Chitsauko I, indasitiri muchidimbu

I. Pharmaceutical intermediates industry: the crossover industry yemakemikari indasitiri nemishonga

Mishonga yepakati zvinhu zvepakati mukati meiyo API synthesis process, mushonga wakanaka kemikari, usingade rezinesi rekugadzira zvinodhaka kugadzirwa, izvo zvinogona kukamurwa zvichienderana nekukanganisa kweyekupedzisira API mhando mune isiri-GMP yepakati uye GMP yepakati (yepakati yemishonga inogadzirwa. pasi peGMP zvinodiwa zvinotsanangurwa neICHQ7).

Indasitiri yemishonga yepakati inoreva aya mabhizinesi emakemikari anogadzira nekugadzirisa organic/inorganic intermediates kana mishonga mbishi yemabhizinesi emishonga nemakemikari synthetic kana biosynthetic nzira pasi peyakasimba mhando zviyero.

(1) Pharmaceutical yepakati subindustry inogona kukamurwa kuita CRO uye CMO maindasitiri.

CMO: Contract ManufacturingOrganization inoreva mugadziri wekondirakiti akapihwa, zvinoreva kuti kambani yemishonga inoburitsa chinongedzo chekugadzira kune mumwe wake.Iyo bhizinesi cheni yeindasitiri yemishonga CMO inowanzotanga neakakosha emishonga zvigadzirwa.Makambani eindasitiri anofanirwa kutenga zvekutanga zvemakemikari zvigadzirwa uye kuzviisa mumhando yezvigadzirwa zvemishonga, uye kudzokorora zvishoma nezvishoma kunoumba API yekutanga zvinhu, cGMP yepakati, API, uye gadziriro.Parizvino, makambani makuru emishonga epasi rese anowanzo kumisa hukama hwenguva refu nevashambadziri vashoma, uye kupona kwemakambani ari muindasitiri kwakajeka kuburikidza nevavanodyidzana navo.

CRO: Kondirakiti (Clinical) Research Organisation inoreva iyo yakatumirwa kondirakiti yekutsvagisa agency uko makambani emishonga anoburitsa chinongedzo chekutsvagisa kune vanobatana.Parizvino, indasitiri inonyanya kugadzirisa kugadzirwa, yakasarudzika tsvakiridzo uye kusimudzira uye kutsvagisa kwekondirakiti yemishonga, kutengesa semubatanidzwa mukuru, zvisinei kuti ndeipi nzira, zvisinei nemishonga yepakati zvigadzirwa zvigadzirwa zvitsva, tonga kukwikwidza kwekutanga kwebhizinesi kuchiri kutsvaga. uye tekinoroji yekuvandudza sechinhu chekutanga, divi rinoratidzwa sevatengi vekambani yepasi kana vadyidzani.

(2) Kubva pakurongeka kwemabhizinesi emhando, mabhizinesi epakati anogona kukamurwa kuita akajairwa maitiro uye akajairwa maitiro.

Kazhinji, vagadziri vadiki nevadiki vepakati vanotora maitiro akajairwa, uye vatengi vavo vanonyanya kugadzira zvinodhaka zvemazuva ese, nepo vagadziri vakuru vepakati vane tsvakiridzo yakasimba uye kugona kusimudzira vanotora maitiro akajairwa kumabhizinesi ezvinodhaka ekutanga.Iyo yakagadziridzwa modhi inogona kunyatso kusimudzira viscosity nevatengi.

Pasi peyakajairwa chigadzirwa modhi, mabhizinesi anoona izvo zvakajairwa nevatengi vakawanda zvinoenderana nemhedzisiro yekutsvagisa kwemusika uye kuita chaiwo mabhizinesi zviitiko sekutsvaga nekusimudzira, kugadzira, uye kutengesa sepokutangira.Kureva kuti, pamberi pezviitwa zvebhizinesi, hapana hukama hwevatengi hwakasimbiswa pakati pebhizinesi nevatengi veveruzhinji.Kubva ipapo, mukuita zviitiko zvebhizinesi, mabhizinesi anowanzo chengetedza kutaurirana nguva dzose nevatengi veveruzhinji kuona kuti zvinodiwa nevatengi veveruzhinji zvinosangana.Naizvozvo, kutengeswa kwezvigadzirwa zvegeneric ndizvo zvekutanga zvigadzirwa zvakajairika, kozoita vatengi vakawanda.Iyo bhizinesi modhi yakavakirwa pane zvakajairwa zvigadzirwa uye musimboti, uye bhizinesi nevatengi veveruzhinji ingori yakasununguka hukama hwevatengi.Muindasitiri yemishonga, iyo generic chigadzirwa modhi inonyanya kushanda pakutsvagisa nekusimudzira, kugadzira uye kutengesa kwemishonga yepakati, API uye gadziriro inodiwa pamishonga yegeneric.

Mumamiriro ekugadzirisa, vatengi vakagadzirirwa vanopa ruzivo rwakavanzika kune bhizinesi mushure mekusaina chibvumirano chekuvanzika nebhizinesi, uye kujekesa zvinodiwa zvekugadzirisa.Iyo bhizinesi rinotanga kubva kune zvakajairwa zvinodiwa nevatengi vakagadzirirwa kuita tsvakiridzo nekusimudzira, kugadzira, kutengesa uye zvimwe. Kureva kuti, vasati vaita zviitiko zvebhizinesi, mabhizinesi akagadzira hukama hwevatengi nevatengi vakagadzirirwa.Kubva ipapo, mukuita zviitiko zvebhizinesi, mabhizinesi anofanirwa kuchengetedza kuenderera, nzira mbiri uye. kutaurirana kwakadzama nevatengi vakagadziridzwa kuti vaone kuti zvinodiwa nevatengi vakagadziriswa mune zvese.Iyo bhizinesi modhi yakagadziridzwa mutengi-yakavakirwa uye musimboti, uye kune hukama hwepedyo hwevatengi pakati pebhizinesi nevatengi vakagadzirirwa.Muindasitiri yemishonga, iyo yakasarudzika modhi inonyanya kushanda pakutsvagisa, kusimudzira, kugadzira uye kutengesa kwemishonga yepakati, API. uye gadziriro dzinodiwa pamishonga itsva.

II.Mitemo ine chekuita nemaindasitiri

Pharmaceutical intermediate ndeyeindasitiri yemakemikari, asi inoomesera kupfuura zvigadzirwa zvemakemikari. Vakuru neAPI vagadziri vanofanirwa kugamuchira GMP certification, asi kwete vagadziri vepakati (kunze kweiyo GMP yepakati inodiwa pasi peGMP zviyero), izvo zvinodzikisira kuwanikwa kweindasitiri. chikumbaridzo chevagadziri vepakati.

Seyakarongedzerwa kutsvagisa & kusimudzira kugadzira bhizinesi repakati pemishonga, mabasa ayo ekugadzira anomanikidzwa neEnvironmental Protection Law yePeople's Republic of China, Mutemo wePeople's Republic of China pamusoro peKuchengetedzwa Kwebasa, Mutemo Wemhando Yechigadzirwa chePeople's Republic of China. China nemimwe mitemo nemirau.

Fine makemikari indasitiri ibazi rakakosha reChina indasitiri yemakemikari.Mumakore achangopfuura, nyika yakadzokorora kutsigira kwayo indasitiri yemakemikari yakanaka mumagwaro akawanda ehurongwa.Indasitiri yekudzika yebiomedical yemishonga yepakati pemishonga zvakare ndeimwe yemaindasitiri ari kusimukira akagadzirwa nesimba nenyika.

Ⅲ, zvipingamupinyi zveindasitiri

1. zvipingamupinyi zvevatengi

Indasitiri yemishonga inodzorwa nemakambani mashoma emishonga emarudzi akawanda. Oligarchs vezvokurapa vanongwarira zvikuru pakusarudza vanopa mabasa ekunze, uye nguva yekuongorora yevatengesi vatsva inowanzorebesa. Mabhizinesi emishonga epakati pemishonga anoda kusangana nenzira dzekukurukurirana dzevatengi vakasiyana, uye dzinofanira kuita gamuchira nguva yakareba yekuenderera mberi kwekuongorora kuti uwane kuvimba kwevatengi vepasi, uye wozova vatengesi vavo vepakati.

2. technical chipingamupinyi

Kungave kupa high-tech kukosha-added services ndiyo nheyo ye pharmaceutical outsourcing service enterprises. Pharmaceutical intermediates mabhizinesi anofanirwa kupaza nepakati pehunyanzvi hwemabhodhoro kana kuvharika kwenzira yepakutanga uye kupa mushonga wekugadzirisa nzira, kuitira kuti zvinyatso kudzikisa mushonga. kugadzirwa kwemitengo.Pasina nguva yakareba, tsvakiridzo yemutengo wakakwira uye kusimudzira mari uye tekinoroji reserves, zvakaoma kuti mabhizinesi ari kunze kweindasitiri anyatsopinda muindasitiri.

3. zvipingaidzo zvetarenda

Iko hunyanzvi hwekuvandudza tekinoroji uye kushanda kwemaindasitiri kwehunyanzvi hwekugadzira mishonga kunoda huwandu hukuru hwekutsvagisa nekusimudzira, matarenda ekutonga kwekugadzira uye vashandi vekuita chirongwa. Mabhizinesi eInterbody anofanirwa kumisa modhi yekuzvibata inosangana nezviyero zvecGMP, uye zvakaoma kumisa inokwikwidza R &. D uye yekugadzira elite timu munguva pfupi.

4. zvipingamupinyi zvehutano hwehutano

Indasitiri yepakati ine kutsamira kwakasimba pamisika yekunze.Nekuwedzera kwakasimba kwemhando yekutarisa zvinodiwa zveFDA, EMA nemamwe masangano anodzora zvinodhaka, zvigadzirwa zvisina kupasa kuongororwa hazvigone kupinda mumusika wekunze kwenyika.

5. zvipingamupinyi zvekugadzirisa zvakatipoteredza

Indasitiri yepakati ndeyeindasitiri yemakemikari, uye inoda kugadzirwa maererano neNational Environmental Protection Supervision Standards yeindasitiri yekugadzira makemikari. kusvibiswa, kushandiswa kwesimba kwakanyanya uye zvigadzirwa zvakaderera-zvinowedzera zvichatarisana nekukurumidza kubviswa.

IV.Indasitiri njodzi zvinhu

1.Risk yehuwandu hwehuwandu hwevatengi

Semuenzaniso, sezvazvinogona kuonekwa kubva kune prospectus yeBoteng shares, mutengi wayo mukuru ndiJohnson & Johnson Pharmaceutical, inotora inopfuura 60% yemari, chiitiko ichi chinogonawo kuwanikwa kubva kune vatengesi vepakati vakaita saYaben Chemical.

2. Njodzi Yezvakatipoteredza

1. Tsvagiridzo nekusimudzira, kugadzira, uye kutengesa kwepakati pemishonga, iyo indasitiri ndeyeiyo yakanaka makemikari chigadzirwa indasitiri.Zvinoenderana nezvinodiwa zveHuanfa [2003] No.101 gwaro, indasitiri yemakemikari inosarudzwa seyakanyanya kusvibiswa.

3. chiyero chekutsinhanisa njodzi, njodzi yekubvisa mutero kunze kwenyika

Indasitiri yemishonga yepakati inotsamira pane bhizinesi rekutengesa kunze, saka kugadziridzwa kweyero yekuchinjana uye kudzoreredzwa kwemutero wekunze kuchava nekukanganisa kuindasitiri yese.

4. Ngozi yekushanduka kwemitengo yezvinhu

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Indasitiri yepakati ine yakakura uye yakapararira zvigadzirwa zvinodiwa neindasitiri yepakati.Indasitiri yayo yekumusoro ndiyo yekutanga indasitiri yemakemikari, inozokanganiswa nekushanduka kwemitengo yezvinhu zvinosanganisira mitengo yemafuta.(teerera kune yakachinjika kuenzanisa yemitengo yezvakakosha zvigadzirwa zvekambani inotariswa.)

5. technical zvakavanzika njodzi

Iko kukwikwidza kwakanyanya kweakanaka makemikari epakati mabhizinesi mune tekinoroji kunoratidzwa mune kemikari kuita, musimboti catalyst kusarudzwa uye kudzora maitiro, nepo mamwe makiyi matekinoroji ane yakakwirira monopolistic chimiro, uye yakakosha tekinoroji ndechimwe chezvinhu zvakakosha mukugadzira nekushanda kwekambani. .

6. tekinoroji inogadziridza panguva yenjodzi

7. technical brain drain risk

Chitsauko II, Market Conditions

I. Indasitiri kugona

Maererano neChina Market Survey Network "2015-2020 Future Market Development Potential uye Investment Strategy Research Report" inoratidza kuti China Medical intermediates Indasitiri Analysis China Market Survey Network vaongorori vakaratidza kuti China inoda anopfuura zviuru zviviri zvemarudzi ezvigadzirwa uye zvepakati zvinotsigira kemikari. indasitiri gore rega rega, paine kudiwa kweanodarika 2.5 miriyoni matani.Pashure pemakore anopfuura 30 ebudiriro, kemikari mbishi zvinhu uye zvepakati zvinodiwa pakugadzirwa kwemishonga yeChina zvinogona kuenderana, uye zvikamu zvishoma chete zvinoda kutengwa kunze kwenyika. kune zviwanikwa zveChina zvakapfuma uye nemitengo yakaderera yezvinhu, vazhinji vepakati vakawana huwandu hukuru hwekutengesa kunze.

Zvinoenderana ne "Fine Chemical Pharmaceutical Intermediates Industry Analysis Report" yakaburitswa neQilu Securities muna 2013, nekuda kwekutama kwekugadzirwa kwemishonga kuenda kuAsia, maChina ekugadzira mishonga epakati ane mabhenefiti ari pachena, uye anotarisirwa kukura paavhareji pagore regumi nemasere. % (avhareji yekukura kwepasi rose inosvika 12%).Kukura kwemitengo yemishonga yepasi rose kuri kuderera, kukwira kwemitengo yekutsvagisa nekusimudzira, kuderedza huwandu hwemishonga mitsva yepatent uye makwikwi emishonga yegeneric ari kuwedzera kutyisa, makambani emishonga akatarisana nekumanikidzwa kaviri, cheni yemaindasitiri. kuti kupatsanurwa kwevashandi uye kugadzirwa kwekunze kuve maitiro eThe Times, mu2017 yepasi rose yekushambadzira mutengo wemusika ichasvika madhora mabhiriyoni makumi matanhatu nematanhatu, CAGR12%.Mutengo wekugadzira muChina wakaderera ne30-50% pane weEurope neUnited States, kudiwa kwemusika kunoramba kuchikura, zvivakwa zviri nani pane India uye tarenda rakawanda rekuchengetedza, asi shoma FDA yakasimbiswa API uye gadziriro, Naizvozvo, inotongwa kuti China icharamba ichitungamira mune zvemishonga pakati pekugadzira.China's pharmaceutical outsourcing kugadzirwa kwemusika ukoshi ndiko chete. 6% yekugadzirwa kwepasi rose, asi ichakura kusvika pamadhora mashanu emadhora pa18% mumakore mashanu anotevera.

Ⅱ.industry maitiro

1.Mazhinji mabhizinesi ekugadzira mabhizinesi ega ega, anochinjika kushanda, diki rekudyara chiyero, pakati pemamiriyoni akati wandei kusvika 1 kana 2 miriyoni yuan;

2.Kugoverwa kwenharaunda kwemabhizinesi ekugadzira kwakanyanyisa, kunyanya kugoverwa munzvimbo dzine Zhejiang Taizhou uye Jiangsu Jintan sepakati;

3.Nekuwedzera kwekutarisa kwezvinetso zvezvakatipoteredza kumatambudziko ezvakatipoteredza, kudzvinyirirwa kwemabhizimisi ekugadzira kuvaka zvivako zvekurapa kwezvakatipoteredza kunowedzera;(teerera chirango, kutevedzera)

4.Zvigadziriso zvechigadzirwa zvinokurumidza.Makore mashanu mushure mekunge chigadzirwa chiri pamusika, purofiti yayo inodonha inodonha zvakanyanya, izvo zvinomanikidza makambani kuti arambe achigadzira zvigadzirwa zvitsva kana kugara achivandudza nzira yekugadzira, kuitira kuchengetedza purofiti yakakura yekugadzira;

5.Nekuda kwekuti purofiti yekugadzirwa kwemishonga yepakati yakakwira kupfuura zvigadzirwa zvemakemikari, maitiro ekugadzira maviri acho akafanana, saka mamwe mabhizinesi madiki emakemikari apinda muchikamu chekugadzira mishonga yepakati, zvichikonzera kukwikwidza kusingaite muindasitiri. ;

6.Kuenzaniswa neAPI, purofiti yepakati yezvigadzirwa zvepakati yakaderera, uye nzira yekugadzira yeAPI uye yepakati pemishonga yakafanana.Naizvozvo, mamwe mabhizinesi haangobudise vepakati, asi zvakare anoshandisa mabhenefiti avo kugadzira API.

III.Ramangwana rekuvandudza kutungamira kweiyo yepakati indasitiri

1. indasitiri yekuisa mupasi rose neChina yakaderera, uye Chinese CMO neCRO zvichine nzvimbo yakawanda yekukura.

Maindasitiri akadzikira pasirese uye muChina.Pharmaceutical intermediates haiganhurwe nekuchengetedzwa kwepatent, uye haidi chitupa cheGMP, saka chikumbaridzo chekupinda chakaderera, uye kune zvigadzirwa zvakawanda.Naizvozvo, zvese pasirese neChina, iyo indasitiri yekutarisa yakadzikira, uye kuburitswa kwemishonga yepakati hakuna mutsauko.

Global: The 2010 yepamusoro gumi yemishonga CMO inomiririra isingasviki makumi matatu muzana, iyo mitatu yepamusoro iLonza Switzerland(Switzerland), Catalent(USA) neBoehringerIngelheim(Germany).Lonza,, kambani hombe pasi rose yeCMO, yakawana 11.7 bhiriyoni yuan muna 2011, inoverengera chete 6% yeCMO yenyika.

2. zvigadzirwa zvinosiyana-siyana uye zvinowedzera kusvika kumagumo-ekupedzisira kweketani yeindasitiri

Zvakakwana kubva pakugadzirwa kwakawanda kweyepakati-yekupedzisira-yepakati kusvika kune yakanaka yepamusoro-yekupedzisira zvigadzirwa zvepakati, uye kuwedzera kune mamwe mabasa ekurapa masevhisi.Izvi zvine zvakakwirira zvinodikanwa zvekutungamira uye kusimba kwehunyanzvi hwekambani, asiwo inoda kuunganidza mukurumbira wevatengi, uye kubatana. nguva zvakare ine simba guru pakudzika kwekubatana.

3. inotora hunyanzvi hwekuita mabasa

Iyo indasitiri yekushambadzira sevhisi cheni inoenderera mberi nekuwedzera, kuita R&D outsourcing masevhisi (CMO + CRO): wedzera kubva kuCMO kuenda kumusoro, uye kuita CRO (outsourcing R & D masevhisi), iyo ine yakanyanya kudiwa tekinoroji yekambani nekutsvaga uye simba rekusimudzira.

4. inotarisa pamishonga yemishonga, kurwisa API uye kugadzirira pasi pemvura yepakati

5. inoshanda zvakadzika nevatengi vakakura kugovera zvibereko zvekukura kwakafanana uye kuwedzera kukosha kwepakati

Iko kusungirirwa kweindasitiri yemishonga yemishonga yakakwira zvakanyanya kupfuura iyo yeindasitiri yepakati pemishonga, uye kudiwa kweramangwana kunonyanya kubva kune vatengi vakakura: kubva pamaonero ekutarisa, indasitiri yemishonga yepasi rose yakakwira (kusangana kwemabhizinesi epamusoro gumi epasi rose emishonga ndeye 41.9 %), iyo inoita kuti kudiwa kukuru kwemurevereri CMO kunobva kune hofori dzemarudzi akawanda.Dhigirii yekusimbisa yeindasitiri yepakati ingori 20%, simba rekutaurirana harina simba, uye kutungamira kwekuvandudza kweramangwana kuchavawo kwekuvandudzwa kweindasitiri yemishonga. Multinational pharmaceutical giants ndiwo manyuko makuru ekudiwa kwazvino neremangwana.Kuvharira vatengi vakuru kunonangana nezvinodiwa mune ramangwana.

Chitsauko III Indasitiri-Inoenderana Enterprises

I. Makambani akanyorwa muindasitiri yepakati

1, Medialization Technology

Inotungamira bhizinesi rekugadzira rakagadziridzwa: Lianhua Tekinoroji ibhizinesi rinotungamira mumishonga yekuuraya zvipembenene uye yemishonga yakasarudzika kugadzirwa muChina, uye chikamu cheyakagadzirirwa kugadzirwa chiri kuwedzera gore negore.

Mabhenefiti ehunyanzvi: ammonia oxidation nzira inounza nitrile base tekinoroji, kuburikidza nekushandiswa kwezvitsva zvinokonzeresa uye zvemhando yepamusoro zvigadzirwa zvekugadzira, tekinoroji inosvika padanho rekutungamira pasi rose, mutengo wakaderera uye maitiro ekushanda haana chepfu.

2, Jacob Chemical

Customstom kugadzirwa kwepesticide uye pharmaceutical advanced intermediates.Pesticide intermediates anonyanya kuita intermediates BPP yeinsecticide chloroworm benzoamide neCHP, umo CHP inotangira BPP.Medical intermediates inonyanya kupikisa epileptic intermediates uye anti-tumoror features of intermediates. mhando duku.

Makasitoma makuru ekambani ese mahofori emarudzi akawanda, pakati pemishonga yezvipembenene iDuPont, uye vepakati vemishonga ndiTeva neRoche.Custom modhi inosimudzira kubatanidzwa kwevatengi uye kukiya kune zvinodiwa pasi pemvura. Tora kubatana neDuPont semuenzaniso, yeDuPont, kushandira pamwe kwakavaka hwaro hwakasimba hwekuvimba uye zvipingamupinyi zvekupinda mumakore mazhinji, uye kudzika kwekushandira pamwe kwakaramba kuchiwedzerwa.

3, Wanchang Technology

Wanchang Technology ndiyo shasha isingaonekwe mumunda wemishonga yemishonga yezvipembenene.Zvigadzirwa zvayo zvikuru zvinonzi trimethyl proformate uye trimethyl proformate.Muna 2009, chikamu chemusika wepasi rose chaive 21.05% uye 29.25% zvakateerana, zvichiita kuti ive mugadziri mukuru pasi rose.

Unique tekinoroji, yakakwira yakazara gross profit margin, ine hunhu hwemhando yepamusoro uye goho, kushomeka kwekudyara, hupfumi hwepamusoro.Parizvino, indasitiri yeprotoformate yepasi rose yapedza reshuffle oligopoly, vakwikwidzi havawedzere kugadzirwa. , kushandiswa kwepatent innovation ye "waste gas hydrocyanic acid method" nzira, kukwikwidzana kwakasimba.

4, Boteng Shares

Iyo yepakati tekinoroji timu, ine mabhenefiti ari pachena mukutsvaga nekusimudzira, inogona kupa yakasanganiswa yakagadziridzwa R & D uye masevhisi ekugadzira, uye ive yekutanga-kirasi yemishonga yepakati yakagadziridzwa kugadzira uye kutsvagisa nekusimudzira enterprise. , kusimudzira nekugadzira masevhisi emakambani emarudzi akawanda emishonga uye biopharmaceutical innovative mishonga, iyo yakaenzaniswa nechiyero chechipiri uye chakanaka chinangwa.

1.Chikwata chine simba rinoenderera mberi rekutsvaga uye kugona kwekusimudzira (kusanganisira tsvakiridzo nekusimudzira, havasi vese vanogona kupinda muindastiri iyi. Tinofanira kutarisisa zera rechikwata uye chimiro chedzidzo uye ruzivo rwakapfuura);

2. ine zvigadzirwa, zvinoenderana neyakajairwa kana innovative zvinodhaka vatengi (yekutanga patent mamiriro, izvo vatengi vebhizinesi vane, inoenderana yakapedzwa zvigadzirwa zvemishonga, izvo zviratidzo, uye musika kugona kwezviratidzo);

3. zvinonangwa zvine kwaniso yekuvandudza kune zvigadzirwa zvakagadziridzwa, kana kunyange kuCRO kana CMO, pane kungogadzira zvakamira generic zvigadzirwa;(vanogonawo kusimudzira vakananga kuindasitiri yemishonga yepasi, asi vanoda rutsigiro rwemari nemhando)

4.Kuteerera kwezvinangwa zvakanaka, uye hapana chirango kubva pakuchengetedzwa kwezvakatipoteredza, tsika uye zviremera zvemitero.

Reference:

(1) <>, People's Health Press, chinyorwa chechisere, Kurume 2013;

(2) Boteng shares: IPO yeruzhinji inopa uye yakanyorwa pane iyo Growth Enterprise Board prospectus;

(3)UBS Gene: —— <>, Chivabvu 2015;

(4)Guorui Pharmaceutical: "Indasitiri yeMishonga yeInterbody yausingazive";

(5)Yaben Chemical: IPO uye rondedzero yeprospectus pane Growth Enterprise Board;

(6) Pharmaceutical Supply Chain Alliance: << The In-Depth Survey uye Kuongororwa kweMusika weKutarisira weMishonga Interbody Industry>>, April 2016;

(7) Qilu Securities: <>”.Makambani gumi nerimwe epamusoro gumi neshanu emishonga akatanga hukama hwevatengi.