my country's pharmaceutical companies basically use low borosilicate medical glass, which has low boron oxide content, relatively poor chemical stability and toughness, and is prone to chemical reactions with chemical liquids to cause pollution and affect the safety of medication. With the continuous development of the pharmaceutical industry, as well as the promotion of policies such as the consistency evaluation of generic drugs and the related review and approval, the upgrading of my country's pharmaceutical glass industry is imminent. In this context, the industry believes that leading companies in the neutral borosilicate glass industry are expected to benefit.
Upgrading of the pharmaceutical glass industry is imminent
In 2017, the "Technical Requirements for the Consistency Evaluation of the Quality and Efficacy of Generic Drugs for Chemical Injections (Draft for Comment)" proposed that the quality and performance of packaging materials and containers used for injections should not be lower than that of reference preparations to ensure drug quality and reference The preparations are consistent; in addition, after the implementation of the related review and approval system for the original and auxiliary packages, pharmaceutical companies will be more willing to choose large-scale, high-quality, and brand-based pharmaceutical packaging material manufacturers for long-term cooperation. The packaging material industry will show up The strong will always be strong.
In this context, as well as with the continuous development of my country's pharmaceutical industry and the advancement of health concepts, the upgrading of the pharmaceutical glass industry is imminent. Borosilicate medicinal glass with better chemical stability will usher in good demand.
Industry researchers have measured the market space for the potential replacement demand for neutral borosilicate glass molded/controlled bottles after the consistency evaluation of injections started. Calculated based on the replacement rate ranging from 30% to 50%, the market space of neutral borosilicate molded bottles is 1.575-2.625 billion yuan. In addition, neutral borosilicate molded bottles are also widely used in blood products, contrast agents, etc. In the fast-moving areas, there is huge room for the peak sales of this product to increase.
In the next 5-10 years, 30%-40% of China's 300,000 tons of medicinal glass will be upgraded from low borosilicate glass to medium borosilicate glass. It can be seen that the domestic neutral borosilicate glass market will continue to increase in volume.
Neutral borosilicate glass faucet is expected to benefit
It is understood that due to the high threshold of the boron glass tube, the limited supply of core raw materials, and the high technical requirements for the process control of the boron glass tube, the construction investment, the cost of production facilities and the later maintenance cost are expensive. At present, the domestic boron glass tube Demand basically relies on imports, so production capacity is limited. However, industry insiders pointed out that with the implementation of production capacity of international glass tube companies such as SCHOTT and Corning in China, the tight supply of domestic glass tubes may ease in the future. In addition, many domestic pharmaceutical glass companies are also actively deploying, and it is expected to accelerate the realization of domestic substitution in the future.
From the perspective of domestic companies that have deployed neutral borosilicate glass for pharmaceuticals, the leading companies have a solid market position in the future and are expected to become beneficiaries of the upgrade of the pharmaceutical glass industry. For example, Shandong Pharmaceutical Glass's neutral borosilicate molded bottle has a huge replacement space. The industry assumes that the gross profit margin is 60%, and the market share of pharmaceutical glass is 90%. It is estimated that only neutral borosilicate glass molding substitution demand can increase the company's gross profit by about 851 million yuan to 1.418 billion yuan, accounting for 91% of the gross profit in 2018 -152%.
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