Medical investment articles from a global perspective: the giant's routine

Since I have pointed out the skill tree of medical treatment , I can only go all the way. Since I started to look at the overseas market, especially after watching the US stock market (completely different logic of operation), combined with the medical insurance system of various countries, it has opened up the new world. The door...

For the investment in the domestic medical industry , many opinions have come up about how serious the problem of population aging is, how broad the market will be in the future, and how high the standard of the US standard is, and there is no mention of a more important and more core issue: The real demand in the medical industry is not the total medical needs of the people, but the upper limit of the national health insurance system. Any growth must be below this ceiling.

The medical industry is a very special industry, which has both the characteristics of fast-moving products (general drugs, generic drugs) and luxury goods (innovative drugs); both welfare and market. The population of interest involved in the medical system, too many variables such as long-term and short-term balance, look at the world, the balance between fairness and efficiency is a headache for all countries.

However, the economic base determines the superstructure, and the level of medical welfare is not high or low. Only when it is ahead or not, it is a hooligan to talk about the level of welfare from the level of economic development.

Simplify the medical industry model: health expenditures (ZF health expenditures + social health expenditures + personal health expenditures) = per capita medical expenses * medical treatment. The domestic medical system is mainly based on social security. In the case of a decline in the medical insurance expansion dividend, the pressure on medical insurance control fees is on the rise, and the rapid growth of medical treatment brought about by aging will inevitably lead to a decline in per capita medical expenses. Control fees, methods, organization is a lot...

There are many branches in the medical industry, among which the pharmaceutical industry is an industry that is constantly driven by technological development to break through the ceiling of the industry. It is an area that must be paid attention to in the investment medical industry. Next, let’s take a look at the medical insurance system and the development history of the pharmaceutical industry in various countries. United States:

First, the US medical security system

The US health insurance model is based on commercial health insurance, supplemented by public health care.

The US health care system relies mainly on three pillars: the first pillar is commercial health insurance. It is mainly purchased by employers in groups. The expenses are shared with employees. The coverage of the population is 60%, but the elderly and the unemployed are excluded. The other two pillars established by ZF are: Medicare for the elderly over 65 or those with disabilities under the age of 65 (Medicare); Medicaid for poor children and families. Both benefit more than 100 million people, accounting for about one-third of the nation's population. In addition, veterans can also apply for Veterans Health Insurance (VA).

Why is there such a unique security system based on commercial medical insurance that is rare in developed countries? To return to the gap between World War I, many large-scale factories (such as Boeing, GM, etc.) began to provide medical insurance for workers by purchasing insurance. On the one hand, they can enhance the workers’ personal dependence on the factory. On the one hand, it also enhances the loyalty and productivity of workers. After the Second World War, the American trade union movement flourished. At that time, the important goal of the struggle for workers' rights was to require employers to provide medical insurance and other benefits. Under such circumstances, a large number of medical insurance companies came into being. It can be seen that this unique development path is not available in any country... The leading brother of the industry is United Health (UNH.N), and the trend is simply Ecstasy has nothing to add...

Although medical insurance is the largest project of US ZF fiscal expenditure, it is the highest in the OECD countries, but it is not commensurate with the huge cost of medical insurance. The average life expectancy of the Americans is only 37th in the world. The US medical system is recognized as bad in developed countries... Under this system, there is no commercial insurance and it is not within the scope of national security. It is even worse than Dog... because it is post-paid, many people look After receiving the bill after the illness, it will go bankrupt...Because there is insurance payment, the doctor will try to use the use as much as possible to avoid misdiagnosis and avoid occupational risks, so the cost is oh~

To a certain extent, the US medical insurance system is guided by policy, so that the middle class can raise a 90-point medical system, and then the state subsidizes other vulnerable groups to enjoy this high-level medical service. The system operates at a sufficient level. The middle class, just as costco only plays in the United States, the US system can not be borrowed from any development path or institutional structure...

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