降糖、减肥药等助推下，中国西药制剂出口金额占比创历史新高

Core Insights - China is transitioning its pharmaceutical exports from raw materials to higher value-added finished drug formulations, with significant growth projected in the coming years [1][4]. Group 1: Export Growth Projections - By 2025, China's export value of Western medicine formulations is expected to reach $8.841 billion, representing a year-on-year increase of 27.29% [1]. - The share of formulations in the total Western medicine exports will reach a historical high of 15.85% [1]. - Formulations are projected to account for 7.94% of the overall pharmaceutical exports, indicating a clear upward trend [1]. Group 2: Performance Metrics - In 2025, the export volume of formulations is expected to grow by 17.71%, while the export price will increase by 8.01% year-on-year [3]. - Exports to the EU (excluding the UK) will remain the largest market, with a year-on-year growth of 70.4%, an increase of approximately 10 percentage points compared to 2024 [3]. - Notable growth in exports to France (281.82%), Denmark (19.39%), and Italy (488.89%) has been observed [3]. Group 3: Key Product Categories - Hormonal drugs are driving the significant growth in formulation exports, with an export value of $3.153 billion, a year-on-year increase of 106% [3]. - The export value of insulin analogs and GLP-1 peptide drugs reached $2.977 billion, growing by 110.90% year-on-year, contributing significantly to the overall increase [3]. - Exports of recombinant human insulin formulations amounted to $82.37 million, reflecting an 87.66% year-on-year growth [3]. Group 4: Market Drivers - The surge in demand for insulin analogs and GLP-1 drugs is attributed to the rising incidence of metabolic diseases such as diabetes and obesity [4]. - Multinational companies are shifting their strategies from focusing solely on finished product imports to enhancing local production capabilities in China, aiming for a global supply chain role [4]. - Domestic companies are achieving technological breakthroughs and capacity releases in the insulin and GLP-1 sectors, actively participating in international markets and seeking regulatory approvals from agencies like the FDA and EMA [4].