8 月21 日，中央人民政府网站发布国务院任免国家工作人员，包括“同意毕井泉辞去国家市场监督管理总局副局长职务”，意味着因长春长生生物问题疫苗案而被要求引咎辞职的毕井泉正式获批“下岗”。医药界舆论和公众舆论对此呈现的是两极分化的态势，一方面是对于毕井泉个人很高的正面评价；另一方面是对于“涉事官员”这一模糊群体被问责的一致叫好。

供给：6 月，医药工业生产趋缓，生产动能有所下降。6 月，医药行业工业增加值增速为10.2%，较5 月下降0.7 个百分点。需求：6 月，随着天气逐渐变热，夏季防暑降温需求有所增强，人们对中西药品的需求上升；同时，国大药房、一心堂、老百姓等全国性连锁药店加快市场布局。6 月，中西药品零售总额为484 亿元，环比增长4.4%，同比增长8.5%。绩效：6 月，在医保基金结算周期带来阶段性控费放松、两票制和营改增实施节点以及多省中标结果出炉的背景下，医药行业利润增速回升。1～6 月，医药制造业实现利润总额1585.7 亿元，同比增长14.4%，较1～5 月提高1.2 个百分点。

作为本轮国务院机构改革的新组建部委，国家医疗保障局需要制定“三定”（定职能、定机构、定编制）方案，并报党中央、国务院批准。

Aconjugate vaccineis created by attaching covalently, a poorantigen (most commonly, a polysaccharide)to a strongantigen,thereby eliciting a stronger immunological response to the poor antigen. However, peptide/protein and protein/protein conjugates have also been developed. It is a vaccine containing bacterial capsular polysaccharide, joined to a protein to enhance immunogenicity and protect against invasive diseases.

Growing awareness among people regarding esthetics has led to a high growth of breast implants market. These days, most of the people are highly concerned about their physical appearance. Recent studies have indicated that along with physical appearance, breast augmentation have helped women in boosting their self-esteem. Thus, high demand for these surgical procedures has resulted in enhanced growth of breast implants market.

Based on product type, the dermatology devices market is segmented broadly into diagnostic and treatment devices. Diagnostic devices are further subdivided into dermatoscopes, other imaging devices, and biopsy devices. Treatment devices are also divided further into light therapy devices, lasers, electrosurgical equipment, liposuction devices, microdermabrasion devices, and cryotherapy devices. Based on application diagnostic products are divided into skin cancer diagnosis and others. treatment devices are divided into hair removal, skin rejuvenation, acne, psoriasis, and tattoo removal, wrinkle removal and skin resurfacing, body contouring and fat removal, cellulite reduction, vascular and pigmented lesion removal, and others. based on end use, the market is divided into hospitals, clinics, and others.

The key drivers of the market are increase in awareness about aesthetic procedures, worldwide rise in geriatric population, shift in trend from invasive to minimally invasive procedures, and advancements in facial rejuvenation. Customization of products is gaining traction across the globe as consumer’s demand products that are unique and can improve their personality. This increasing beauty consciousness among consumers is anticipated to propel market growth over the forecast period.

Excipients play a pivotal role in drug formulations and are expected to witness significant growth in the coming years. Growth of excipients market is significantly driven by the the growing demand for all-round excipients. Moreover, ongoing developments in the various categories of excipients is expected to have positive impact on the progress of this market.

Multinational pharmaceutical and healthcare companies will find Egypt an attractive, yet challenging investment destination. Increasing political will in Egypt to develop the pharmaceutical and healthcare sector are a bright spot at a time when currency issues and an uncertain economic future threaten drugmakers' revenue-earning capabilities. Over the long term, private investments will drive health expenditure in Egypt and lead to an improvement in the delivery of specialised healthcare services in hospitals.

Egypt is among the top-five largest medical device markets in the MENA region. Per capita medical device spending is below the regional average. The medical device market will record a high 2017-2022 CAGR in US dollar terms. Egypt has a large diagnostic imaging segment considering its overall market size. The medical device market is largely reliant on imports. • Local production is limited to basic consumables and other medical devices. There is a growing presence of medical device multinationals through joint ventures with local partners or through sales offices. Private health expenditure accounts for about 60% of health expenditure. There is a growing trend towards privatisation due to a declining public healthcare sector.

Argentina is among the top 20 pharmaceutical markets globally, ranking third in Latin America, with estimated drug retail sales of USD 6.1bn in 2017. The country also features a large and ageing population, a relatively developed public health system, and a small but consolidated private health insurance system on the back of a strong middle class. Despite its well diversified production base and solid demand fundamentals deriving from Argentina’s changing disease and epidemiological profiles, the country’s pharmaceutical industry is becoming less and less able to compete with foreign producers, largely thanks to stubbornly high inflation and rising production costs. This has resulted in a growing reliance on imported drugs and in chronic trade deficits in pharmaceuticals, which reached USD 1.6bn in 2017.

2018 年 1-7 月医药制造业收入、利润总额累计同比增速分别为 14.00%、11.20%，较 Q1 有较大幅度下滑，主要原因是两票制导致大部分药企由“低开”的销售模式转向“高开”，带来 Q1 收入增速的大幅提升，同时短期内销售费用未结算给下游经销商，导致 Q1 利润内化的情况较多，而在目前已经逐步回归行业正常增速。 

根据上市公司2018年中报，18年中期实现28个行业的全行业营收增长，共有21个行业营收增速超过10%，其中医药生物行业营收增长为21.2%，在28个一级行业中排在第7位。2018年上半年医药行业扣非归母净利润增速为23.5%，相较营收增速更快，在28个一级行业中排在第12位。

我们详细回顾了医药生物行业各子行业及重点个股 2018 年中报的业绩情况。上半年医药板块收入和扣非净利增速均有所提速。其中优秀白马、品牌 OTC、生物制品中疫苗板块、原料药、医疗服务及 CRO 等细分板块表现尤为突出。我们判断近年行业负面政策影响已经见底，而鼓励创新药械、医药分家、医保谈判等政策推进叠加医药行业内在需求增长，使行业回归良性增长轨道。重点推荐：优质龙头通化东宝、长春高新、华东医药、乐普医疗、片仔癀；零售药店板块；低估个股中新药业、仁和药业、蓝帆医疗、柳州医药；创新器械耗材正海生物、欧普康视；疫苗行业智飞生物、华兰生物。 

2017年医药板块收入增长15%，扣非净利润增长14%（剔除原料药增长14%），相比2016年略放缓；18Q1收入增长22%、扣非净利润增长32%（剔除原料药增长21%），实现加速增长；18H1收入增长21%、扣非净利润增长24%（剔除原料药增长18%），环比略放缓，但仍保持较高水平。VS：统计局公布的医药制造业（包含原料药）17年、18Q1、18H1收入增长12.5%、15.8%、13.5%；利润总额增长17.8%、 22.5%、14.4%。上市公司增长持续快于行业。

国内药企研发投入强度加大，我们认为，药监局短期人事变动不会改变创新的大格局，继续看好创新标的有恒瑞医药、复星医药、科伦药业、贝达药业等，疫苗板块经过长生狂犬疫苗事件后，人气低迷，随着国家药监局核查工作的推进，生产质量管控好的疫苗企业将迎来更好发展机遇。

2018 年上半年板块营业收入同比增长 21.54%，归属上市公司股东的净利润同比增长 26.42%，扣非净利润同比增长 24.53%。扣除原料药后，2018 年上半年的营业收入同比增长21.37%，归属上市公司股东的净利润同比增长 22.10%，扣非净利润同比增长 19.38%，Q2 原料药和流感的弹性较 Q1 有所下降，但板块整体仍然保持较快增长，主要原因包括新品放量、流感影响、去年低基数、外延并购、产品涨价等因素。 

化学制剂领域 CR5 占比 53 家化学制剂公司净利润比重近两年 50%左右，CR5 增长模式逐渐从仿制药转向创新药，包括恒瑞的阿帕替尼、吡咯替尼、聚乙二醇重组人粒细胞刺激因子注射液和 PD-1 单抗；复星医药的利妥昔、曲妥珠、阿达木和贝伐珠单抗类似；信立泰的艾力沙坦和科伦药业的系列高端仿创药等，集中度将继续提升。哑铃型结构明显，就是新药+完善的自营销售渠道，这些衡量能否成功的两个标志。