CICC: The pharmacy industry has launched a differentiated development route, differentiated into specialization and diversification

CICC: The pharmacy industry has launched a differentiated development route, differentiated into specialization and diversification

In recent years, with the continuous adjustment of policies in the pharmaceutical industry and the diversification of consumer demand, the pharmacy industry is undergoing a profound change. CITIC Construction Investment’s latest research report pointed out that the pharmacy industry has shifted from traditional homogeneous competition to differentiated development, and has differentiated intospecializationandDiversificationTwo main lines. This article combines hot topics and data from the entire network for the past 10 days to conduct in-depth analysis of this trend.

1. Industry differentiation background: dual driving policy and demand

The transformation of the pharmacy industry is not accidental, but the result of the joint action of policies and market demand. On the one hand, national policies such as medical insurance cost control and volume-based procurement have compressed the profit margin of drugs; on the other hand, consumers' demand for health management is becoming increasingly diversified, shifting from simply purchasing drugs to health consultation, chronic disease management and other services.

2. Professional route: Focus on core medical capabilities

Some leading pharmacies choose to deepen their professionalism and strengthen their core competitiveness by improving their pharmacy service capabilities, laying out DTP pharmacies (professional pharmacies directly for patients), and undertaking prescription outflows. Data from the past 10 days show that the performance of professional pharmacies is outstanding.

3. Diversified route: Create a health service ecosystem

Another part of the pharmacies choose to develop diversifiedly, expanding their business to areas such as health food, medical devices, and medical beauty products, and even open clinics and physical examination centers to create a one-stop health service platform. This model is particularly popular among young consumer groups.

4. Investment advice: Pay attention to two types of leading enterprises

CICC recommends that investors focus on two types of enterprises: one is pharmacies with outstanding professional capabilities and prescription drug acceptance capabilities, such as Sinopharm All-in-one and Tongrentang; the other is enterprises with leading diversified layout and obvious supply chain advantages, such as Laobaixing and Yifeng Pharmacy.

5. Future Outlook: Differentiated Competition Will Continue to Deepen

With the increase in industry concentration and intensification of competition, the trend of specialization and diversification in the pharmacy industry will become clearer. Enterprises need to clarify their strategic positioning based on their own resource endowments to avoid falling into the quagmire of homogeneous competition. At the same time, the application of digital technology will become the common development direction of the two types of enterprises, and improve operational efficiency and service experience through technologies such as big data and AI.

In short, the pharmacy industry has entered a new stage of differentiated development, and the two routes of specialization and diversification have their own advantages. Investors need to pay close attention to industry trends and seize structural opportunities.