Zhao Yuanyuan of the Times Bole: Layout of the medical investment track in the next decade around three long-term unchanging underlying logics

China Securities Network News (reporter Zhang Huanyun) a few days ago, under the guidance of the China Association for Science and Technology and the Shenzhen Municipal People's Government, the Shenzhen Life Science and Biotechnology Association and Shenzhen Times Bole Investment Management Co., Ltd., and the 50th roadshow of the "Science and Technology China" Innovation and Entrepreneurship Investment Conference and the "Breakthrough Innovation" Era Bole Medical and Health Industry Forum were held in Shenzhen. At the meeting, Zhao Yuanyuan, senior vice president of Times Bole Medical Investment, delivered a keynote speech on "How to Layout the Medical Device Investment Track in the Next Decade".

Zhao Yuanyuan said that the essence of investment is to invest in the future, to find certain, long-term unchanging elements in a noisy world. For the medical industry, there are three underlying logics that are unchanged for a long time - the aging of the population on the demand side, the improvement of domestic competitiveness on the supply side, and the normalization of quantitative procurement.

First, the population is aging. The impact of population aging on society is multifaceted, of which medical expenditure is an important part. In addition to the cost of health care being affected by aging, the disease spectrum will also change. The change of the disease spectrum is further transmitted to the four major links of diagnosis, treatment, rehabilitation and monitoring, and there will be corresponding investment opportunities and tracks, which can focus on the diagnosis and treatment methods related to aging, such as early screening of cancer in the diagnosis link, bedside diagnosis, minimally invasive interventional devices in the treatment link, and intelligent rehabilitation in the rehabilitation link.

Second, the competitiveness of domestic production has been improved. Relevant data show that in recent years, the overall number of approved domestic instruments is much larger than that of imported instruments, and the number of some three types of instruments has exceeded that of imported instruments, such as orthopedic instruments, respiratory anesthesia first aid equipment, etc., indicating that after years of technical accumulation and experience exploration, more and more domestic enterprises have obtained "admission tickets" to the medical device market.

Third, with the volume of procurement policy. Procurement with quantity has become a normalized trend, the main purpose from the national level, with quantity procurement is to open source and reduce expenditure, reduce medical insurance expenditure, alleviate the problem of expensive medical treatment; from the industrial level, in order to simplify the multi-layer sales and circulation links in the middle of medical products, the industrial enterprises are liberated from the disorderly circulation link; from the company level, it is to guide enterprises to innovate research and development and avoid homogeneous competition. From the perspective of investment, investors need to continuously improve their cognition, expand their horizons, and tap the innovative medical device track with strong clinical demand and high market prospects or the track with strong endogenous development, such as medical aesthetics, oral cavity, assisted reproduction, etc.