Written by Tan Zhuozhao In May 2021, the market value of Changchun High-tech exceeded 210 billion, reaching its peak.

It has only one core product, growth hormone. One injection costs thousands, but the cost is only a few dozen yuan.

The market size of growth hormone in China is less than 10 billion, but Changchun High-tech has given birth to a myth with a market value of 100 billion.

From the perspective of capital operators, it has a flawless story, has chosen a small track, and has constant capital rotation.

Jin Lei, the second largest shareholder of Changchun High-tech, takes technology and capital to the extreme.

Four months later, the myth was shattered.

Guangzhou Alliance Group included growth hormone in centralized purchasing, officially announcing the end of the era of huge profits from growth hormone.

Within a few days, Changchun High-tech, a high-priced blue chip stock known as "Northeast Yaomao", fell by the limit three times in a row.

Within four trading days, another 33 billion yuan in market value was taken away.

Compared with growth hormone, which has only become well-known to Chinese people in recent years, Northeast China once produced familiar brands such as Gaizhonggai and Sanjing. Old pharmaceutical companies such as Harbin Pharmaceutical No. 6 Factory and Northeast Pharmaceutical once became well-known manufacturers to Chinese people because of their advertisements.

Dominate.

In the 1990s, starting from Shenyang and Jiulong, northeastern pharmaceutical companies used advertising as a stepping stone to open up an era. Harbin Pharmaceutical No. 6 Factory, Harbin Pharmaceutical Sanjing, and Sunflower Pharmaceutical Co., Ltd. copied this trick and reached their peak.

When northeastern pharmaceutical companies spent 10 million yuan on advertising and earned 100 million yuan, Sun Piaoyang made the decision to spend a "huge sum" of 1.2 million yuan at the Jiangsu Lianyungang Pharmaceutical Factory, which was on the verge of bankruptcy and mainly produced APIs.

The Institute of Pharmaceutical Research bought the patent rights for an anti-cancer drug.

After the promulgation of a series of policies such as the 2011 Antibiotic (Antibiotics) Restriction Order, the promulgation of the new Advertising Law in 2015, and the new medical reform that strictly restricted the use of auxiliary drugs, these established companies that were used to living a comfortable life realized belatedly that times have changed.

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Volume purchasing in 2019 will deal a heavier blow to these established pharmaceutical companies whose products are not very competitive and have few pipelines.

Even Changchun Hi-Tech and Shenyang Sansheng, two companies with unique product advantages among Northeastern pharmaceutical companies, have fallen into a quagmire due to a single variety.

In the advertising era of health care drugs, "R&D cannot see performance in the short term, but marketing can see results immediately." This is the thinking logic of leaders of state-owned enterprises.

Therefore, in one of the top three pharmaceutical state-owned enterprises in Northeast China, there are only 300 R&D personnel when there are thousands of marketing personnel.

In such an environment, even if "the company vigorously strengthens research and development" is written in the external brochures of every Northeastern enterprise, it is just empty talk.

Innovation doesn’t belong here.

Against the background of declining GDP and continuous net outflow of population across the Northeast, few truly adventurous and innovative talents are willing to take root in the Northeast.

A pharmaceutical headhunter said that even if talented people come to Northeast China because of the high salary, they will leave quickly because there is no one available for them.

This used to be a very attractive black land, but due to solidification and conservatism, pharmaceutical companies have entered a period of fierce struggle, mixed with the decline of the Northeast economy and showing great pain.

Pharmaceutical companies that missed the transformation during their peak period also tried to save themselves during the period of declining performance, through mixed reform and transformation, and tried the road of R&D. However, they stepped on the wrong points, moved slowly, the opportunity was no longer available, and the more changes they made, the more chaotic they became.

An era has been missed.

As a unique player among Northeastern pharmaceutical companies, Changchun High-tech has abundant cash flow and is living a good life.

Even competing companies admit that Changchun High-tech's products have excellent technology and high quality.

But relying only on a single product, a sudden stock price crash seems to be an early warning of "smallpox", and the toxicity is bound to break out.

This may be an opportunity to survive a desperate situation, or it may be the fall of the last "giant" in the Northeast.

0 1 The glorious history of the pharmaceutical industry achieved in an era bombarded by advertising In August 2010, on the green train from Jiamusi to Harbin, Li Jiang longed for the arrival of the golden age of his career.

A whole new world loomed on the horizon as the train sped past.

In a few hours, he will join Harbin Pharmaceutical Group.

He didn't know at that time that this would be Harbin Yao's last glory.

Before Shanghai, Guangzhou and Shenzhen became a mainstream economic zone, Harbin Pharmaceutical was also known as the "eldest son of Japan and China".

Although Harbin Pharmaceutical's once-enviable welfare of allocating houses and issuing mink furs has become a thing of the past, at that time, a salesperson's annual income was hundreds of thousands, which was still far higher than the local income level and extremely impressive.