On the evening of January 27, Zhongheng Group announced that its subsidiary, Yanzhou Pharmaceutical, would be a shareholder in a medical device company in Israel. On the previous day, the multinational medical device giant Medtronic just announced the completion of the acquisition of Kehui Medical; One day, Baiyunshan teamed up with Siemens to enter medical devices. Looking at the past 2014, the investment in medical devices continues to rise, and there are no signs of cooling. In this regard, Zhao Jin, a partner of the medical investment institution Wei Weisheng Technology, believes that PE is optimistic about medical devices compared to the fact that the medical services sector has more investment and more operations. This is mainly because the service sector is greatly affected by the policy, and many problems in the public system are difficult to solve in the short term, and medical payment is also a big problem. In contrast, medical devices are hard demand, and the trend of increasing the demand for medical devices due to aging and chronic diseases is positive. It is in line with PE's rapid large-scale positioning, and the investment return period is shorter than the medical service sector. Overseas listing and acquisition are the main ways. 47 mergers and acquisitions in half a year Since last year, successively issued policies have brought enough "policy dividends" for the development of the medical device industry. On February 7, last year, the State Food and Drug Administration issued the "Special Approval Process for Innovative Medical Devices (Trial)", giving priority to innovative medical devices. In May, the National Health and Family Planning Commission launched the selection of excellent domestic medical equipment , and set out to develop an excellent product catalogue, aiming to select a batch of domestic medical equipment that meets clinical needs, has market competitiveness and development potential, and digital X-ray machine. Three basic medical equipments, color Doppler ultrasound diagnostic equipment and automatic biochemical analyzer have become the first batch of domestic medical equipment selection items. Therefore, some investors joked that 2014 is the “year of policy for the medical device industry â€. The state has introduced many incentives for the industry, and many listed companies have benefited. They have been paid attention to by countless investors and the funds obtained in the capital market are getting more and more. More, while promoting mergers and acquisitions between enterprises. It is reported that there were only 10 mergers and acquisitions involving Chinese medicine in the first half of 2014, 22 mergers and acquisitions in the pharmaceutical industry, 37 in the Western medicine field, and 47 in the medical equipment and technology fields. Wang Hui, founder of Honghui Capital, analyzed the M&A logic of these medical device platform companies into four major factors: First, the medical device products have low ceilings, and the enterprise needs to expand the product line later; secondly, the company has a lot of cash after listing; The valuation of first- and second-tier markets promotes the outsourcing of listed companies; in the end, small companies are difficult to cross-border in the early stage, difficult to market, difficult to market, and willing to be acquired, and the strong influence of mobile Internet on the medical industry begins to emerge, the medical industry The high threshold leads to industry separatism, all kinds of modes are blooming, and the transformation of business model should be centered on the patient medical treatment process, and a few enterprises with resources and experience can win. Two hot spots in the low-end market The acquisition demand of multinational medical giants stimulates PE to invest in local medical device companies, optimistic about the low-end market. As the wave of aging is coming, the demand for medical devices is growing. However, China's medical insurance is not adequately protected on imported products. Many products, such as implantable devices and imported instruments, are self-funded, so there are certain opportunities for low-end products. Coupled with the Chinese government's support for primary medical facilities, more and more medical device companies are optimistic about the opportunity to provide low-end medical devices for grassroots services. According to the senior management of Shenzhen Mindray, “In the current market structure, China’s medical device enterprises are mainly concentrated in the low-end market. In comparison, the high-end market is basically monopolized by foreign capital; the mid-end market is dominated by foreign capital and Chinese-funded; The low-end is basically a local company, and it has taken advantage of price advantage. Therefore, there has been a trend in foreign capital to acquire and acquire local projects. This aspect requires innovation and capacity input for product innovation, and on the other hand, it combines low and medium The advantage of the amount of end-running has the consideration of multi-layer brand operation. Specifically, the two considerations of the investment core are the ability to pay and innovative products." Foreign capital has been neglecting this market for a long time, but it has gradually changed in recent years, such as the most famous acquisition case in recent years. Medtronic bought Kanghui Holdings with about 816 million US dollars in cash, and bought Xianjian Technology. 19% of the equity, in order to quickly lay out the Chinese low-end medical device market. Undoubtedly, this trend will continue in the future. In addition to targeting the Chinese market, the acquisition of multinational medical device companies also has considerations for the layout of low-end overseas markets. For example, the cost of medical care in the United States has been rising year by year. Due to the consideration of cost control, there are certain markets for products with low-end and mid-range prices. Chinese local brands do not have the ability to expand overseas, and they lack brand influence. To this end, foreign capital will be packaged and marketed in the pocket, which will help it open up in the low-end market overseas. This is also a consideration in the PE investment layout, that is, the acquired products have overseas demand. Another factor is innovative products. The aging has brought about an increase in demand for minimally invasive and artificial medical device products, which may become the two major investment hotspots in the future. The pool of medical insurance funds is tight, and the state's policy of separating medicines is accelerating, which puts pressure on the survival of hospitals. In the future, hospitals need to control the funds through cost control, and the bed turnover rate will be an important indicator. In order to control costs, minimally invasive surgery will become more and more popular, and the demand for technological development will be great, and it will become a hot field for future investment. At the same time, aging will inevitably lead to increased demand for artificial devices, especially implantable devices, especially in orthopedics and cardiovasculars, which will become the direction of PE pursuit. The four major plates are most optimistic At present, the medical device sector that investors are optimistic about includes products in the fields of in vitro diagnostics, imaging industry, oral market and wearable devices. "In vitro diagnosis is the main source of hospital service income, the demand for outpatient doctors is large, and the overall cost control of medical care, the diagnostic income is larger than the drug income space." The above-mentioned Mindray executives revealed to Southern Reporter. It is understood that the imaging industry is currently mature in domestic technology and is necessary for diagnostic services. The single fee is high, the single marketing amount is larger, which is conducive to channel spreading, and the National Health and Family Planning Committee advocates the localization of medical equipment and the laying of grassroots layers. The rapid development period around the year. Image products can be invested in low-end and mid-range imaging equipment such as ultrasound, DR, low-end CT, permanent magnets, and low-end superconductors. There are also some clear positioning, high cost performance, or differentiated competitive products, such as Kangda Medical. In addition, the oral market is currently the most privatized from the doctor to the institution in the medical field. In recent years, China's oral market has grown rapidly, the oral therapy and care market has grown rapidly, and oral devices account for a larger proportion. Therefore, implant-related (including bone meal), oral plastic products and medical products are areas of concern for investors. It is worth noting that, in addition to the above-mentioned areas, although wearable medical equipment has not yet found a good profit model, it has become one of the hot spots of investment in the past two years. You can eat original shepherd's purse at home all year round. 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