【出版时间及名称】：2010年中国医疗行业展望
        【作者】：瑞士信贷
        【文件格式】：pdf
        【页数】：56
        【目录或简介】：
After multiple delays, healthcare reform budgets may finally start to
make an impact in 2010E and generate more investment opportunities,
as: 1) healthcare reform policies finally started to take shape in 2009 and
2) economic recovery has become more certain.
■
Momentum in medical devices should continue to be strong. With
incremental government investment, we believe China’s medical device
market should experience a 26% CAGR over 2009-11E, the highest in
China’s healthcare sector.
■
The government’s strong support should continue to propel higherthan-
industry average growth for the Chinese medicines segment. The
government continues to invest in Chinese medicine doctors’ training
programmes and emphasise Chinese medicines’ low costs
■
Drug distribution industry consolidation should accelerate in the near
term, due to: MOFCOM’s announcement on 25 December 2009 of
regulating the drug distribution industry, the restructuring of multiple SOEs,
and the implementation of healthcare reform at the provincial level.
■
Valuation – more room to go, but need to be selective – we favour
domestic players. While most of those companies are trading at over a 20%
premium to the market index P/E, we believe there is further room.
Nevertheless, we are cautious on the export front, which is widely expected to
recover significantly but not without risks and favours domestic players for now.