"Stock investors may have the feeling that when the domestic macro-economy was strong in 2006 and 2007, they could get excess returns by investing in the non-ferrous coal sector; In the past two years, a large number of social elites started businesses in the field of mobile Internet, so investing in the Internet was the way out at that time. We are very impressed. Peter Lynch often teaches investors to look for investment opportunities in their lives, but he has never cited investment cases in the pharmaceutical industry. Why? " Glenn draws a conclusion from these years' industry research: the core of studying the medical and health industry lies in professionalism.

The medical industry is very different from other industries, and it is a field that emphasizes professionalism. The barriers are very high, there are many sub-industries, and the logic of the company and the whole industry is not completely consistent. Different sub-industries have different performances at different stages. In Gulen's words, pharmaceutical manufacturing alone can be divided into: raw materials, chemical drugs, biological drugs and traditional Chinese medicine. It can also be divided into raw materials, characteristic raw materials, generic drugs, generic drugs and patented drugs according to the added value of their products from low to high. In terms of investment, APIs are similar to the investment logic of chemical industry, prescription drugs focus on variety potential and echelon, while OTC drugs prefer the investment logic of consumer goods industry. The wholesale and retail of drugs in circulation is another logic, not to mention medical devices, medical services, precision medical care and so on.