两年前，有关丙肝药物暴利的新闻甚嚣尘上。吉利德公司（ Gilead ScienceInc）将能够治愈丙型肝炎的新药 Harvoni（ Sofosbuvir/Ledipasvir）的起始定价定为 8.4 万美元，远远超出了包括政府以及保险公司在内的支付方的心理价位，也与公众的预期相差甚远。美国的自由媒体自然不会放过这样的新闻题材，一时间，制药行业被描述成依赖和滥用专利条款坐享暴利的利益集团，不顾病人的过高定价也成为众矢之的。要理解为什么此次针对丙肝药物引起如此巨大的风波，而同样定价高昂的抗肿瘤药物、抗风湿药物以及孤儿药物却可以引起较少的关注，则要从丙肝的特殊性说起。

国务院总理李克强 10 月 9 日主持召开国务院常务会议，听取公立医院综合改革和医疗联合体建设进展情况汇报，通过深化医改优化资源配置保障人民健康；部署进一步做好基本医保全国联网和异地就医直接结算工作，减少群众后顾之忧、更多惠及人民。

本周医药指数上涨4.35%，表现优于沪深300 2.20%的涨幅；子板块全面上涨，表现最好的医疗器械涨幅为8.87%，最弱势的原料药上涨2.77%。本周全部医药子版块指数全面上涨，其中在智慧医疗等题材带东西，器械板块大幅上涨8.87%，但我们认为随着三季报陆续公布，行业景气度高，业绩突出的标的有望延续上涨势头，建议关注OTC、药店等领域的龙头标的。国务院办公厅发布《 关于深化审评审批制度改革鼓励药品医疗器械创新的意见》 ，重点强调了新药/器械研发、审批加速，简化流程等多项利好创新药产业链的政策，建议长期关注泰格医药等CRO企业，恒瑞医药等研发能力突出的制药企业，乐普医疗等器械研发的龙头企业。

The increase in the purchasing power of personal care products across the globe has led to an increase in the discretionary expenditure of people. People mostly spend money on premium quality products. Given the efficacy of performance and styling options offered by electric grooming products, these products are being adopted by male consumers from mid- to high-income segments. Leading companies are therefore restructuring and reprioritizing their marketing activities to cater to the emerging customer segments, to gain competitive advantage and diversify their portfolio.

FMD is a severe and contagious viral disease found in cloven-hoofed animals. FMD virus leads to illness in cows, sheep, pigs, goats, deer, and other animals with divided hooves. Animals with FMD will have fever and blisters on the tongue, lips, mammary glands, in and around the mouth, and around the hooves. These blisters pop and turn into red areas called erosions. These blisters cause pain and discomfort and will lead to other symptoms such as depression, excessive salivation, anorexia, lameness, and resistance to moving or stand. The disease weakens the animals and will affect the production of meat and milk.

The global erythropoietin drugs market is expected to witness a slow growth rate during the forecast period. In 2016, EMEA dominated the market, followed by the Americas and APAC. India and China are the leading countries in the market in APAC. While Sandoz and Dr. Reddy's Laboratories dominate the erythropoietin (EPO) drugs market in India, the market in China is led by 3SBio and Beijing SL Pharmaceutical. EMEA is also witnessing positive growth, mainly due to an increase in the manufacture of EPO biosimilars by European vendors and the use of biosimilar products in this region. However, the situation in the US is complicated due to the formation of a new legislative body to govern biosimilar products. Overall, the global erythropoietin drugs market is anticipated to grow at a CAGR of 0.79% during the forecast period.

Hearing loss is a medical condition where a person is unable to hear above a threshold value of 25 decibels (dB) in at least one of the ears. This type of disability in an individual could be partial or a total inability to hear. There is an increasing prevalence of hearing loss recorded worldwide. South-Asian countries such as India have recorded the highest prevalence of hearing the loss in adults and pediatric population. The hearing loss problems have been administered with the use of hearing aids or/and hearing implants.

IVF is one of the most popular assisted fertility techniques used to treat infertility. IVF involves the fertilization of an egg outside the body; this may be done using eggs and sperm from the couple or donors. IVF is the original test tube baby technique. Once the eggs are fertilized in the laboratory, they are inserted into the uterus for potential implantation.

新型制剂通过对化合物或蛋白药物进行改造或包载，优势明显，是新药创新的一个重要研究方向。从临床效果看，新型制剂实现了药物长效、缓释、靶向、提高药物溶解度和稳定性、多个药物共同递释药物等作用；从研发角度看，相较于新化合物，新型制剂研发成本小、投入时间短；相比于仿制药，新型制剂具有较长的市场监测期。

自 6 月底至报告发布日，新增 6 省执行（即将执行）新标或开始价格联动，整体呈现明显加速趋势，预计年内执行新价格省份有望超过 20个；从各省药品市场规模来看，已执行新标省份销售金额占全国药品市场超过 70%，我们预计新的价格对销售的整体影响在今年逐步减弱，并且将在明年上半年完全消除。同时议价、价格联动等已成趋势。 

我国肝素粗品和肝素原料药价格已经进入上升周期，行业迎来了量价齐升的增长契机。国内肝素原料药行业企业主要有健友股份、海普瑞、东诚药业与常山药业，千红药业，其中健友股份在主营肝素原料药业务的同时，同步发展制剂业务，未来增长潜力巨大。 

2017 年 10 月 13 日，总局发布第九批和第十批共 288 条参比制剂信息，进一步补充和完善参比制剂目录。目前参比制剂目录已覆盖大多数 289 基药品种和企业备案的仿制药品种，BE 进展成为一致性评价关键。

截止到 2017年10月20日我们采用一年滚动市盈率（TTM，整体法），剔除负值影响，医药生物整体市盈率处在40.16倍，与上周相比略降，略低于历史估值均值（40.56倍）。截止到 2017年10月20日，医药行业相对于全部A 股的溢价比例为2.07倍，比上周高。本周子板块仅有中药和生物制品板块呈上涨态势，其中中药板块涨幅较大。

春暖冰融，零售药店行业新增长可期。处方外流有望给零售药店带来新的处方药市场，未来几年零售药店行业有望新增市场空间600-1,500 亿左右。另外随着人们的保健消费意识和购买力迅速提升，零售药店也有望成为大健康消费在社区的主要承接者，带来新的内生增长动力。

基本面上，截至上周，共177家医药上市公司披露了三季度业绩预告，103家净利润有所增长，三季报业绩呈现延续增长态势。政策面上，近日习近平总书记在十九大报告提出实施健康中国战略。