IPO啥时候_老虎社区_美港股上老虎 - 老虎社区

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包包33
2021-06-29

IPO啥时候

先于KKR、高瓴，打通42万家“门店”，百洋医药如何打造千亿生意

近日，国际PE巨头KKR完成对全亿健康的收购，拿下2500家中国零售药店。2021年5月26日，证监会发布消息，同意百洋医药在创业板首次公开发行注册。16年积累，让百洋医药成功打通42万家健康商品销售“门店”，与12万家大中型医院和30万家药店建立了合作，为上百家医药企业提供服务，并成功孵化了年销售额过10亿元的健康品牌。疫情前，中国游客是日本“药妆店”消费的主力。

先于KKR、高瓴，打通42万家“门店”，百洋医药如何打造千亿生意

免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。

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border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">作者丨高嵩</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">编辑丨刘岩</span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" right=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>封面图丨pexels</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">资本巨头的大手笔出手，让中国一个赛道热度空前。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">近日，国际PE巨头KKR完成对全亿健康的收购，拿下2500家中国零售药店。不止KKR，高瓴、鼎晖、春华等多家顶级PE机构近几年纷纷重仓中国零售药店，阿里、<a href=\"https://laohu8.com/S/JD\">京东</a>两家电商巨头也加入药店自建、收购战局。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">当下，<a href=\"https://laohu8.com/S/600056\">中国医药</a>零售业正经历前所未有的变革机遇。一家比KKR、高瓴早10年出手，默默耕耘的公司，借市场变革带来的红利，在资本市场中加速走向台前。</span></p><p><strong><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">2021年5月26日，证监会发布消息，同意百洋医药在创业板首次公开发行注册。</span></strong><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"></span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">百洋医药成立于2005年，是专业的第三方健康品牌商业化平台。16年积累，让百洋医药成功打通42万家健康商品销售“门店”，与12万家大中型医院和30万家药店建立了合作，为上百家医药企业提供服务，并成功孵化了年销售额过10亿元的健康品牌。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">当下，在人口老龄化、创新药“井喷”、处方外流政策推动下，“医药品牌热”堪比当年的“房地产热”，但未来可密集创造价值的“风眼”并不是药店、经销商，而是健康品牌的“开发商”。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">“中国药店高毛利率的时代已经过去了。<strong>全球的零售业巨头，无论是7-11还是<a href=\"https://laohu8.com/S/WMT\">沃尔玛</a>，没有一家靠高毛利率支撑企业成功</strong>，<strong>中国医药零售业也会如此，会越来越走向集中和成熟</strong>。” 百洋医药董事长付钢接受创业邦采访时说。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">“<strong>从简单的销售渠道赚差价，变为给患者提供专业服务，这才是中国医药零售业的未来。</strong>这个过程中，资本的‘合纵连横’非常必要，而百洋医药的专业品牌赋能是不可或缺的因素。<strong>从成熟市场经验看，我们有机会创造比渠道更大的价值。</strong>”付钢补充到。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" normal=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/b270549beddf4ca394d1ee17d5db07b9\"/></p><p><strong arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">成为年入千亿的“百年老店”</strong><span arial=\"\" gb=\"\" helvetica=\"\" justify=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"></span></p><h2><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">“<strong>从国际资本市场发展路径来看，健康品牌商业化平台比医药零售渠道更具价值</strong>。商业化平台运营的健康品牌都有很长的生命周期，同时也有很好的投资回报率，这是国际成熟资本认同的一种模式。”付钢说。</span></h2><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">中国医药商业化浪潮，在处方药外流、药品零加成、非处方药简化上市等政策驱动下刚刚起步，而海外成熟的医药商业化市场已经催生出了年入千亿的“百年老店”。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">最新公布的财报数据显示，英国健康品牌商业化公司<a href=\"https://laohu8.com/S/RB..UK\">利洁时</a>2020年营业收入达139.9亿英镑（人民币1263亿元），截至2021年6月28日收盘市值达458亿英镑（人民币4177亿元）。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">利洁时成立于1823年，是一家发展历史超过200年的“百年老店”，尽管公司本身不被人熟悉，但其运营的健康消费品牌如杜蕾斯、滴露、益节（MoveFree）、<a href=\"https://laohu8.com/S/MJN\">美赞臣</a>等大家都耳熟能详，也因为突出的品牌商业化能力，资本市场给予了利洁时不错的估值。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">利洁时做了200年，一共只运营了几十个健康品牌，但都做得非常成功。其实，<strong>利洁时全球收入，仅相当于全球医药商业批发巨头麦克森的1/10不到，但利洁时的市值却是麦克森的两倍</strong>，足见成熟资本对于健康品牌商业化平台价值的认可。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">当下，中国已经跃居全球第二大医药市场。在政策、市场驱动下，中国医药市场正处在高速成长的阶段，提前十多年入局的百洋医药，有着后来者并不具备的先发优势。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" normal=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/1c0141b24045479db4e811ac5e794005\"/></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"></span><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">图片来源：</span><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">百洋医药</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">“多年积累，<strong>我们在非处方药、处方药及肿瘤特药上打造运营了多个知名品牌，既有过10亿年销售额的健康品牌，也有10个过亿的健康品牌，这些品牌规模正在向10亿级扩大</strong>。我们有信心，百洋医药会发展成为中国自己的健康品牌商业化‘百年老店’。”付钢说。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">中国医药市场对成熟市场的学习，不仅是模仿，更可能超越。依靠中国独特的互联网优势，疫情期间中国借助互联网医疗“弯道超车”，而网售处方药相关政策也进一步松绑，百洋医药在此机会风口也早有布局。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">付钢表示，百洋医药提前打通了医院和零售药店渠道，与12万家大中型医院和30万家药店建立了合作，能够真正实现处方药由院内到院外的线上合规流转，这会是相关监管政策明晰之后，百洋医药相对于单纯的互联网平台所具备的独有竞争优势。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" normal=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/beabf3d805d6489b991d410db43e3935\"/></p><p><span><strong arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">商业化的“卖水人”</strong></span><span arial=\"\" gb=\"\" helvetica=\"\" justify=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"></span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">过去几年时间，平台型公司在医药领域发展迅猛，在资本市场的表现尤其突出。截至2021年6月28日收盘，<a href=\"https://laohu8.com/S/WX\">药明康德</a>的最新市值为4645亿元，<a href=\"https://laohu8.com/S/02269\">药明生物</a>的最新市值为6199亿港元，<a href=\"https://laohu8.com/S/300347\">泰格医药</a>最新市值达1709亿元。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">这些平台型公司被业内称为CXO，也被叫做“卖水人”。它们为各类医药公司提供外包专业服务，但过往A股上市的CXO更多专注于研发及临床试验外包服务。百洋医药也是“卖水人”，但深耕下游的品牌商业化服务。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">和<a href=\"https://laohu8.com/S/603259\">药明康德</a>、<a href=\"https://laohu8.com/S/03347\">泰格医药</a>一样，百洋医药本质是平台型公司。有人说，<strong><a href=\"https://laohu8.com/S/02359\">药明康德</a>、药明生物释放的是中国工程师的红利，泰格医药释放的是中国临床观察员的红利，百洋医药要聚拢释放的是中国医药营销专家的红利</strong>。当前中国医药营销环境下，<strong>不规范、不专业的商业化力量正在被清退，腾出的空间能让合规、专业的平台展现更大价值</strong>。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">药品零加成、连续5轮的国家带量采购，使得过专利期原研药、仿制药的高价被压低，过往不专业规范、靠“人海战术”的医药营销已经失灵，大量医药代表被裁员，专业、集约的商业化平台的价值正在凸显。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">据悉，安斯泰来旗下治疗前列腺增生导致排尿不畅的品牌“哈乐”，通过百洋医药的专业运营，<strong>在零售渠道一年收入增长就超过90%，2020年已经达到3亿元的规模。去年下半年第4批国家集采，“哈乐”在医院渠道遗憾弃标，但零售渠道的增长，正在补回医院的损失</strong>。<strong>“哈乐”或许是跨国药企原研过专利期药物面对集采政策最成功的品牌</strong>。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" normal=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/ec2a3a5c2e3b404aab482d5b06eafe03\"/></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"></span><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>图片来源：pexels</span></span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">事实上，在欧美成熟医药市场，专业医药零售渠道占据了医药销售的主体<strong>。日本、美国等发达国家已经破除了以药品销售补给医院的模式，实现医药分开，零售渠道分别占到处方药市场约70%和80%，而中国零售渠道仅占到药品市场销售额的20%左右</strong>。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">但在带量采购、药品零加成、处方外流等政策引导下，医药市场格局正在扭转，零售渠道医药市场增长迅速。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">与此同时，受益于医药审评审批制度改革带来的红利，近两年中国上市创新药数量呈“井喷”之势。官方信息显示，国家药监局在2019年和2020年分别批准了56个和55个首次在中国上市的西药创新药，而2016年同期仅8个获批。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">中国创新药已经进入‘井喷’的时代，大量上市创新药争夺的是同一个靶点，同一个疾病领域，竞争非常激烈。而新兴的创新药企，很难在短时间内建起成规模的商业化团队。此时，借助百洋商业化平台不失为一个明智的选择。</span></p><p><strong><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">以美国这样的成熟市场为例，美国目前仅有十几家跨国企业有商业化能力，小的创新药企则选择将创新药卖给大公司进行商业化，自身更聚焦研发</span></strong><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">。在中国，百洋医药有着经验丰富的创新药商业化团队，越来越多创新药公司也愿意和这样成熟的商业化公司合作。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" normal=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/4fe07a18e09f4babb4c7d4d60998dc76\"/></p><p arial=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" normal=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><strong><span>抢滩功效型化妆品“蓝海”</span></strong></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">尤其值得注意的是，在医药零售之外，百洋医药还在孵化全新的品类市场。这块市场在中国仍是一片“蓝海”，但在日本已初具规模。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">在日本，功效型化妆品市场已经催生出了巨头。财报显示，日本第一“药妆店”松本清2019财年销售额为5876亿日元（人民币381亿元），净利润为263亿日元（人民币16亿元），截止2020年9月，松本清已经建立起1738 家店铺。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">疫情前，中国游客是日本“药妆店”消费的主力。日本政府观光局发布的《2018年访日旅游数据手册》显示，<strong>访日中国人中，约 90% 的人会去“药妆店”购物。日本“药妆店”访日外国人消费额，最大的国家是中国，约占消费额的34%</strong>。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">中国消费者对“药妆”有着旺盛的购买力，但碍于中国缺乏相关的高质量供给，没有诞生出松本清这样的成熟品牌。疫情后，赴日旅游受阻以及国内消费市场升级，让中国功效型化妆品市场迎来“弯道超车”的机会。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" normal=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/0f758de771c84d21b70054f806501e5b\"/></p><p arial=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" normal=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><span>“萌驼慧选”功效型化妆品店中店 图片来源：百洋医药</span></span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">《医研院线品牌及核心成分趋势洞察报告》显示，2019年中国医学护肤品行业市场规模达到135.5亿元，增速32.3%；但在渗透率上，中国仅为5.5%，远低于10.3%的世界平均水平。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">基于此，百洋医药也在不久前率先启动功效型化妆品商业化平台，助力功效型化妆品进入市场建立品牌价值。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">“基于行业趋势，百洋医药正在形成‘一体两翼’的创新架构：核心主力是非处方药、处方药及肿瘤特药的品牌商业化平台；其中‘一翼’是功效型化妆品，我们给药店提供专业的品牌和供应链服务，在药店内搭建品牌‘店中店’，这块市场成长空间很大。另‘一翼’是网售处方药，基于真实处方来源，能够更加合规地满足网络售药需求。”百洋医药付钢说。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">获批上市注册后，百洋医药的发展将获得成熟资本市场的助力。对标着年入千亿的健康品牌商业化“百年老店”以及百亿销售额的松本清，百洋医药在多个“蓝海”赛道加速奔跑，其成长潜力值得期待。</span></p><p><img arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" src=\"https://static.tigerbbs.com/461eff35d1754a1cae2b13f5f44204f1\" ui=\"\" visible=\"\" yahei=\"\"/></p><p arial=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" normal=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/3c687889078244f9bd61628484f2da38\"/></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/c003a14bbe104711bb3dd592286db072\"/></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/664507990e074f16b38da9e92e31b3b6\"/></p><p arial=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><img height=\"222\" src=\"https://static.tigerbbs.com/e623a5cef0ce4303839afec4c2ea5b26\" width=\"900\"/></span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><span><img src=\"https://static.tigerbbs.com/596d749458e446459eb1dc67fa80b898\"/></span></span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><span><img src=\"https://static.tigerbbs.com/37e6fe53fb534aa1aeec8e0d9ef1f30c\"/></span></span></p>\n</div></body></html>","source":"weixin_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>先于KKR、高瓴，打通42万家“门店”，百洋医药如何打造千亿生意</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n先于KKR、高瓴，打通42万家“门店”，百洋医药如何打造千亿生意\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1034061404\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/39fa1eaed1f845a885c9e811a7ff05c2);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">创业邦 </p>\n<p class=\"h-time\">2021-06-28 20:35</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><div>\n<p><img arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" left=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" src=\"https://static.tigerbbs.com/158f77984ae642b79815a463df202555\" ui=\"\" visible=\"\" yahei=\"\"/></p><p><span>一场医药新浪潮中，资本顶流蜂拥抢筹。而它提早10年重仓，获资本助力加速奔跑。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">作者丨高嵩</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">编辑丨刘岩</span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" right=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>封面图丨pexels</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">资本巨头的大手笔出手，让中国一个赛道热度空前。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">近日，国际PE巨头KKR完成对全亿健康的收购，拿下2500家中国零售药店。不止KKR，高瓴、鼎晖、春华等多家顶级PE机构近几年纷纷重仓中国零售药店，阿里、<a href=\"https://laohu8.com/S/JD\">京东</a>两家电商巨头也加入药店自建、收购战局。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">当下，<a href=\"https://laohu8.com/S/600056\">中国医药</a>零售业正经历前所未有的变革机遇。一家比KKR、高瓴早10年出手，默默耕耘的公司，借市场变革带来的红利，在资本市场中加速走向台前。</span></p><p><strong><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">2021年5月26日，证监会发布消息，同意百洋医药在创业板首次公开发行注册。</span></strong><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"></span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">百洋医药成立于2005年，是专业的第三方健康品牌商业化平台。16年积累，让百洋医药成功打通42万家健康商品销售“门店”，与12万家大中型医院和30万家药店建立了合作，为上百家医药企业提供服务，并成功孵化了年销售额过10亿元的健康品牌。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">当下，在人口老龄化、创新药“井喷”、处方外流政策推动下，“医药品牌热”堪比当年的“房地产热”，但未来可密集创造价值的“风眼”并不是药店、经销商，而是健康品牌的“开发商”。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">“中国药店高毛利率的时代已经过去了。<strong>全球的零售业巨头，无论是7-11还是<a href=\"https://laohu8.com/S/WMT\">沃尔玛</a>，没有一家靠高毛利率支撑企业成功</strong>，<strong>中国医药零售业也会如此，会越来越走向集中和成熟</strong>。” 百洋医药董事长付钢接受创业邦采访时说。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">“<strong>从简单的销售渠道赚差价，变为给患者提供专业服务，这才是中国医药零售业的未来。</strong>这个过程中，资本的‘合纵连横’非常必要，而百洋医药的专业品牌赋能是不可或缺的因素。<strong>从成熟市场经验看，我们有机会创造比渠道更大的价值。</strong>”付钢补充到。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" normal=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/b270549beddf4ca394d1ee17d5db07b9\"/></p><p><strong arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">成为年入千亿的“百年老店”</strong><span arial=\"\" gb=\"\" helvetica=\"\" justify=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"></span></p><h2><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">“<strong>从国际资本市场发展路径来看，健康品牌商业化平台比医药零售渠道更具价值</strong>。商业化平台运营的健康品牌都有很长的生命周期，同时也有很好的投资回报率，这是国际成熟资本认同的一种模式。”付钢说。</span></h2><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">中国医药商业化浪潮，在处方药外流、药品零加成、非处方药简化上市等政策驱动下刚刚起步，而海外成熟的医药商业化市场已经催生出了年入千亿的“百年老店”。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">最新公布的财报数据显示，英国健康品牌商业化公司<a href=\"https://laohu8.com/S/RB..UK\">利洁时</a>2020年营业收入达139.9亿英镑（人民币1263亿元），截至2021年6月28日收盘市值达458亿英镑（人民币4177亿元）。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">利洁时成立于1823年，是一家发展历史超过200年的“百年老店”，尽管公司本身不被人熟悉，但其运营的健康消费品牌如杜蕾斯、滴露、益节（MoveFree）、<a href=\"https://laohu8.com/S/MJN\">美赞臣</a>等大家都耳熟能详，也因为突出的品牌商业化能力，资本市场给予了利洁时不错的估值。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">利洁时做了200年，一共只运营了几十个健康品牌，但都做得非常成功。其实，<strong>利洁时全球收入，仅相当于全球医药商业批发巨头麦克森的1/10不到，但利洁时的市值却是麦克森的两倍</strong>，足见成熟资本对于健康品牌商业化平台价值的认可。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">当下，中国已经跃居全球第二大医药市场。在政策、市场驱动下，中国医药市场正处在高速成长的阶段，提前十多年入局的百洋医药，有着后来者并不具备的先发优势。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" normal=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/1c0141b24045479db4e811ac5e794005\"/></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"></span><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">图片来源：</span><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">百洋医药</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">“多年积累，<strong>我们在非处方药、处方药及肿瘤特药上打造运营了多个知名品牌，既有过10亿年销售额的健康品牌，也有10个过亿的健康品牌，这些品牌规模正在向10亿级扩大</strong>。我们有信心，百洋医药会发展成为中国自己的健康品牌商业化‘百年老店’。”付钢说。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">中国医药市场对成熟市场的学习，不仅是模仿，更可能超越。依靠中国独特的互联网优势，疫情期间中国借助互联网医疗“弯道超车”，而网售处方药相关政策也进一步松绑，百洋医药在此机会风口也早有布局。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">付钢表示，百洋医药提前打通了医院和零售药店渠道，与12万家大中型医院和30万家药店建立了合作，能够真正实现处方药由院内到院外的线上合规流转，这会是相关监管政策明晰之后，百洋医药相对于单纯的互联网平台所具备的独有竞争优势。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" normal=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/beabf3d805d6489b991d410db43e3935\"/></p><p><span><strong arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">商业化的“卖水人”</strong></span><span arial=\"\" gb=\"\" helvetica=\"\" justify=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"></span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">过去几年时间，平台型公司在医药领域发展迅猛，在资本市场的表现尤其突出。截至2021年6月28日收盘，<a href=\"https://laohu8.com/S/WX\">药明康德</a>的最新市值为4645亿元，<a href=\"https://laohu8.com/S/02269\">药明生物</a>的最新市值为6199亿港元，<a href=\"https://laohu8.com/S/300347\">泰格医药</a>最新市值达1709亿元。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">这些平台型公司被业内称为CXO，也被叫做“卖水人”。它们为各类医药公司提供外包专业服务，但过往A股上市的CXO更多专注于研发及临床试验外包服务。百洋医药也是“卖水人”，但深耕下游的品牌商业化服务。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">和<a href=\"https://laohu8.com/S/603259\">药明康德</a>、<a href=\"https://laohu8.com/S/03347\">泰格医药</a>一样，百洋医药本质是平台型公司。有人说，<strong><a href=\"https://laohu8.com/S/02359\">药明康德</a>、药明生物释放的是中国工程师的红利，泰格医药释放的是中国临床观察员的红利，百洋医药要聚拢释放的是中国医药营销专家的红利</strong>。当前中国医药营销环境下，<strong>不规范、不专业的商业化力量正在被清退，腾出的空间能让合规、专业的平台展现更大价值</strong>。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">药品零加成、连续5轮的国家带量采购，使得过专利期原研药、仿制药的高价被压低，过往不专业规范、靠“人海战术”的医药营销已经失灵，大量医药代表被裁员，专业、集约的商业化平台的价值正在凸显。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">据悉，安斯泰来旗下治疗前列腺增生导致排尿不畅的品牌“哈乐”，通过百洋医药的专业运营，<strong>在零售渠道一年收入增长就超过90%，2020年已经达到3亿元的规模。去年下半年第4批国家集采，“哈乐”在医院渠道遗憾弃标，但零售渠道的增长，正在补回医院的损失</strong>。<strong>“哈乐”或许是跨国药企原研过专利期药物面对集采政策最成功的品牌</strong>。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" normal=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/ec2a3a5c2e3b404aab482d5b06eafe03\"/></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"></span><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>图片来源：pexels</span></span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">事实上，在欧美成熟医药市场，专业医药零售渠道占据了医药销售的主体<strong>。日本、美国等发达国家已经破除了以药品销售补给医院的模式，实现医药分开，零售渠道分别占到处方药市场约70%和80%，而中国零售渠道仅占到药品市场销售额的20%左右</strong>。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">但在带量采购、药品零加成、处方外流等政策引导下，医药市场格局正在扭转，零售渠道医药市场增长迅速。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">与此同时，受益于医药审评审批制度改革带来的红利，近两年中国上市创新药数量呈“井喷”之势。官方信息显示，国家药监局在2019年和2020年分别批准了56个和55个首次在中国上市的西药创新药，而2016年同期仅8个获批。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">中国创新药已经进入‘井喷’的时代，大量上市创新药争夺的是同一个靶点，同一个疾病领域，竞争非常激烈。而新兴的创新药企，很难在短时间内建起成规模的商业化团队。此时，借助百洋商业化平台不失为一个明智的选择。</span></p><p><strong><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">以美国这样的成熟市场为例，美国目前仅有十几家跨国企业有商业化能力，小的创新药企则选择将创新药卖给大公司进行商业化，自身更聚焦研发</span></strong><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">。在中国，百洋医药有着经验丰富的创新药商业化团队，越来越多创新药公司也愿意和这样成熟的商业化公司合作。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" normal=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/4fe07a18e09f4babb4c7d4d60998dc76\"/></p><p arial=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" normal=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><strong><span>抢滩功效型化妆品“蓝海”</span></strong></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">尤其值得注意的是，在医药零售之外，百洋医药还在孵化全新的品类市场。这块市场在中国仍是一片“蓝海”，但在日本已初具规模。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">在日本，功效型化妆品市场已经催生出了巨头。财报显示，日本第一“药妆店”松本清2019财年销售额为5876亿日元（人民币381亿元），净利润为263亿日元（人民币16亿元），截止2020年9月，松本清已经建立起1738 家店铺。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">疫情前，中国游客是日本“药妆店”消费的主力。日本政府观光局发布的《2018年访日旅游数据手册》显示，<strong>访日中国人中，约 90% 的人会去“药妆店”购物。日本“药妆店”访日外国人消费额，最大的国家是中国，约占消费额的34%</strong>。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">中国消费者对“药妆”有着旺盛的购买力，但碍于中国缺乏相关的高质量供给，没有诞生出松本清这样的成熟品牌。疫情后，赴日旅游受阻以及国内消费市场升级，让中国功效型化妆品市场迎来“弯道超车”的机会。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" normal=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/0f758de771c84d21b70054f806501e5b\"/></p><p arial=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" normal=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><span>“萌驼慧选”功效型化妆品店中店 图片来源：百洋医药</span></span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">《医研院线品牌及核心成分趋势洞察报告》显示，2019年中国医学护肤品行业市场规模达到135.5亿元，增速32.3%；但在渗透率上，中国仅为5.5%，远低于10.3%的世界平均水平。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">基于此，百洋医药也在不久前率先启动功效型化妆品商业化平台，助力功效型化妆品进入市场建立品牌价值。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">“基于行业趋势，百洋医药正在形成‘一体两翼’的创新架构：核心主力是非处方药、处方药及肿瘤特药的品牌商业化平台；其中‘一翼’是功效型化妆品，我们给药店提供专业的品牌和供应链服务，在药店内搭建品牌‘店中店’，这块市场成长空间很大。另‘一翼’是网售处方药，基于真实处方来源，能够更加合规地满足网络售药需求。”百洋医药付钢说。</span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">获批上市注册后，百洋医药的发展将获得成熟资本市场的助力。对标着年入千亿的健康品牌商业化“百年老店”以及百亿销售额的松本清，百洋医药在多个“蓝海”赛道加速奔跑，其成长潜力值得期待。</span></p><p><img arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" src=\"https://static.tigerbbs.com/461eff35d1754a1cae2b13f5f44204f1\" ui=\"\" visible=\"\" yahei=\"\"/></p><p arial=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" normal=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/3c687889078244f9bd61628484f2da38\"/></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/c003a14bbe104711bb3dd592286db072\"/></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/664507990e074f16b38da9e92e31b3b6\"/></p><p arial=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><img height=\"222\" src=\"https://static.tigerbbs.com/e623a5cef0ce4303839afec4c2ea5b26\" width=\"900\"/></span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><span><img src=\"https://static.tigerbbs.com/596d749458e446459eb1dc67fa80b898\"/></span></span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><span><img src=\"https://static.tigerbbs.com/37e6fe53fb534aa1aeec8e0d9ef1f30c\"/></span></span></p>\n</div></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f874ded00c644297784368a7af94c8ae","relate_stocks":{"159938":"医药","09939":"开拓药业-B"},"source_url":"http://mp.weixin.qq.com/s?__biz=MjM5OTAzMjc4MA==&mid=2650234080&idx=2&sn=9d7f46a7838604fe97cef51b884bf222&chksm=bec25e4389b5d755a5989fdb377eb3d9d6a0620c6f1ea21d5fd972e5669fcfe2ef44aa7f33e8&scene=0#rd","is_english":false,"share_image_url":"https://static.laohu8.com/ecd74548980bc5b366aa8f4b37ed0bd5","article_id":"2146356818","content_text":"一场医药新浪潮中，资本顶流蜂拥抢筹。而它提早10年重仓，获资本助力加速奔跑。作者丨高嵩编辑丨刘岩封面图丨pexels资本巨头的大手笔出手，让中国一个赛道热度空前。近日，国际PE巨头KKR完成对全亿健康的收购，拿下2500家中国零售药店。不止KKR，高瓴、鼎晖、春华等多家顶级PE机构近几年纷纷重仓中国零售药店，阿里、京东两家电商巨头也加入药店自建、收购战局。当下，中国医药零售业正经历前所未有的变革机遇。一家比KKR、高瓴早10年出手，默默耕耘的公司，借市场变革带来的红利，在资本市场中加速走向台前。2021年5月26日，证监会发布消息，同意百洋医药在创业板首次公开发行注册。百洋医药成立于2005年，是专业的第三方健康品牌商业化平台。16年积累，让百洋医药成功打通42万家健康商品销售“门店”，与12万家大中型医院和30万家药店建立了合作，为上百家医药企业提供服务，并成功孵化了年销售额过10亿元的健康品牌。当下，在人口老龄化、创新药“井喷”、处方外流政策推动下，“医药品牌热”堪比当年的“房地产热”，但未来可密集创造价值的“风眼”并不是药店、经销商，而是健康品牌的“开发商”。“中国药店高毛利率的时代已经过去了。全球的零售业巨头，无论是7-11还是沃尔玛，没有一家靠高毛利率支撑企业成功，中国医药零售业也会如此，会越来越走向集中和成熟。” 百洋医药董事长付钢接受创业邦采访时说。“从简单的销售渠道赚差价，变为给患者提供专业服务，这才是中国医药零售业的未来。这个过程中，资本的‘合纵连横’非常必要，而百洋医药的专业品牌赋能是不可或缺的因素。从成熟市场经验看，我们有机会创造比渠道更大的价值。”付钢补充到。成为年入千亿的“百年老店”“从国际资本市场发展路径来看，健康品牌商业化平台比医药零售渠道更具价值。商业化平台运营的健康品牌都有很长的生命周期，同时也有很好的投资回报率，这是国际成熟资本认同的一种模式。”付钢说。中国医药商业化浪潮，在处方药外流、药品零加成、非处方药简化上市等政策驱动下刚刚起步，而海外成熟的医药商业化市场已经催生出了年入千亿的“百年老店”。最新公布的财报数据显示，英国健康品牌商业化公司利洁时2020年营业收入达139.9亿英镑（人民币1263亿元），截至2021年6月28日收盘市值达458亿英镑（人民币4177亿元）。利洁时成立于1823年，是一家发展历史超过200年的“百年老店”，尽管公司本身不被人熟悉，但其运营的健康消费品牌如杜蕾斯、滴露、益节（MoveFree）、美赞臣等大家都耳熟能详，也因为突出的品牌商业化能力，资本市场给予了利洁时不错的估值。利洁时做了200年，一共只运营了几十个健康品牌，但都做得非常成功。其实，利洁时全球收入，仅相当于全球医药商业批发巨头麦克森的1/10不到，但利洁时的市值却是麦克森的两倍，足见成熟资本对于健康品牌商业化平台价值的认可。当下，中国已经跃居全球第二大医药市场。在政策、市场驱动下，中国医药市场正处在高速成长的阶段，提前十多年入局的百洋医药，有着后来者并不具备的先发优势。图片来源：百洋医药“多年积累，我们在非处方药、处方药及肿瘤特药上打造运营了多个知名品牌，既有过10亿年销售额的健康品牌，也有10个过亿的健康品牌，这些品牌规模正在向10亿级扩大。我们有信心，百洋医药会发展成为中国自己的健康品牌商业化‘百年老店’。”付钢说。中国医药市场对成熟市场的学习，不仅是模仿，更可能超越。依靠中国独特的互联网优势，疫情期间中国借助互联网医疗“弯道超车”，而网售处方药相关政策也进一步松绑，百洋医药在此机会风口也早有布局。付钢表示，百洋医药提前打通了医院和零售药店渠道，与12万家大中型医院和30万家药店建立了合作，能够真正实现处方药由院内到院外的线上合规流转，这会是相关监管政策明晰之后，百洋医药相对于单纯的互联网平台所具备的独有竞争优势。商业化的“卖水人”过去几年时间，平台型公司在医药领域发展迅猛，在资本市场的表现尤其突出。截至2021年6月28日收盘，药明康德的最新市值为4645亿元，药明生物的最新市值为6199亿港元，泰格医药最新市值达1709亿元。这些平台型公司被业内称为CXO，也被叫做“卖水人”。它们为各类医药公司提供外包专业服务，但过往A股上市的CXO更多专注于研发及临床试验外包服务。百洋医药也是“卖水人”，但深耕下游的品牌商业化服务。和药明康德、泰格医药一样，百洋医药本质是平台型公司。有人说，药明康德、药明生物释放的是中国工程师的红利，泰格医药释放的是中国临床观察员的红利，百洋医药要聚拢释放的是中国医药营销专家的红利。当前中国医药营销环境下，不规范、不专业的商业化力量正在被清退，腾出的空间能让合规、专业的平台展现更大价值。药品零加成、连续5轮的国家带量采购，使得过专利期原研药、仿制药的高价被压低，过往不专业规范、靠“人海战术”的医药营销已经失灵，大量医药代表被裁员，专业、集约的商业化平台的价值正在凸显。据悉，安斯泰来旗下治疗前列腺增生导致排尿不畅的品牌“哈乐”，通过百洋医药的专业运营，在零售渠道一年收入增长就超过90%，2020年已经达到3亿元的规模。去年下半年第4批国家集采，“哈乐”在医院渠道遗憾弃标，但零售渠道的增长，正在补回医院的损失。“哈乐”或许是跨国药企原研过专利期药物面对集采政策最成功的品牌。图片来源：pexels事实上，在欧美成熟医药市场，专业医药零售渠道占据了医药销售的主体。日本、美国等发达国家已经破除了以药品销售补给医院的模式，实现医药分开，零售渠道分别占到处方药市场约70%和80%，而中国零售渠道仅占到药品市场销售额的20%左右。但在带量采购、药品零加成、处方外流等政策引导下，医药市场格局正在扭转，零售渠道医药市场增长迅速。与此同时，受益于医药审评审批制度改革带来的红利，近两年中国上市创新药数量呈“井喷”之势。官方信息显示，国家药监局在2019年和2020年分别批准了56个和55个首次在中国上市的西药创新药，而2016年同期仅8个获批。中国创新药已经进入‘井喷’的时代，大量上市创新药争夺的是同一个靶点，同一个疾病领域，竞争非常激烈。而新兴的创新药企，很难在短时间内建起成规模的商业化团队。此时，借助百洋商业化平台不失为一个明智的选择。以美国这样的成熟市场为例，美国目前仅有十几家跨国企业有商业化能力，小的创新药企则选择将创新药卖给大公司进行商业化，自身更聚焦研发。在中国，百洋医药有着经验丰富的创新药商业化团队，越来越多创新药公司也愿意和这样成熟的商业化公司合作。抢滩功效型化妆品“蓝海”尤其值得注意的是，在医药零售之外，百洋医药还在孵化全新的品类市场。这块市场在中国仍是一片“蓝海”，但在日本已初具规模。在日本，功效型化妆品市场已经催生出了巨头。财报显示，日本第一“药妆店”松本清2019财年销售额为5876亿日元（人民币381亿元），净利润为263亿日元（人民币16亿元），截止2020年9月，松本清已经建立起1738 家店铺。疫情前，中国游客是日本“药妆店”消费的主力。日本政府观光局发布的《2018年访日旅游数据手册》显示，访日中国人中，约 90% 的人会去“药妆店”购物。日本“药妆店”访日外国人消费额，最大的国家是中国，约占消费额的34%。中国消费者对“药妆”有着旺盛的购买力，但碍于中国缺乏相关的高质量供给，没有诞生出松本清这样的成熟品牌。疫情后，赴日旅游受阻以及国内消费市场升级，让中国功效型化妆品市场迎来“弯道超车”的机会。“萌驼慧选”功效型化妆品店中店 图片来源：百洋医药《医研院线品牌及核心成分趋势洞察报告》显示，2019年中国医学护肤品行业市场规模达到135.5亿元，增速32.3%；但在渗透率上，中国仅为5.5%，远低于10.3%的世界平均水平。基于此，百洋医药也在不久前率先启动功效型化妆品商业化平台，助力功效型化妆品进入市场建立品牌价值。“基于行业趋势，百洋医药正在形成‘一体两翼’的创新架构：核心主力是非处方药、处方药及肿瘤特药的品牌商业化平台；其中‘一翼’是功效型化妆品，我们给药店提供专业的品牌和供应链服务，在药店内搭建品牌‘店中店’，这块市场成长空间很大。另‘一翼’是网售处方药，基于真实处方来源，能够更加合规地满足网络售药需求。”百洋医药付钢说。获批上市注册后，百洋医药的发展将获得成熟资本市场的助力。对标着年入千亿的健康品牌商业化“百年老店”以及百亿销售额的松本清，百洋医药在多个“蓝海”赛道加速奔跑，其成长潜力值得期待。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1473,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"upFlag":false,"length":9,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}