The pharmaceutical stocks were really not peaceful in the first half of the year. In the early morning of June 4th, the Ministry of Finance issued an urgent document requesting an audit of the accounts, and in the afternoon, it introduced an industry-wide medical reform promotion policy, which not only promoted the procurement with quantity, that is, the sharp price reduction of drugs, but also put forward a series of all-round reform tasks such as high-value consumables and DRGs payment. The pharmaceutical industry has seen that it is one step closer to squeezing profits, and various indicators have turned around.
The deepest decline in retail pharmacies is due to the fact that in these reforms, there is a key task of deepening the reform of medical and health system in 20 19, and it is proposed to formulate a policy document to improve the personal accounts of employees' medical insurance. As soon as this article came out, the market immediately thought that in mid-May, a document was issued requesting the cancellation of personal medical insurance accounts by 2020. Therefore, retail pharmacies fell on the spot, and leading companies such as Dashenlin and Yinxintang fell by more than 5% in three days.
The first document is the Notice on Doing a Good Job in Basic Medical Security for Urban and Rural Residents in 20 19 jointly issued by the Medical Insurance Bureau and the Ministry of Finance in mid-May. The notice pointed out that the implementation of individual (family) accounts will be cancelled before the end of 2020. However, Lao Luo noted that the main body of this document is medical insurance for urban and rural residents.
You know, the medical insurance system in China is very complicated. Medical insurance for urban and rural residents is the medical insurance paid by the state to rural residents and urban residents who have no work units (formerly known as the new rural cooperative medical system). At present, the annual payment per person is around 200 yuan, and the state subsidizes 520 yuan every year. This part of the insured population is very large, but the amount of funds is not large. According to the data of the National Bureau of Statistics, by 20 17, the income of medical insurance for urban and rural residents (pay attention to the unemployment of residents) will be 683.8 billion yuan, which is less than the medical insurance for urban employees paid by the work unit. Many accounts have no personal accounts, and the impact is very limited. After the introduction of the policy, the secondary market was basically unaffected.
The previously released "Key Tasks of Deepening the Reform of Medical and Health System 20 19" really needs to reform the personal account policy of medical insurance for urban employees. For a long time, the medical insurance payment for urban workers with work units has been shared by individuals and enterprises. Every month, we will deduct 2% from our salary to pay the personal part of medical insurance, and the company will also pay 6-8% of our salary as the company part. The sum of the two aspects of money is the amount paid by our urban workers' medical insurance account. However, from the perspective of use, there is another way to divide expenses, that is, personal accounts and overall accounts. We personally deduct 2% of our salary, and all of it is included in our personal account, and 30% of the company's contribution is also included in our personal account, so that the personal account has 3.8%-4% of our salary; Accordingly, 70% of the company's contribution goes into the overall account, which is equivalent to 4.2%-5% of the salary.
The overall amount of medical insurance is used to pay for hospitalization expenses, which is allocated by the state. That is to say, the amount is yours, but the money is not in your account, but paid to people who are using medical insurance expenses. But the money in the personal account is actually in the account, that is, the balance in the medical insurance card is used to pay the medical expenses of the pharmacy to buy medical insurance drugs and outpatient treatment. This part of the money is mainly given by young people who are working, and there is little use for saving, and there is no state appropriation. So there is a balance in the personal account. According to industry experts' statistics, in 20 18, the personal account expenditure of urban medical insurance was about 360 billion, and the accumulated balance was about 600 billion. In other words, the 600 billion yuan has been kept in the account and has not been used.
In addition, the policies of retail pharmacies are also developing simultaneously. At this stage, the money paid by retail pharmacies by credit card can only come from personal accounts. However, with the promotion of the separation of medicines, the enthusiasm of hospitals to sell medicines under zero bonus has obviously decreased. The industry predicts that in the future, most drugs will be sold through pharmacies like the United States. Then, when retail pharmacies buy drugs that originally belonged to medical insurance co-ordination, they should pay through the co-ordination account, which means that retail pharmacies should be able to accept the expenses of medical insurance co-ordination like hospitals in the future. The expenditure of medical insurance as a whole is greater than that of individual part. If retail pharmacies can really get a slice of the pie, there is still a lot of room for expansion in the existing market scale.