医药生物行业周报：国产GLP-1小分子口服药加入全球竞争，未来可期

Investment Rating - The industry investment rating is maintained at "Overweight" [22][26]. Core Viewpoints - The GLP-1 drug market has significant potential both globally and domestically, with the global market projected to reach hundreds of billions by 2030 and the domestic market exceeding 20 billion yuan [21][22]. - The development focus is shifting towards long-acting, multi-target, and oral drug formulations, which provide more options for patients and could disrupt the current market dominated by large molecule peptide drugs [21][22]. - The report highlights the increasing competition in the GLP-1 small molecule oral drug market, with several Chinese pharmaceutical companies actively engaged in clinical development [21][22]. Summary by Sections - Market Potential: The global market for weight loss indications is expected to reach 100 billion USD by 2030, while the domestic market could exceed 20 billion yuan. Considering type 2 diabetes and other indications, the international market could reach 200 billion USD, and the domestic market could reach 50 billion yuan [21][22]. - Research and Development Trends: The core direction of R&D is towards long-acting, multi-target, and oral drugs. Oral formulations are seen as a way to enhance patient compliance and market competitiveness [21][22]. - Clinical Development: As of June 2024, there are 17 small molecule GLP-1 drugs in clinical stages globally, with significant involvement from Chinese companies [21][22]. - Recent Collaborations: Notable partnerships include Hansoh Pharma's agreement with Merck for HS-10535, and Heng Rui Medicine's licensing of GLP-1 drugs to Hercules, indicating strong interest and investment in this sector [23][24].