中信证券：医药零售“四化”加速利于政策分级诊疗和医药分业

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智通财经APP获悉，中信证券发布研报称，商务部等九部门发布《关于促进药品零售行业高质量发展的意见》，提出提升药事服务能力，促进处方流转，优化定点药店门诊统筹，构建商保支付保障体系，提升健康服务，丰富药品零售业态，支持零售药店兼并重组等要求。中信证券认为门诊统筹落地药店有望加速，兼并重组利好龙头提升市占率，商保打开新支付空间。更进一步看，恰逢“十五五”开局之年，政策推动医药零售“四化”加速，利于政策...

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href=http://www.zhitongcaijing.com/content/detail/1397087.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，中信证券发布研报称，商务部等九部门发布《关于促进药品零售行业高质量发展的意见》，提出提升药事服务能力，促进处方流转，优化定点药店门诊统筹，构建商保支付保障体系，提升健康服务，丰富药品零售业态，支持零售药店兼并重组等要求。中信证券认为门诊统筹落地药店有望加速，兼并重组利好龙头提升市占率，商保打开新支付空间。更进一步看，恰逢“十五五”开局之年，政策推动医药零售“四化”加速，利于政策...</p>\n\n<a 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separation","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"159938":1.5,"600030":1.5,"06030":1.5,"09939":1.5},"content_text":"智通财经APP获悉，中信证券发布研报称，商务部等九部门发布《关于促进药品零售行业高质量发展的意见》，提出提升药事服务能力，促进处方流转，优化定点药店门诊统筹，构建商保支付保障体系，提升健康服务，丰富药品零售业态，支持零售药店兼并重组等要求。中信证券认为门诊统筹落地药店有望加速，兼并重组利好龙头提升市占率，商保打开新支付空间。更进一步看，恰逢“十五五”开局之年，政策推动医药零售“四化”加速，利于政策分级诊疗和医药分业等医改进程。中信证券主要观点如下：事件：近日，商务部等九部门发布《关于促进药品零售行业高质量发展的意见》（以下简称《意见》），提出积极优化政策环境，培育和壮大经营主体，推动药品零售行业专业化、集约化、数字化、规范化（以下简称“四化”）发展。《意见》提出提升药事服务能力，促进处方流转，优化定点药店门诊统筹，构建商保支付保障体系，提升健康服务，丰富药品零售业态，支持零售药店兼并重组等要求。门诊统筹有望加速，兼并重组利好龙头提升市占率，商保打开新支付空间。①《意见》指出，鼓励符合监管要求的实体医疗机构、互联网医院与药品零售企业依托电子处方流转平台进行处方流转，且定点药店可享受基层医疗机构同等医保待遇，其起付标准、支付比例、最高支付限额等可执行本统筹地区基层医疗机构相同的医保待遇政策。我们认为推动医疗机构加强外配处方服务符合我国医改趋势，处方流转加速在即，门诊统筹在药店进一步落地的趋势明确。②《意见》鼓励各地优化营商环境，对于被整合的连锁或单体药店，优化《药品经营许可证》申请核发流程，允许原医保资质延续和使用。我们认为，连锁药房有望凭借资本市场的融资优势，在行业整合期快速提升市占率，为行业转型和合规进程提供帮助。③《意见》鼓励商业保险和药店对接并开发适配药店场景的保险产品，并提出打造健康驿站，鼓励开展慢病管理、用药指导、健康咨询等服务，推动公司更好的开拓大健康类业务。我们认为连锁药房将乘上商保和多层次医疗支付体系发展的东风，承接更高层次的医疗健康需求。医药零售“四化”加速，利于政策分级诊疗和医药分业。近期正值各地、各部门“十五五”规划密集发布，我国医改方向值得重视。我们认为，根据“十五五”规划建议、全国卫生健康工作会议、全国医疗保障工作会议，三医协同、健康优先、多层次医疗保障体系、鼓励商业健康险发展、强基稳二控三等措辞密集出现，医疗改革将在“十五五”进入全新阶段。参考海外医疗体系发展路径，强大的基层医疗、广阔的院外市场是共性。而理性看待我国医改进展，零散的医药零售企业一直是医改的掣肘，其专业化、集约化、合规化程度不足，难以承接处方外流和分级诊疗的要求。本次九部门发文鼓励行业集中度提升，有望为医药分业和分级诊疗提供基础设施支持，助力医改推行。风险因素：并购整合不达预期；竞争过度致毛利率下滑；处方外流进展不及预期；个人医保账户改革影响超预期；门店扩张速度慢于预期；比价促药价平衡、合理的效果不及预期。投资策略。考虑到行业合规监管和服务能力要求增强，门诊统筹政策的持续推动，以及政策对行业兼并重组的鼓励，重启扩张的龙头连锁有望迎来业绩拐点，药店行业集中度提升趋势明确。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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中信证券：医药零售“四化”加速 利于政策分级诊疗和医药分业

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中信证券：医药零售“四化”加速利于政策分级诊疗和医药分业