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China Healthcare:Monthly data tracker,October 2017

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China Healthcare:Monthly data tracker,October 2017

Monthly data tracker: October 2017.

Monthly data tracker: October 2017.

Monthly data tracker: September 2017

    Recent data suggest that: 1) drug consumption grew 14.6% YoY in September vs.

    Recent data suggest that: 1) drug consumption grew 14.6% YoY in September vs.

    Recent data suggest that: 1) drug consumption grew 11.4% YoY in Augustvs. 12.2% in YTD7m17; 2) inpatient and outpatient traffic increased 5.5% and1.9%, respectively, in 1H2017; 3) growth in government spending on healthcarereached17% YoY in YTD7m2017, vs. 10% in 2016; 4) vitamin C prices remainedhigh; 5) the price of 6-APA and 7-ACA remained flat in September; 6) TCM rawmaterial prices were mixed; and 7) the corn price increased to RMB1,726/ton inSeptember.

    12.1% in YTD8m17; 2) inpatient and outpatient traffic increased 5.5% and 1.9%,respectively, in 1H17; 3) government spending on healthcare grew 16% YoY inYTD9m2017 vs. 10% in 2016; 4) vitamin C prices remained high; 5) 6-APA priceswere flat while 7-ACA prices increased 8% MoM in October; 6) TCM raw materialprices were mixed; and 7) corn prices increased to RMB1,720/ton in October.

    12.1% in YTD8m17; 2) inpatient and outpatient traffic increased 5.5% and 1.9%,respectively, in 1H17; 3) government spending on healthcare grew 16% YoY inYTD9m2017 vs. 10% in 2016; 4) vitamin C prices remained high; 5) 6-APA priceswere flat while 7-ACA prices increased 8% MoM in October; 6) TCM raw materialprices were mixed; and 7) corn prices increased to RMB1,720/ton in October.

    Government spending, drug consumption, patient traffic and insurance

    Government spending, drug consumption, patient traffic and insurance.

    Government spending, drug consumption, patient traffic and insuranceGrowth in government spending on healthcare rose 10% YoY in September2017 to RMB152bn, while YTD8m17 growth reached 17% vs. 10% YoY in 2016.

    Growth in government spending on healthcare was up 6% YoY in August 2017at RMB93bn; YTD7m17growth reached 19% compared with 10% YoY in 2016.Meanwhile, growth in drug consumption fluctuated and reached 11.4% YoY inAugust 2017; YTD7m17growth was 12.2% vs. 12.0% and 14.2% YoY in 2016and 2015, respectively. Inpatient traffic continued to outpace outpatient flow,with the former up 5.5% YoY and the latter rising 1.9% in 1H2017. In July,urban basic medical insurance inflow rose 54% and outflow increased 50%. Forcommercial insurance, the inflow of healthcare insurance declined 30% YoY inJuly 2017, while the outflow of healthcare insurance continued to grow at 32%YoY. However, on a YTD basis, inflow grew 5% vs. 26% for outflow.

    Growth in government spending on healthcare rose 10% YoY in September2017 to RMB152bn, while YTD8m17 growth reached 17% vs. 10% YoY in 2016.

    Meanwhile, growth in drug consumption accelerated to 14.6% YoY in September2017; YTD8m17 growth was 12.1% vs. 12.0% and 14.2% YoY in 2016 and2015, respectively. Inpatient traffic continued to outpace outpatient flow, with theformer up 5.5% YoY and the latter rising 1.9% in 1H17. In August, inflow andoutflow of urban basic medical insurance climbed 17% and 30% YoY respectively.

    Vitamin C prices remained high; 6-APA and 7-ACA prices stayed flat

    Meanwhile, growth in drug consumption accelerated to 14.6% YoY in September2017; YTD8m17 growth was 12.1% vs. 12.0% and 14.2% YoY in 2016 and2015, respectively. Inpatient traffic continued to outpace outpatient flow, with theformer up 5.5% YoY and the latter rising 1.9% in 1H17. In August, inflow andoutflow of urban basic medical insurance climbed 17% and 30% YoY respectively.

    For commercial insurance, the inflow of healthcare insurance declined 13% YoY inAugust 2017, while the outflow of healthcare insurance continued to grow at 25%YoY. However, on a YTD basis, inflow grew 3% vs. 26% for outflow in YTD8m17.

    Domestic vitamin C prices remained high with an ASP of RMB70/kg in September2017, while imported vitamin C prices were up 6% to USD6.2/kg in July. The priceof 6-APA was stable at around RMB210/kg in September

    For commercial insurance, the inflow of healthcare insurance declined 13% YoY inAugust 2017, while the outflow of healthcare insurance continued to grow at 25%YoY. However, on a YTD basis, inflow grew 3% vs. 26% for outflow in YTD8m17.

    Vitamin C prices remained high; 6-APA price unchanged while 7-ACA pricewent up.

  1. The ASP of 7-ACA was at RMB360/kg, unchanged MoM. We remind investors that the mainmanufacturers had resumed the production of 7-ACA in September 2015at a 16%price cut from RMB630/kg in June 2015.

    Vitamin C prices remained high; 6-APA price unchanged while 7-ACA pricewent up.

    Domestic vitamin C prices remained high with an ASP of RMB70/kg in October2017, while imported vitamin C prices were up 4% MoM to USD6.6/kg inSeptember. The price of 6-APA was stable at around RMB210/kg in October 2017.

    TCM raw material prices were mixed

    Domestic vitamin C prices remained high with an ASP of RMB70/kg in October2017, while imported vitamin C prices were up 4% MoM to USD6.6/kg inSeptember. The price of 6-APA was stable at around RMB210/kg in October 2017.

    The ASP of 7-ACA was at RMB390/kg, up 8% MoM. We remind investors thatmain manufacturers resumed production of 7-ACA in September 2015 at a 16%price cut from RMB630/kg in June 2015.

    The TCM raw material price index turned on its recent uptrend and was down0.11% MoM to 1,295. The ASP of honeysuckle increased 15% while that ofindigowoad root was stable in September 2017. Honeysuckle and indigowoadare the main ingredients in Shineway’s flagship product, Qing Kai Ling. Theophiopogon root price increased 5%, while the price of radix ginseng was down9% in September – these are the main ingredients in Shen Mai.

    The ASP of 7-ACA was at RMB390/kg, up 8% MoM. We remind investors thatmain manufacturers resumed production of 7-ACA in September 2015 at a 16%price cut from RMB630/kg in June 2015.

    TCM raw material prices were mixed.

    TCM raw material prices were mixed.

    The TCM raw material price index turned from recent uptrend and fell 0.32% MoMto 1,291 in Oct 2017. The ASP of honeysuckle increased 3% while the price ofindigowoad root decreased 5% MoM in Oct 2017. Honeysuckle and indigowoadare the main ingredients in Shineway’s flagship product, Qing Kai Ling. Both theprices of ophiopogon root and radix ginseng increased in October, with 4% and10% MoM growth respectively. These are the main ingredients in Shen Mai.

    The TCM raw material price index turned from recent uptrend and fell 0.32% MoMto 1,291 in Oct 2017. The ASP of honeysuckle increased 3% while the price ofindigowoad root decreased 5% MoM in Oct 2017. Honeysuckle and indigowoadare the main ingredients in Shineway’s flagship product, Qing Kai Ling. Both theprices of ophiopogon root and radix ginseng increased in October, with 4% and10% MoM growth respectively. These are the main ingredients in Shen Mai.

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