流感神药“可威”折戟浙江，东阳光千亿帝国裂缝突显

Core Viewpoint - The recent price adjustment announcement by the Zhejiang Medical Insurance Bureau has put the domestic flu treatment drug, Oseltamivir Phosphate, back in the spotlight, particularly affecting the "Kewai" brand capsules from Dongyangguang Changjiang Pharmaceutical, which have been suspended from the market due to non-compliance [1] Group 1: Market Position and Pricing - Dongyangguang once held a dominant position in the Oseltamivir market, with the "Kewai" series accounting for 66% of the company's total revenue and 99% of the Oseltamivir granule market share [2] - The listed price for "Kewai" capsules was as high as 9.86 yuan per capsule, nearly ten times higher than the winning bid price of less than 1 yuan from the 2022 national drug procurement [2] - The company utilized a dual-brand strategy to maintain high prices for "Kewai" outside of the procurement framework, despite participating in the bidding process with a different product [2] Group 2: Regulatory and Competitive Challenges - The regulatory environment has shifted, with the National Medical Insurance Bureau strengthening the enforcement of drug procurement, leading to a significant reduction in public hospitals' purchases of high-priced drugs [2] - The introduction of provincial-level drug procurement for Oseltamivir starting in 2023 has further pressured Dongyangguang, with average prices dropping to 2.97 yuan per bag across 20 provinces [3] - New competitors, such as Roche's Marboxil, have begun to capture market share, with Marboxil's share reaching 10.8% in 2024, while Oseltamivir's overall market share has decreased by 8% [3] - Dongyangguang's market share in Oseltamivir has fallen from 64.8% in 2023 to 54.8%, amidst increasing competition from over 120 pharmaceutical companies in the 6.7 billion yuan flu drug market [3] Group 3: Strategic Transition and IPO - In response to the pressure on its core product line, Dongyangguang has been diversifying into new areas, including insulin procurement and the development of leukemia drug Clifotinib, as well as entering the GLP-1 drug sector [4] - The company is at a critical juncture as it prepares for an IPO, having submitted its prospectus on June 11, with plans to privatize Dongyangguang Changjiang, which holds the "Kewai" brand [4] - The market is closely watching how Dongyangguang will navigate the transition to a "post-Kewai era" amid tightening policies, fierce competition, and capital market expectations [4]