10亿市场骤降，一款“光脚药”进入国采后遇“量价双杀”

Core Viewpoint - The procurement progress of the injection form of Ranitidine Acetate, which was awarded at a bid price of 3.36 yuan, is significantly lagging, with less than 10% of the agreed annual procurement volume completed by the end of 2025 [1][3]. Group 1: Procurement Issues - The injection of Ranitidine Acetate saw a drastic price drop from over 100 yuan to a range of 2.74 to 4.58 yuan due to the national procurement policy, which is set to run until the end of 2027 [3][7]. - The company, Zicheng Zhongtou, produced approximately 300,000 bottles for a projected annual procurement volume across four provinces, but only 24,600 bottles were actually purchased by medical institutions by mid-December 2025 [3][6]. - The procurement volume reported by various regions shows significant discrepancies, with some areas reporting zero procurement, indicating a lack of clinical demand [5][11]. Group 2: Market Dynamics - The market for Ranitidine Acetate, which previously reached around 1 billion yuan, has faced a "double whammy" of declining prices and sales volume due to the influx of manufacturers and the implementation of national procurement [2][7]. - The sales volume of Ranitidine Acetate plummeted by approximately 83% year-on-year in the third quarter of 2025, with sales volume down by about 75% [7][10]. - The drug's clinical value is considered low compared to mainstream alternatives, leading to reduced demand and a lack of incentive for doctors to prescribe it [8][10]. Group 3: Challenges for Companies - Zicheng Zhongtou, a relatively new company, faces challenges in promoting its products due to the lack of profit margins after the price drop, which limits its ability to engage in clinical promotion [6][10]. - The company has reported significant inventory issues, with 180,000 bottles remaining unsold and raw materials nearing expiration [3][6]. - The procurement rules are perceived as heavily favoring medical institutions, with little accountability for hospitals that fail to meet procurement commitments, creating an imbalance in the contractual obligations [16][17].