In 2016, the pharmaceutical and health industry acquired more than 400 mergers and acquisitions, and the amount exceeded 180 billion yuan. Chinese listed companies' mergers and acquisitions have also attracted attention from the industry. In addition, in the past 2016, the rapid growth of PE funds established by listed companies is also a hot spot.
Behind the listed companies that frequently publish announcements, they are actually telling the logic of their growth and the path of change. At the moment, the new growth point is undoubtedly a real problem in front of medical health listed companies. In addition to endogenous growth, listed companies have increasingly sought out outsourcing and resource integration, and seek development and transformation with the help of capital.
The transformation of the medical and health industry, especially the traditional pharmaceutical listed companies, often explores self-breakthrough and value realization through three aspects: management change, industry migration (including horizontal expansion and vertical penetration) and enterprise transformation. Whether it is from another industry to the pharmaceutical industry, or from the original pharmaceutical industry to the extension of the diversification strategy, or on the original basis to try to create and integrate new strategic directions, etc., are now more common ways. The deep involvement of capital with value-added service capabilities and the strength of listed companies with capital can more effectively increase the intensity of transformation and increase the value of enterprise and the possibility of successful transformation.
Company growth logic
In 2016, listed companies invested in private equity funds, and they participated in the fund through LP or other forms. For example, behind the Huagai Medical Fund, there are more than a dozen listed companies in the pharmaceutical industry including Haoyu Pharmaceutical, Tasly, Haisike, Kunming Pharmaceutical and Furui. The participation of these listed companies in the establishment of the fund is also partly to consider the extension of the industry chain in the process of business growth, or to further broaden the complementarity of industrial synergies, and professional funds and management teams can also help.
From the past ten years, the growth of the medical industry mainly comes from two aspects: the first is endogenous growth, that is, increased production, price increase, new product and business development (mainly including technology upgrade), this logic still exists, And compared to other industries, there will be more stable and lasting growth opportunities in the medical and health field; the second is exogenous growth, with the strength of the capital market, the industry quickly expands in both directions, and the future medical health industry M&A integration may come even more violently.
By observing the trend of IPOs raised by listed companies in recent years, it can be seen that a large part of the traditional industry or the traditional pharmaceutical industry is expanding production capacity (increased production); while the private placement funds are more used in the industry. M&A (exogenous growth); whether it is expanding production capacity or industrial mergers and acquisitions, as long as the internal demand of the market persists, the prospects are still good. In the future, you can also focus on more new businesses, including new needs, new integrations, new opportunities, etc., such as creatively creating opportunities and building an ecosystem around a core area.
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