CHI Index | In February 2024, China's retail pharmacy development index fell by 228 points month-on-month, continuing to decline
Source | New Kangjie
Affected by the Spring Festival holiday, the sales of retail pharmacies fluctuated to a certain extent. According to the data, China's retail pharmacy development index fell 228 points month-on-month to 1,157 points in February 2024, and increased by 3.3% year-on-year in February compared with the same period last year.
Figure 1: China Retail Pharmacy Development Index from January 2019 to February 2024
Data source: Zhongkang CMH, Zhongkang Industry Research Institute
From the perspective of the six attributes of traditional Chinese and Western medicine in the development index of retail pharmacies, the development index of the six major attributes of traditional Chinese and Western medicine all decreased month-on-month in February, and the development index of traditional Chinese medicine decoction pieces, Chinese patent medicines, chemical drugs, biological products, health care products and medical devices decreased by 19.9%, 16.8%, 16.6%, 16.2%, 12.2% and 9.6% month-on-month respectively.
Compared with the same period last year, the development index of proprietary Chinese medicine and decoction pieces of Chinese medicine increased by 19.9% and 8.9% year-on-year, respectively, while the development index of medical devices, health care products, biological products and chemical drugs decreased by 23.0%, 22.4%, 2.7%, 4.7% and 0.5% year-on-year.
Chart 2: China Retail Pharmacy Development Index – Attributes of Traditional Chinese and Western Medicines, January 2019 to February 2024
Data source: Zhongkang CMH, Zhongkang Industry Research Institute
From the perspective of specific categories sold by the retail pharmacy industry, the sales of systemic allergy drugs and family planning products achieved positive month-on-month growth in February. Cold medicine/heat clearing and nourishing health care decreased significantly month-on-month.
Chart 3: MoM change in retail pharmacy category sales in February 2024
Data source: Zhongkang CMH, Zhongkang Industry Research Institute
Compared with the same period last year, in February, cough and expectorant, oral and throat drugs, systemic anti-infective drugs, cold medicines/heat clearing drugs and respiratory disease drugs all maintained double-digit growth, and sales increased by more than 30% year-on-year. In addition, in the same period last year, due to the large number of medicines in the first two months, the sales base of the four types of cold medicines in February last year was small.
Chart 4: Year-on-year change in retail pharmacy category sales in February 2024
Data source: Zhongkang CMH, Zhongkang Industry Research Institute
From the perspective of specific products sold in the retail pharmacy industry, the top 5 sample products with a month-on-month increase in sales in February include Guhan Yangjing Oral Liquid, New Crown Antigen Kit, Montmorillonite Powder, Enteritis Ning Tablets and Medical Protective Clothing, with an increase of more than 15%, while the TOP5 sample products that decreased month-on-month in February were mainly cold products.
Chart 5: MoM change in sales of sample products in February 2024
Data source: Zhongkang CMH, Zhongkang Industry Research Institute
From the perspective of retail pharmacy product prices, the product price index in February 2024 was 992 points, down 3 points from January and 14 points from the same period last year, and the price index was stable and declining.
Chart 6: China Retail Pharmacy Product Price Index from January 2019 to February 2024
Data source: Zhongkang CMH, Zhongkang Industry Research Institute
In terms of specific products, the price of sample products increased month-on-month in February, and the top 5 sample products included Four Seasons Antiviral Mixture, Norfloxacin Capsules, Anti-inflammatory and Analgesic Ointment, Daratumumab Injection and Joint Analgesic Ointment.
Table 7: Price changes of sample products in February 2024
Data source: Zhongkang CMH, Zhongkang Industry Research Institute
Index Description: Since its establishment in 2018, Zhongkang Science and Technology Industry Research Institute has been continuously tracking the operation status of China's retail pharmacy industry, and indexing it through scientific models to objectively and truly reflect the operation status of China's retail pharmacy industry. In 2023, Zhongkang Technology and China Enterprise Evaluation Association jointly initiated the establishment of the China Enterprise Evaluation Pharmaceutical and Health Special Committee (hereinafter referred to as the Special Committee), which will continue the compilation of China's retail pharmacy development index. The 2023 China Retail Pharmacy Development Index is a sub-index of the China Health Industry Index.
The China Retail Pharmacy Development Index selects the top 500 products in annual sales of retail pharmacies as the ingredient varieties through the Zhongkang CMH database, covering six categories: chemical drugs, biological products, Chinese patent medicines, health care products, medical devices and Chinese herbal decoction pieces. The sales volume of the TOP500 representative products will reach 349.4 billion yuan in 2023, accounting for 65% of the market share of the retail pharmacy market. Based on the situation in the past five years, the contribution of large varieties to the market is relatively stable and generally representative. In addition, according to the principle of combining sample stability and dynamic tracking, Zhongkang Industry Research Institute reviews the TOP500 samples once a year, and dynamically adjusts them according to the audit results, and the list of TOP500 sample products of the China Retail Pharmacy Development Index in 2024 is detailed in the figure below
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