The presence of life science companies such as pharmaceutical and biotechnology firms, academic and research institutes, and government organizations has witnessed a rapid increase worldwide. Also, the rise in the adoption of decentralized clinical trials, high focus on R&D activities, the surge in demand for specialty medicines, and real-world evidence are expected to propel the adoption of clinical trial outsourcing services worldwide.

Traditionally, biopharmaceutical excipients are inert components used in medicines. They are crucial to guarantee the high quality, safety, and efficacy of a drug. These are substances other than the active drug, which are included during the manufacturing process or are contained in the finished pharmaceutical dosage form. Despite being regarded as therapeutically inert, they are essential to transport the active drug to a location in the body where the drug is intended to show its action. In addition, biopharmaceutical excipients are key elements to ensure the adequate processability or stabilization of the drug substance.

Biologics or biological drugs are obtained from living organisms, such as humans, animals, and microorganisms, using complex manufacturing processes and are administered closely under monitored conditions. They contrast with traditional non-biological drugs that are synthesized in laboratories using chemical processes without the use of biological components. Cancer, infectious diseases, and autoimmune diseases are those diseases that the bio pharmacy is used to prevent, treat, or cure. Biologics bring hope for treatments for diseases such as cancer, heart disease, Alzheimer's, diabetes, and rheumatoid arthritis. Biopharmaceuticals have a few side effects and promise targeted treatments with provisional measures for personalized medicine, but this area is still in its infancy.

The Psoriatic Arthritis clinical trial portfolio comprises approximately 139+ trials which are sponsored by various vendors. Interleukin inhibitors (42.31%) are the major mechanism of action of drugs which are under investigation in various development phases. Approximately 90-95% of clinical trials which are being under investigation as monotherapies therapies. Johnson & Johnson is the top sponsor for Psoriatic Arthritis-related ongoing clinical trials. Novartis AG, Amgen Inc, Bristol-Myers Squibb Co, and Pfizer Inc are among other notable clinical trial sponsors involved in Psoriatic Arthritis.

集采、国谈为本季度热点话题，关注相关进展。第七批国采中选率超70%，平均降幅48%；集采购品种可替代药品参考监测范围重磅文件在业内流出；第1-4 批国采续约工作陆续开展；医保目录调整正式启动，预计11-12 月将公布结果；双通道政策在各省间进一步落实；地方增补医保目录的消化工作接近尾声；器械集采稳步推进，脊柱、冠脉、种植牙等集采进入常态。

本月重点关注维生素，受欧洲能源危机对供给端影响以及国内饲料需求回暖的刺激，维生素价格蓄势待发，重点关注后续利润弹性兑现；咖啡因 上游高位挺价，持续释放利润，此外我们长期看好中国原料药产业转向CDMO的显著成长性。

3D medical imaging revolutionized both radiological diagnosis and surgical planning. 3D reconstructions provide life-like views that can quickly summarize the relationship between anatomic structures and help plan surgical procedures. Some benefits of 3D medical imaging include less damage to healthy tissues, decreased exploratory time in the operating room (OR), and low risk of complications for patients. All these benefits contribute to reduced surgical morbidity. The likelihood of shorter operating room time per procedure and increased diagnostic sensitivity across all specialties contribute to less or reduced procedure cost.

Telehealth includes the delivery of health education, healthcare, and health information services through remote technologies. It is defined as the facilitation & delivery of health & health-related services such as medical care, patient education, and self-care through telecommunication and digital communication technologies. For the deployment of telehealth, several technologies are being used, such as mHealth, digital photography, video & audio technologies, RPM (remote patient monitoring), as well as store & forward technological tools.

The bioprinting technique involves the periodic arrangement of various biological materials, such as biochemicals and biocells, to fabricate tissues and organs. Several bioprinting techniques are used to generate 3D functional human constructs that mimic native tissues/organs. Different biomaterials based on carbohydrates, proteins, nucleic acids, and nanocomposites are used in bioprinting methods to create biocompatible and biodegradable scaffolds. These scaffolds promote cell adhesion and proliferation in the tissues engineered using 3D bioprinting techniques. Bioprinting methods have enabled researchers and manufacturers to mimic the natural tissue microenvironment to create advanced tissue models. Also, these methods have had an immense impact on the field of medicine and healthcare.

11 月月度核心观点。近期国内新冠疫情有所反复，国家卫健委发布《关于进一步优化新冠肺炎疫情防控措施 科学精准做好防控工作的通知》，未来我国的疫情防控将避免“一刀切”，防控手段更加灵活，更加精准。中药在新冠疫情的防治中发挥着重要的作用，“二十大”报告也提出鼓励中医药的传承创新，建议继续关注中药领域的优质个股；同时，CXO 具备板块估值修复机会，建议重点关注昭衍新药（603127）。