我国疫苗行业受“山东济南非法经营疫苗系列案件”的影响逐渐消除， 市场逐步恢复，行业增长潜力显现。然而，2018年却爆发长生生物假疫苗 事件，国产疫苗深陷信任危机，未来将何去何从？                                 

供给：6 月，医药行业生产动能有所回升。6 月，医 药行业工业增加值为 5.9%，增速较 5 月提高 0.3 个百分点。1～6 月， 医药行业工业增加值为 6.6%，增速较 1～5 月小幅下降 0.1 个百分点。 需求：6 月，药品零售市场需求有所增强，中西药品零售总额保持稳 定增长。1～6 月，中西药品零售总额为 2937.4 亿元，同比增长 10.9%， 增速较 1～5 月下降 0.1 个百分点。6 月，中西药品零售总额为 512 亿元，同比增长 10.4%，环比增长 3.3%。                                 

医药制造业是指原料经物理变化或化学变化后成为了新的医药类产品，包含通常所说的中西药制造、兽用药品，还包含医药原药及卫生材料医药用品制造。 

Biocon is developing Insulin Tregopil, an oral prandial insulin tablet, for the treatment of type-1 and type-2 diabetes mellitus. The fast-acting oral insulin could improve post-prandial glucose control with reduced side effects and greater adherence, thus holding the promise to transform T1D management.  Oramed Pharmaceuticals Inc., a clinical-stage pharmaceutical company focused on the development of oral drug delivery systems, is working toward bringing the first oral insulin product to the market, thus, providing a more convenient, effective, as well as a safer method for delivering insulin therapy.

Countries, such as the United States, Canada, United Kingdom, Germany, and other European countries held a prominent share in the global cosmeceuticals market. China, India, and Vietnam present considerable growth opportunities for the market players, primarily due to the growing millennial population. Furthermore, rising awareness regarding cosmeceutical and cosmetics products, such as anti-aging, sun care, and hair care products, is expected to drive the growth potential in the near future. The introduction of new products with bio-active ingredients play a crucial role in driving the demand for cosmeceutical products across the world, especially in the Asia-Pacific region.

The global oral care market report offers key insights into the latest market developments. It analyzes the recent trends, drivers, and challenges affecting the oral care market, globally.  It covers the various types of oral care products, such as breath fresheners, dental floss, denture care, mouthwashes and rinses, toothbrushes and replacements, and toothpaste.

The global farm fish industry has been challenged by shortage in the supply of feed for cultivated fish, which has been fulfilled by wild fish for long. Owing to unsustainability involved in this food system, the industry has started pursuing the replacement of fishmeal with proteins from plants, such as soy, wheat, pea, and additives, such as methionine and other amino acids and fatty acids.

The wide range of applications for x-rays, such as for bone fractures, infections (pneumonia), calcifications, tumors, arthritis, dental, heart, blood vessel blockages, digestive, cysts, cancer, asthma, lung diseases, etc., indicates the broad range of diagnostic and therapy applications of x-rays that have kept the demand in the market alive. Additionally, radiological equipment has a fixed life cycle span, that results in unavoidable breakdown and degradation or loss of image quality that may render the equipment useless after a certain time period. In medical applications, equipment older than 10 years are not considered as state-of-the art equipment and replacement becomes essential. This creates demand for the replacement of x-ray imaging equipment from medical centers, labs, hospitals, and professionals.

The non-invasive diagnostic imaging techniques are witnessing high demand, primarily for soft tissue diagnosis. These unmet demands are the factors driving the magnetic resonance imaging market’s growth. Furthermore, factors, such as technological advancements, like the inclusion of MRI with PET or CT, to provide imaging possibilities with less exposure to harmful radiations, rising adoption of MRI in developing countries, and availability, along with rising adoption of universal health coverage in the developed and developing markets, are aiding the growth of the market studied.

As a result of the growing demand for generic medicines and biologics, the capital-intensive nature of the business, and the complex manufacturing requirements, many pharmaceutical companies have identified the potential profitability in contracting with a CMO (contract manufacturing outsourcing) for both clinical and commercial stage manufacturing.  Additionally, pharmaceutical companies have been directing their priorities toward the core areas of competency, and hence, prefer not to dispense available resources, expertise, and technology on formulating the final dose of medicines.

The advent of new technologies, with stringent environment norms, increasing health safety measures have changed the entire industry viewpoint, with respect to the compliance of standards and regulations. Testing, inspection, and certification (TIC) plays a significant role to ensure the infrastructure, services, products are met with the standards and regulations pertaining to safety and quality. With inspection and testing at regular intervals across a few industries, such as oil and gas becoming mandatory, the TIC services are expected to grow in demand, irrespective of the industrial seasonality.

The development in minimally invasive therapeutic procedures has encouraged the usage of imaging equipment. This increase in the demand for image guidance has propelled the market studied. Additionally, medical imaging has witnessed numerous advancements in recent times. The emerging technologies help in enhancing the resolution and quality of the medical images.

The increasing demand for collagen as a key ingredient in various applications, such as dietary supplements, food additives (collagen is used in a wide spectrum of applications as a food additives, right from storage stability of confectionery and dairy products, to enhancing process and organoleptic properties of packaged food products), beverages, and meat products, has been driving the collagen market. Growing awareness of consumers regarding personal health, presence of established players, and increased investments in research activities are leading to numerous product launches, both in food and personal care applications, which is expected to drive the growth of the collagen market in Europe.

As per the scope of this report, the healthcare BPO (business process outsourcing) refers to a process, in which the healthcare providers select the most suited thirdparty vendor for specific business processes. Offshore medical care is a swiftly growing in the United States. Americans spend more on health care than do people in any other nation. Healthcare outsourcing allows the hospitals and medical professionals to save their energy and valuable time on patient care.

The adoption of single-use technology has proven to be a robust, scalable, and reliable form of sources from lab-scale to cGMP production applications, such as flexible contaminant, single-use bioprocessing equipment, and single-use filtration assemblies. Hence, the use of single-use technologies in virus filtration helps to marginally reduce the risk of cross-contamination, increasing the safety profile of the manufacturing process.

我们认为医保局成立后首次医保目录调整符合预期，基本延续了之前腾笼换鸟、结构优化的改革方向，利好产品品种丰富、创新能力较强的药企，重点关注恒瑞医药（600267.SH），同时关注翰森制药（3692.HK）、中国生物制药（1177.HK）等。

本周上证综指上涨1.77%，报2823.82 点，中小板上涨3.98%,报5673.09 点，创业板上涨4%，报1567.99 点。医药生物同比上涨4.58%，报7171.34 点，表现强于上证2.81 个pp，强于中小板0.6 个pp，强于创业板0.58 个pp。医药生物板块估值为32.48 倍，处于历史偏低水平，对全部A 股溢价率为159.03%，处于历史偏高水平。

我们认为在下游服务端控费压力向中游、上游传递的背景下，整个产业链正在发生深刻的变化。投资者也普遍关注：若检验科由利润端变为成本端，整个产业链的投资价值变化如何？服务端独立医学实验室会受到怎样的影响？渠道端代理/经销商在经过并购高峰期之后的整合效果如何？产品端企业面临当前形势该如何应对？再往上游追溯，极端情况假设发达国家突然停供核心原材料，体外诊断产业是否有应对之策？通过在体外诊断领域的系列化研究，我们尝试解决以上疑问，并基于多家相关企业的研究建立适用性的行业分析框架。

本周与肿瘤免疫治疗相关的上市企业中，沪深涨幅最大的企业为药明康德（14.84%）；港股中涨幅最大的企业为石药集团（26.21%）；美股中涨幅最大的企业为Pfizer（9.24%）。