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礼来(LLY.US)上调海外市场药品价格 以弥补美国市场降价损失
智通财经网· 2025-08-14 22:28
Core Viewpoint - The White House's actions to lower domestic drug prices are leading to increased drug prices in Europe, as exemplified by Eli Lilly's decision to raise its official drug prices in overseas markets [1][2]. Group 1: Company Actions - Eli Lilly announced an increase in its drug prices in overseas markets, stating that to lower U.S. drug prices, prices in other developed markets like Europe need to rise [1]. - The company raised the official price of its diabetes and obesity drug Mounjaro in the UK by 170% for the largest tablet specification, with lower doses seeing increases of 45% to 138% [2]. Group 2: Market Impact - Eli Lilly's price hikes in Europe may help offset potential profit losses from lowering prices in the U.S. and could also elevate the baseline for the proposed "most favored nation" pricing policy by the White House [2]. - Following the announcement, Eli Lilly's stock price rose by 3.62% [3].
特朗普逼跨国药企砍价:哪些中国企业获益?
Hu Xiu· 2025-08-03 05:34
Core Viewpoint - The article discusses the significant price disparity of prescription drugs in the U.S. compared to other developed countries, leading to new policies aimed at price control and the potential impact on multinational pharmaceutical companies and emerging markets [1][2]. Group 1: U.S. Drug Pricing Policies - U.S. prescription drug prices are 2-3 times higher than those in other developed countries, with some innovative drugs priced at 10 times higher than in China [1] - New policies require pharmaceutical companies to provide "most favored nation pricing" to U.S. Medicare, sign contracts for price locking, renegotiate overseas prices to "repatriate profits," and promote direct sales for price transparency [1][2] - The Pharmaceutical Research and Manufacturers of America (PhRMA) criticized these policies, claiming they would undermine U.S. innovation [1][2] Group 2: Multinational Pharmaceutical Companies' Strategies - Companies like Johnson & Johnson, Pfizer, and Merck are adopting multi-faceted strategies to balance profits and compliance, including adjusting global pricing strategies [3] - Some companies are lowering prices in the U.S. while increasing prices in other markets to maintain profit margins, with AstraZeneca already announcing price reductions for certain drugs in the U.S. [3][4] - To offset profit losses, companies may raise prices in emerging markets like China, where the annual treatment cost for PD-1 drugs is approximately 1.16 million yuan, ten times higher than in China [4] Group 3: Cost Optimization Strategies - Cost reduction is a core objective, leveraging China's low-cost advantages, where biopharmaceutical R&D costs are 1/5 to 1/10 of those in the U.S. [5] - Pfizer has signed over $1 billion in CDMO orders with Chinese companies to transfer some biopharmaceutical production to China, reducing production costs by 30% [5][6] - Companies are also transferring non-core technologies to China to avoid tariffs and lower costs, such as Pfizer's collaboration with Chinese firms to establish PD-1 production bases [6][7] Group 4: Legal and Policy Maneuvering - Industry associations and pharmaceutical companies are using legal and political avenues to resist new policies, with PhRMA planning to appeal to the WTO regarding the "most favored nation pricing" requirement [10] - They are lobbying Congress, arguing that foreign price controls could reduce U.S. R&D investment by $10 billion annually [10] Group 5: Opportunities and Challenges for Chinese Companies - Chinese companies are positioned to benefit from accelerated domestic substitution, with local biosimilars gaining price advantages [11] - CDMO businesses are expanding, with WuXi Biologics reporting a 144% year-on-year increase in CDMO revenue in the first half of 2025 [12] - Chinese pharmaceutical companies are also achieving breakthroughs in international markets through licensing agreements, with total upfront payments reaching $2.329 billion in the first half of 2025 [13] Group 6: Beneficiary Companies - Companies in the biosimilar sector, such as Innovent Biologics and Antengene, are expected to gain market share as multinational firms raise prices in China [16] - WuXi Biologics is recognized as a leading global CDMO, while other companies like Eastone and Hengrui are also expanding their CDMO projects [17] - Chinese firms that have established production facilities in India and Southeast Asia, like Huahai Pharmaceutical, are likely to benefit from reduced reliance on the U.S. market [19]
利空突袭!特朗普,发出威胁:动用一切手段!
券商中国· 2025-08-02 11:33
特朗普突然对医药巨头"动手"。 据最新消息,美国总统特朗普已要求全球主要制药公司在未来60天内采取措施降低美国药品价格,涉及礼来、 辉瑞、默克等医药巨头。他威胁称,如果医药巨头拒绝降低价格,他将"动用一切手段"。 特朗普威胁称,如果这些医药巨头拒绝降低价格,他将"动用一切手段保护美国家庭免受持续的药物定价滥用 行为的侵害"。他要求各公司于9月29日前承诺实现其设定的多个目标。 回顾此前,特朗普曾在5月签署一项行政命令,要求在药品领域实施一项"最惠国政策",旨在通过将美国某些 药品的价格与国外显著较低的价格挂钩,来大幅降低药品成本。 特朗普政府表示,美国一些品牌药品的价格是其他发达国家的三倍多。 在最新发布的信件中,特朗普表示,制药公司已提出解决美国高药价问题的潜在方案。但他认为,这些提 议"承诺的更多是相似的内容:推卸责任并要求政策变革,这将导致数十亿美元的补贴流向该行业。" 他表示,未来他只会接受制药公司做出的如下承诺,即为美国家庭提供"立即缓解药价大幅上涨的措施,并结 束欧洲和其他发达国家对美国创新成果的免费使用"。 特朗普强调,降低美国药价的协作努力将是"对企业、政府和患者最有效的途径"。 以下是特朗普 ...
特朗普拟推动降药价 对出海药企影响几何?
BambooWorks· 2025-05-22 07:26
特朗普宣称美国的处方药价格将会下降 30%—80% ,他要求美国患者必须有权获得 " 最惠国价格 " ,推 动药企建立直销渠道 Key takeaways: 美东时间5月12日,美国总统特朗普签署了旨在使药价下降的行政令。这项激进的政策如同一颗投入全球医 药市场的深水炸弹,引发资本市场震荡。尽管美股医药板块在政策细则公布后出现短暂反弹,但中国创新 药企的股价仍普遍承压,反映市场对于中国出海药企的盈利前景存在担忧。 根据行政令的核心内容,特朗普要求美国患者必须有权获得"最惠国价格"(Most-Favored-Nation Price,简 称"MFN"),即将美国药价限制在经合组织(OECD)国家中的最低水平,由美国卫生与公众服务部 以美国市场贡献一半以上收入的百济神州为例,其王牌产品BTK抑制剂泽布替尼在美国的定价为120粒 12,935美元(93,255元),这款产品在中国经医保谈判后的定价仅有64粒5,440元,算下来平均每粒药的价格 仅约为美国定价的一成。这种差异化的全球定价体系,意味着百济神州可能会直面MFN政策的冲击,一旦 药价大幅下调,很可能会影响其营收。 (HHS)推动药企建立直销渠道,绕过"中间 ...
美国卫生与公众服务部:美国卫生当局设定了最惠国价格目标。
news flash· 2025-05-20 13:39
美国卫生与公众服务部:美国卫生当局设定了最惠国价格目标。 ...
中信证券:特朗普此次EO的推行难度较大 短期影响有限
智通财经网· 2025-05-15 00:35
Core Viewpoint - The executive order signed by Trump aims to lower prescription drug prices in the U.S. by implementing a "most-favored-nation" pricing policy, requiring pharmaceutical companies to align U.S. drug prices with the lowest prices in comparable developed countries [2][4]. Group 1: Executive Order Details - The executive order titled "Most-Favored-Nation Pricing for Prescription Drugs" was signed on May 12, 2025, to address the long-standing issue of high drug prices in the U.S. [2][4]. - The order proposes that the Department of Health and Human Services (HHS) establish a system allowing patients to purchase drugs directly from manufacturers at the most-favored-nation price, bypassing middlemen [2][3]. - If the most-favored-nation pricing is not implemented within 30 days, HHS will consider mandatory policies, including importing lower-priced drugs from other developed countries [2][3]. Group 2: Challenges and Industry Impact - The implementation of the executive order is expected to face significant challenges, as there is a large buffer between the net and list prices of drugs in the U.S. [4]. - In 2023, U.S. drug spending reached $910 billion based on Wholesale Acquisition Cost (WAC), but the net spending was around $650 billion, indicating a substantial gap [4]. - The executive order lacks specific execution details, making its implementation difficult [4]. - A similar executive order issued by Trump in September 2020 was suspended due to strong opposition from the industry, and subsequently revoked by the Biden administration [4]. Group 3: Market Outlook - The overall impact of the executive order on the pharmaceutical industry is expected to be limited in the short term due to the aforementioned challenges [4][6]. - The company maintains a "stronger than market" rating for the innovative drug sector despite the potential changes in pricing policies [6].
中信证券:特朗普签署降低处方药价行政令 预计短期影响有限
news flash· 2025-05-15 00:18
Core Viewpoint - The executive order signed by Trump aims to lower prescription drug prices in the U.S. by requiring pharmaceutical companies to match the lowest prices in comparable developed countries, but the short-term impact on the industry is expected to be limited [1] Group 1: Executive Order Details - The executive order titled "Most Favored Nation Pricing for Prescription Drugs" was signed on May 12, 2025 [1] - It mandates that drug prices in the U.S. should align with the lowest prices in comparable developed nations [1] - The order also proposes to increase price transparency in the U.S. drug market and reduce the profit margins of middlemen, such as Pharmacy Benefit Managers (PBMs) [1] Group 2: Industry Impact - The implementation of the executive order is anticipated to face significant challenges, leading to a limited short-term impact on the pharmaceutical industry [1]
美国总统特朗普:我们将大幅降低处方药的成本,并为美国带来公平。药品价格将会下降——我们将取消中间环节,促进药品以最惠国价格直接销售给美国公民。
news flash· 2025-05-12 21:03
Core Viewpoint - The U.S. government aims to significantly reduce prescription drug costs and ensure fairness for American citizens by eliminating intermediaries and promoting direct sales at the lowest prices available [1] Group 1 - The initiative will lead to a decrease in drug prices for American citizens [1] - The strategy involves removing middlemen in the pharmaceutical supply chain [1] - The government plans to implement a system that allows drugs to be sold at the most favored nation prices directly to consumers [1]