中新健康｜进口牛黄再开闸，供需格局有望改善

Core Viewpoint - The National Medical Products Administration of China has restarted the import pilot program for natural bezoar after more than 20 years, which is expected to improve the supply-demand situation and stabilize prices for this scarce traditional Chinese medicine ingredient [1][5]. Summary by Sections Import Pilot Program - The pilot program allows the import of bezoar for the production of traditional Chinese medicine in 12 provinces, including Beijing, Tianjin, and Shanghai [1]. - The program is set for a duration of two years, with the possibility of nationwide expansion based on the pilot's outcomes [1]. Eligibility for Import - Only holders of market approval for traditional Chinese medicine containing bezoar in the pilot regions can apply for imports [2]. - Imported bezoar can only be used within the group of companies that hold the import rights and cannot be sold externally [2]. Supply and Demand Dynamics - Bezoar is a critical ingredient in over 650 traditional Chinese medicine formulations, including well-known products like "An Gong Niu Huang Wan" and "Pian Zai Huang" [3]. - The rarity of bezoar, often referred to as "gold" in the Chinese medicine industry, has led to significant price increases, with current market prices ranging from 1.6 million to 1.7 million yuan per kilogram [3]. Price Trends - The price of "Pian Zai Huang" has increased by 508% over the past 20 years, from 125 yuan per piece in 2005 to 760 yuan per piece in 2023 [3]. - The price of "An Gong Niu Huang Wan" has also seen substantial increases, from 350 yuan per piece in 2012 to 860 yuan per piece in 2021, representing a cumulative increase of 145.71% [4]. Impact on the Market - The import of bezoar is expected to alleviate the supply shortage and reduce cost pressures, potentially stabilizing prices in the market [5]. - However, price trends will still be influenced by various factors, including market supply and demand, production costs, and the effectiveness of policy implementation [5].