthenia pharmacy was slightly better, with an annual income of about 14 million yuan per store.
The efficiency of a number of emerging professional DTP chain pharmacies is obviously higher than that of the "old predecessors", and the annual income of Sipai Health DTP single store is more than 30 million yuan. In 2020, dajia Weikang 19 DTP pharmacies, the average income of a single store is 23.3404 million yuan, when the number of DTP specifications is 233, relatively speaking, the average annual sales of each single store is 100,000 yuan.
It is conceivable that the sales value of anti-tumor drugs, immune drugs, etc., can quickly improve the efficiency of DTP pharmacies. Therefore, after the implementation of the "dual channel" policy, the attractiveness of DTP pharmacies has greatly increased.
In fact, to consolidate the DTP business, it is necessary to interact with medical institutions, and Dajia Weikang is well aware of the mystery. In 2018, Jiachen Hospital was laid out to improve the layout of the big health industry chain. In just two years, as of the end of December 2020, the infusion center of Jiachen Hospital has provided more than 700 infusion services for DTP pharmacy patients.
DTP profit margin is higher in the future market size is expected to break through 100 billion
Around 2018, major chain pharmacies have opened a "barbaric growth" model, often hundreds of stores mergers and acquisitions, with the help of capital to rapidly expand the number of retail channels, competing for operating costs. According to the data of the "Annual Report on Drug Supervision and Administration Statistics (2020)", the chain rate of pharmacies has increased from 36.57% in 2013 to 56.50% in 2020.
Pharmacies began to hug, perhaps feeling the threat of e-commerce. Since the rapid development of e-commerce in China since 2015, pharmaceutical e-commerce has also grown at a high rate. According to the data of Jingdong Health's "618 Opening Red" this year, the overall sales of health care categories exceeded 10 million in the opening 8 minutes; in the opening 10 minutes, the tonic and tranquilizer drugs increased by 38 times year-on-year.
JD.com, Alibaba, Pinduoduo, these Internet giants that carry out pharmaceutical e-commerce business, in fact, directly seized the most profitable business before the chain pharmacy: health care products, health products. On the contrary, in the real drug sales, e-commerce has not been able to accumulate advantages, especially in the field of prescription drugs.
Chain pharmacies simply rely on expanding their scale, selling health care products, and selling shampoos, and they have long been unable to win in the retail market. The DTP business, which focuses on the sale of prescription drugs and new special drugs, has thus become a "potential stock" for chain pharmacies.
Compared with other retail pharmacies, DTP Pharmacy relies on its professional advantages, and its business varieties are mainly based on new special drugs in anti-tumor, hepatitis C and autoimmune system diseases, focusing on the field and emphasizing the long-term cooperation with patients through specialized services.
Most of the chain pharmacies that open DTP pharmacies can cover the basic drugs and new special drugs of the hospital, and after the "dual channel" blessing, the new drugs of the national talk can also land in the DTP pharmacy for the first time. Retail pharmacies carry out DTP business, which not only expands their business scope, but also allows pharmaceutical companies to broaden their sales channels.
Ren Jinsheng, chairman of Simcere Pharmaceutical, recently said: In the future, we must not only pay attention to hospital channels, but also pay attention to pharmacy channels.
At a time when many pharmaceutical companies are turning their attention to the retail market, the policy has injected a burst of cardiotonic agents into chain pharmacies. On October 28, the Ministry of Commerce issued the "Guiding Opinions on Promoting the High-quality Development of the Pharmaceutical Circulation Industry during the 14th Five-Year Plan Period", which clearly stated that 5-10 specialized and diversified pharmaceutical retail chain enterprises with more than 50 billion yuan and about 100 intelligent, distinctive and platform-based pharmaceutical supply chain service enterprises should be cultivated.
Undoubtedly, this has promoted the pace of the development of chain pharmacies, and various listed companies have opened the road of mergers and acquisitions and laid out DTP business. As of June 30, 2021, Sinopharm Has more than 300 DTP pharmacies, and the people also own 145 DTP pharmacies.
DtP pharmacies have higher profitability than traditional chain pharmacies. According to industry estimates: the industry net profit margin of dtp business is about 8%-15%, which is higher than the 5%-7% level of ordinary retail pharmacies.
Some analysts pointed out that there is still a huge market space for DTP nationwide. The Head Leopard Research Institute expects that by 2023, the domestic DTP market is expected to reach 107.77 billion yuan.
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