Over the last few years, the global pharmaceutical industry has undergone significant changes. In recent years, the cost of drugs has been increasing rapidly, a majority of which is contributed by funds allocated to research and development. According to a report published by Congressional Budget Office (CBO) in April 2021, titled, ‘Research and Development in the Pharmaceutical Industry,’ the U.S. pharmaceutical industry’s R&D expenditure in 2019 was nearly $83 billion, spanning a range of activities such as drug discovery, conducting clinical tests, and drug innovation, among others. Additionally, the report also states that the budget share allocated by pharmaceutical companies toward research and development has also increased. The following table shows a rough estimate of the annual R&D expenditure of pharmaceutical companies.

In recent years, the In Vitro Diagnostic (IVD) industry has rapidly evolved to support different applications such as the screening, diagnosis, and monitoring of chronic and infectious diseases. Currently, a comprehensive array of diagnostic technologies is available on the IVD market, which includes simple lateral flow assays intended for self-testing and complex solutions integrating active devices used by central laboratories. IVD products also include reagents and accessories intended for use with IVD devices to perform diagnostic laboratory tests.

The extraction of nucleic acids is the starting point in any molecular biology study and is thus considered a crucial process. The first crude extraction of DNA was performed by Friedrich Miescher, a Swiss physician, in 1869. He accidentally purified DNA from the nucleus while investigating proteins from leukocytes and found that the substance's property was fundamentally different from proteins and hence coined the term nuclein. DNA can be extracted from diverse sources, such as fineneedle aspirates of body fluids and biopsy samples; dried blood spots, buccal swabs, and fingerprints; soil, plant, and animal tissue forensic samples; and insects, protozoa, bacteria, and yeast.

Ophthalmoscopes are handheld eye examination equipment used for inspecting the retina and other parts of the eye. Ophthalmoscopes enable direct observation of the retina, a technique known as fundoscopy. They are used to examine the back of the eye, including the optic disk, retinal blood vessels, retina, choroid, and macula. They are prominently used to screen ocular diseases, such as diabetic retinopathy, glaucoma, AMD, retinal detachment, and other retinal disorders. In 1851, the German physiologist Hermann von Helmholtz introduced the first ophthalmoscope.

Medical lasers have been used in surgical contexts for many decades. In recent years, advances in easy-to-use, compact, and self-contained modules have opened doors for novel or enhanced procedures in ophthalmology, dermatology, dentistry, and neurosurgery to improve patients’ quality of life. Flexible technologies that power and focus on medical lasers have changed the primary purpose of lasers. From being used as a cutting tool, lasers are now used for minimally invasive cleaning and reinvigoration of damaged body areas in the medical field.

Medical lasers have been used in surgical contexts for many decades. In recent years, advances in easy-to-use, compact, and self-contained modules have opened doors for novel or enhanced procedures in ophthalmology, dermatology, dentistry, and neurosurgery to improve patients’ quality of life. Flexible technologies that power and focus on medical lasers have changed the primary purpose of lasers. From being used as a cutting tool, lasers are now used for minimally invasive cleaning and reinvigoration of damaged body areas in the medical field.

8 月月度核心观点。近期国内新冠疫情有所反复，但“动态清 零”的政策尚未发生变化。建议继续关注血制品投资机会，建议 关注天坛生物（600161）、派林生物（000403）、华兰生物 （002007），博雅生物（300294）。关注中药配方颗粒市场放量 预期下龙头企业红日药业（300026）和华润三九（000999）的 投资机会。

医药行业：7月板块调整，高估值子板块跌幅较大。医药行业在2022年7月份出现较大幅度的调整：申万医药指数下跌7.50%，跑输沪深 300指数0.48%，涨跌幅在所有申万一级行业中排名靠后。分子板块看，医药商业上涨0.03%，化学制药下跌4.08%，医疗器械下跌6.11%， 中药下跌8.78%，生物制品下跌10.44%，医疗服务下跌11.10%；高估值子版块跌幅较大。