Critical care or intensive care is the close monitoring and treatment given to individuals with acute, life-threatening illness or injuries such as shock, burns, accidents,complicated surgeries, sepsis, and severe breathing problems. It usually takes place inan ICU or trauma center.The therapeutic usage of drugs during these critical care scenarios are termed as ‘critical care therapeutics’ and can be grouped as below:Plasma therapeutics and Anticoagulants.Several plasma-derived products are commonly used in critical care situations, which include:Albumin,Antithrombin concentrates,Factor XIII concentrates,Fibrinogen concentrates,Prothrombin complex concentrates.

Oral insulin products are under investigation and, once approved, will emerge as new-generation drugs for diabetes management. For instance, Generex Biotechnology Corporation’s Oral-Lyn, Oramed Pharmaceutical's ORMD-0801 and ORMD-0901, and Biocon’s IN-105 are the upcoming oral drugs for the treatment of diabetes.An increase in the number of academia-industry collaborations will ease the process of drug development. Key players in the market are increasing research collaboration with universities and academic institutes. For instance, Sanofi Diabetes collaborated with Helmholtz Zentrum München, Charité, and the University of Copenhagen to support R&D activities and also to identify new targets for diabetes. Also, Novo Nordisk collaborated with Juvenile Diabetes Research Foundation International (JDRF) for diabetes research. Such academia-industry collaborations will result in efficient technology transfer and quicken the drug development process.

近期复星医药的大幅波动，让一个问题变得愈发重要，到底一家药企的成功，哪些因素最关键？解决不了这个，这种非理性波动会继续有可能发生在其他涨幅较大的蓝筹药企上。我们认为随着一系列改革的推进，通过研发投入和生产质量控制体现出来的内功越发重要，过去五年的研发投入，已基本决定了药企未来五年的发展。

本报告延续我们之前的分析框架，重点从行业政策环境、运行数据和发展趋势进行分析。本报告值得大家重点关注的内容有：我们对行业政策进行了系统的梳理；对医院终端、医保基金和医药制造业增速等行业数据进行了全面的分析；对国际巨头和国内龙头公司进行了估值与成长性比较。我们认为当前的行业发展表现为强者恒强，我们继续推荐龙头公司。

上半年，医药生物（申万）行业指数表现一般，微涨 0.10%，行业排名 12位，跑输上证和深成指大盘指数，行业整体 PE 估值水平处于 10 年长周期历史中值附近；板块表现分化明显，医药商业和中药子行业表现较好，器械和医疗服务跌幅较大；个股龙头白马、品牌中药等绩优股涨幅较大，表现一定避险配置性质，估值修复明显，大部分 PE 估值回升到三年 PE-Band 波动中间位置。

连续两周医药指数向下调整，但我们判断随着中报季来临，医药股业绩确定性高、持续性强，7月继续看多医药。板块配置上，我们建议重点关注医药流通和OTC行业，我们近期重点推荐中报业绩高增长较为确定的个股，重点推荐九州通、片仔癀、恩华药业。

2017 年年初以来，A股市场整体风险变大，不确定性较强，投资者避险情绪上升，以食品饮料、家用电器为主的确定性较高的大消费板块领涨大盘。医药板块整体表现平淡，在所有申万一级行业中排名第 14 位，处在相对中游的区间。