Our first ever Asia regional healthcare study concludes that stocks in the sector offer
both high growth and defensiveness – attractive qualities in current high volatility
markets. This view is echoed by our regional equity strategy team, which sees the
sector as a safe haven.
Growth in the sector is driven by strong structural domestic demand and
supplemented by rising exports. We prefer China and Korea, with a stronger preference
for China, given a slower growth rate and full valuations in India.
In this highly fragmented market, we look for strength in brand, marketing
& distribution and product quality. Our top picks are United Labs and Simcere in China,
Hanmi Pharma and Green Cross in Korea, and Dr. Reddy’s in India.

目录

Executive summary 1
China stock summary 8
Korea stock summary 11
India stock summary 15
Regional context 18
Industry overview 26
Country strategy and drivers 36
China strategy and drivers 37
Korea strategy and drivers 41
India strategy and drivers 48
Company overview: China 51
Golden Meditech (8180) 52
Mindray Medical Int’l (MR) 58
Mingyuan Medicare (233) 64
Shandong Weigao (8199) 69
Simcere Pharmaceutical (SCR) 75
United Laboratories International (3933) 81
WuXi PharmaTech (WX) 86
Company overview: Korea 93
Bukwang Pharma 94
Chong Kun Dang 102
Choongwae Pharma 110
Daewoong Pharma 119
Dong-A Pharma 128
Green Cross 138
Hanmi Pharma 145
LG Life Sciences 155
Three Seven 165
Yuhan Corp 171
Company overview: India 181
Apollo Hospitals 182
Biocon 187
Cipla 193
Dr. Reddy’s Labs 200
Ranbaxy 206
Sun Pharmaceuticals 212
Wockhardt 220
Appendix: Regulations 226
China regulations 227
Korea regulations 230
India regulations 237
Disclosure appendix 241
Disclaimer 244

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