In 2015, the orthopedic applications accounted for the largest market share of 30.08%. The increasing incidence of diseases such as musculoskeletal disorders,obesity, trauma, osteoporosis, and other orthopedic conditions among the aging population is one of the primary drivers for the acceptance of medical ceramics.Asia-Pacific (APAC) is the fastest growing market for medical ceramics, with China and India being the leading countries. The market in the region is foreseen to grow at a CAGR of 8% to reach $4.35 million by 2020. China is the leading manufacturer of ceramic products worldwide. Apart from China and India, Japan, Indonesia, and Australia are the countries that account for a considerable demand in the region.The demand for medical ceramics in APAC is on the rise due to the rising incidence of trauma and orthobiological injuries.In 2015, bioinert materials accounted for a share of 39.92% in the market. Thesebioinert materials are used as substitutes for metallic implants. Bioinert materials are also used in the manufacture of orthopedic implants as they show remarkable hardness.

The global mobile pet care market is expected to grow at a CAGR of 5.27% during the forecast period. The market is driven by the need for convenience in reducing travel time among pet owners who have hectic lifestyles. Service providers are customizing their vehicles to accommodate more equipment and storage space to provide efficient mobile pet care services to clients. Hanvey Engineering and Design, Bowie International, Dodgen Mobile Technologies, and Odyssey Mobile Grooming are some of the mobile van manufacturers providing customized solutions for mobile pet care service providers. The mobile grooming service is expected to grow at a CAGR of 5.66% during2015-2020. The segment's fast-paced growth can mainly be attributed to the high number and frequency of customers opting for these services for their pets.Grooming services are needed often to maintain pet hygiene, whereas veterinary care services are used only at certain instances, mainly when the pets fall sick,their vaccinations are due, or for regular check-ups. The mobile pet care service providers are indulging in multimedia advertising to showcase their offering and attract potential customers. For instance, in addition to using their vans to advertise their service offering, the service providers are also posting their advertisements on bulletin boards of vet clinics, animal shelters, pet stores, and animal-related businesses.

BMI View: Bulgaria represents one of the smallest medical device markets in the EU. We expect it to register a mid single-digit local currency CAGR over the 2015-2020 period. The market is largely reliant upon imports which are primarily sourced from other EU member states. Market growth will be dependent upon increasing healthcare funding and the success of efforts to develop the private sector.

Special regulatory designations will act as a major boost for the global metabolic disorders therapeutics market. These special designations help vendors launch their drugs quickly into the market. Also, in a few cases, governments offer tax incentives for such drugs. The US Food and Drug Administration (FDA) gave the orphan drug designation for a few already approved drugs such as Elelyso,Zavesca, and Cerezyme. Regulatory bodies, at times, give these designations to pipeline products. For instance, Amicus Therapeutics' migalastat is under regulatory review in the US. However, the drug received orphan designation from the FDA for Fabry disease in June 2016.Oral insulin products are under investigation and, once approved, will emerge as new generation drugs for diabetes management. 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.

A lot of events occurred in the Azerbaijani economy in 2016. In particular, Azerbaijan planned to pass to an economic model not to depend on oil in 2016.The government mainly focused on the development of the country’s export potential in 2016, namely, the expansion of non-oil goods and services and the creation of more favorable conditions in the investment sphere.Azerbaijan has recently invested billions in the development of marine, rail, automotive,communal, social infrastructure. As a result, Azerbaijan turned into a major transit country in the region.An important event of 2016 was the coordination of the details of implementing the North-South corridor project, which will become a bridge to connect the railways of Iran,Azerbaijan and Russia. Thus, the expansion of the transport routes will further increase the country's attractiveness for investors by supplying the products produced in Azerbaijan to other markets.

Around 4%-6% of the global population is affected by lower back pain, and also the number of spondylolisthesis cases in gymnasts, weight lifters, and football linesmen and women is on the rise. Surgeons estimate that one in 10 individuals suffering from spine disordersrequire surgery. In the US, about 450,000 spinal fusion procedures were performed in 2015, which corresponds to about 0.13% of theUS population. The average cost of lumbar spine fusion procedure is about $34,500. Total spine fusion procedures generated about $15.3billion in the US in 2015. It was estimated that about 84% of the bone grafts are used in spine surgeries (spinal fusion procedures) to relieve back and neck pain. This rise in the number of spinal fusion surgeries will result in increased sales of lumbar spine fusion devices.

血制品行业批签发数据2016年稳定增长。大品种如白蛋白增长16%，静丙增长20%；品种受价格信号指引明确，价格上涨较多品种如纤原、破免、肌免，批量均上升较快；狂免总量出现下滑的趋势；VIII因子和PCC批量稳步上升。

国家卫计委于 2017 年 2 月 14 日在官方网站公布了 1 月全国法定传染病疫情概况。数据显示，1 月全国人感染 H7N9 禽流感达 192 例，死亡 79 人，而 2016 年 12 月感染病例为 106 例，死亡 20 例。

从现在的情况来看，Neulasta 作为 PEG 修饰的复杂化合物通过 351（k）途径比较困难，Sandoz 在欧美两个市场的申请都遇到了阻碍；而采取 351（a）途径，也就是全面 I-III 期研发的生物创新药反而受益，考虑到 Teva 已经撤出美国升白药市场，Teva 后续的两个产品有望成为 Neulasta 领域的第一批（首个或者次个）竞争者。 

期随着国家两票制高调出台，各省市药品、耗材两票制的政策出台略有加速迹象，但本质来讲，生产企业的营销体系转型以及市场对代理商的整合在 2014-2016 年间就已启动，起因在于营改增、配送商遴选机制、以及代理商现金流恶化等带来渠道并购整合机遇，若两票制推行足够坚决，则将加速上述趋势。目前 25 个省市已出台两票制相关地方文件，2018 年全国大部分地区完成两票制是大势所趋。

近 5 个交易日市场延续反弹态势，沪深 300 指数上涨 1.87%，申万一级行 业全部以上涨报收。医药生物板块上涨 0.93%，行业跑输沪深 300 指数。 子行业也涨多跌少，其中医疗器械板块领涨，医药商业板块则出现了下 跌，化学制药板块上涨 0.52%。截至 2 月 13 日，申万医药生物板块市盈 率（TTM 整体法，剔除负值）为 40.10 倍，化学制药板块市盈率为 42.06 倍；相对于全体 A 股（剔除银行股）市盈率的溢价率分别为 29.90%和 36.25%，溢价率相比于上周有所下降。个股涨跌幅方面，鲁抗医药、富 祥药业和易明医药涨幅居前；博腾股份、康弘药业和华海药业领跌板块。

本周申万医药指下跌0.48%，沪深 300 指数上涨0.23%，创业板 指数下跌 1.15%，跑输沪深 300 指数 0.71 个百分点，跑赢创业板指数 0.67 个百分点；本周医药成交总额为 1037.62 亿元，沪深总成交额为 23,863.23 亿元，医药成交额占比沪深总成交额比例为 4.35%，本周医药行业热度与上周持平。子行业方面，本周表现最好的为医疗服务，上涨 0.34%；表现最差的为医药商业，下跌 1.72%。公司层面，行业上涨公司 62 家，下跌公司 169 家，停牌 5 家；本周涨跌幅排名前 5 的为莱茵生物、嘉应制药、亚太药业、达安基因、泰格医药。

本周申万医药指数上涨 0.92%，沪深 300 指数上涨 1.46%，创业 板指数上涨 1.49%，跑输沪深 300 指数 0.53 个百分点，跑输创业板指数 0.56 个百分点；本周医药成交总额为 880.68 亿元，沪深总成交额为 20,239.93 亿元，医药成交额占比沪深总成交额比例为 4.35%，本周医药行业热度较上周略有下降。子行业方面，本周表现最好的为医疗器械，上涨 2.82%；表现最差的为医药商业，上涨 0.14%。

“十二五”医药流通集中度提高主要归因于国控、华润、上药对于省级前三的收购，已完成；“十三五”两票制下的医药流通企业集中度提升集中在地方性龙头企业，看好仍有全国性布局需求的中国医药、上海医药，执行力强的瑞康医药、嘉事堂。

近 5 个交易日，申万医药生物板块上涨 0.60%，沪深 300 上涨 1.37%，板块整体跑输沪深300，涨跌幅在申万28个一级行业中排名第17位。子板块方面， 医疗服务和生物制品板块涨幅居前，分别上涨1.00%与0.98%，截止2017年2月21日，申万医药生物板块整体TTM估值为42.17倍，其中生物制品TTM估值为58.07倍（相对于剔除银行股后全体A股的估值溢价率为50.60%）。

药品行业分化明显，品牌 OTC 投资价值凸显。在医保控费常态化的背景下，降低药价、规范用药、压缩流通环节是必然趋势。医保控费的压力对公立医院更为直接，相比之下，零售端受医保控费的影响较小。我们预计未来医院端药品的盈利能力承压，而零售端药品发展政策环境相对友好，品牌 OTC 的长期投资价值凸显。 

昡节后 A 股总体回暖，上周走高后略有回调。近期市场情绪有所修复，我们预计后续依然有个股表现机会。医药行业斱面，在乊前的一个半月重磅政策密集出台乊后，上周政策面相对平静。周五证监会对上市公司定增的修订在一定程度上同样波及了医药类企业，尤其是融资需求较多而通常不涉及重大资产重组的商业企业以及新近収行的新股、次新股。

行业景气度依旧，维持增持评级。血液制品行业是 2016 年最具景气度的细分子行业之一，从主要品种批签发情况看，我们预计 2017 年板块仍有望维持较高景气度，维持血液制品行业增持评级。主要公司：华兰生物-血液制品业务继续保持快速增长，疫苗逐步修复，单抗布局稳步推进，维持公司增持评级。天坛生物-资产整合稳步推进中，血液制品国家队整装待发，维持公司谨慎增持评级。

近年来，全国因药物使用不当、食物中毒等导致的突发安全事件不断发生。究其原因，主要是居民对食品药品安全监管机构的缺乏认知，缺少食药安全方面的知识，对伪劣产品及安全购买的鉴别能力不高。天桥街道食品药品监督管理所通过对地区居民食药安全意识及需求的调查，了解了天桥街道在食品药品安全领域存在的突出问题。同时，通过建立联席会议制度、组建社区居民监督小组队伍、成立企业诚信自律联盟、推进食品药品安全“五进”活动等措施，初步构建了一套基于食药安全的应急网络体系，营造了居民关注、支持、参与食品药品安全的社会氛围。

区域纵向医联体是我国医疗卫生体制改革的重要举措。该制度的出台源于我国医疗服务体系的“金字塔”型架构与医疗资源配置和患者就医的“倒金字塔”型现状的矛盾。但受旧有医疗卫生体制的惯性、配套政策滞后、患者认同度低等因素的影响，医联体建设仍面临着诸多瓶颈。基于制度理性选择框架的分析发现，医联体制度的行动舞台呈现与医联体的制度设计存在明显偏差。需要构建长效治理机制重构行动舞台，才能实现医联体制度的建设初衷。