从近期的新闻中可以看出，制药行业面临的政策压力似乎有所缓解。这为包括安进在内的多家药企提供 了更为稳定的经营环境，使其得以专注于创新药物的研发和市场推广。当然，此类政策的变动也使得投 资者在医药板块的投资须更加谨慎，关注政策走向及其对公司营收的潜在影响。 近期，有关安进的讨论频繁出现，与特朗普政府对药价政策的施压有着密切的关联。特朗普此前曾向大 型药企施加压力，要求在规定期限内显著降低美国境内的药品价格。此举影响了整个医药行业，迫使公 司在定价上考虑更多因素。虽然此次政策的焦点是辉瑞，但整个医药行业，包括安进在内，均受到了市 场波动的牵动。 据悉，安进在此期间的股价波动，也与市场对特朗普政策的不确定性感到担忧有关。然而，在诸如辉 瑞、默沙东、百时美施贵宝等大型制药公司受惠于政策缓解后，安进的涨势也得以延续。投资者普遍预 期，随着政策落地及行业内部调整，安进的市场表现有望继续保持稳定。 来源：市场资讯 （来源：美股情报站） 在刚刚过去的9月30日，安进公司（Amgen）在股市上表现活跃，股价攀升3.00%，连续三天呈现上涨 趋势，累计涨幅达4.06%。这一表现无疑引起了市场和投资者的关注，尤其是在医疗领域政策变 ...

| NVO 诺和诺德 | | | | --- | --- | --- | | 55.6104-0.430 -0.77% | | 收盘价 09/26 15:59 美东 | | 53.940 + -1.670 -3.00% | | 盘前价 09/29 05:07 美东 | | 三 7 24 华 S 9 日 ♥ 白 一 白 | | ● 快捷交易 | | 最高价 56.020 | 开盘价 55.600 | 成交量 1773.98万 | | 最低价 54.560 | 昨收价 56.040 | 成交额 9.82亿 | | 平均价 55.348 | 市密率 M 14,22 | 总市值 2469.45亿(…) | | 振 幅 2.61% | 市盈率(静) 15.67 | 总股本 44.41亿 | | 换手率 0.56% | 市净率 9.371 | 流通值 1773.89亿 | | 52周最高 117.250 | 委 比 -66.67% | 流通股 31.9亿 | | 52周最低 44.548 | 量 比1.33 | 色 主 1股 | | 历史最高 143.542 股息TTM 1.794 | | | | 历史最低 -2.989 ...

Investment Rating - The industry investment rating is "Outperform" (maintained) [1] Core Insights - This report is the third in a series on the U.S. healthcare industry, focusing on the complex drug payment system in the U.S. It analyzes the causes of high drug prices and assesses the impact of Trump's drug pricing policies [4][6] - In 2023, the total expenditure on prescription drugs in the U.S. is projected to be $693.4 billion, accounting for 14.2% of overall healthcare costs, with a CAGR of 6.6% from 2018 to 2023 [4][7] - The retail prescription drug expenditure is estimated at $459 billion, representing 66% of total prescription drug spending, while non-retail prescription drug spending is $234.4 billion, accounting for 34% [10][11] - The primary payers for prescription drugs in the U.S. are commercial insurance and Medicare, with commercial insurance spending at $286.5 billion (41%) and Medicare spending at $238.4 billion (34%) [11][14] - The retail prescription drug payment system is dominated by Pharmacy Benefit Managers (PBMs), characterized by high list prices and significant rebates [4][17] - The non-retail prescription drug payment system operates under a "Buy-and-Bill" model, where high prices lead to high profits for providers [4][16] - Trump's drug pricing policies are numerous and include key areas such as Most Favored Nation pricing, PBM transparency reforms, FDA review process reforms, and changes to the 340B program [4][5] Summary by Sections U.S. Prescription Drug Expenditure Breakdown - The overall expenditure is projected at $693.4 billion, with retail and non-retail segments at a ratio of 7:3 [6][7] - Retail prescription drug spending is $459 billion, while non-retail spending is $234.4 billion, with respective CAGRs of 5.1% and 10.1% from 2018 to 2023 [10][11] Payment Sources - In 2023, the breakdown of prescription drug spending by payer is as follows: commercial insurance at $286.5 billion (41%), Medicare at $238.4 billion (34%), Medicaid at $65.4 billion (10%), and out-of-pocket spending at $82.5 billion (12%) [11][14] Retail Prescription Drug Payment System - The retail prescription drug payment system is primarily managed by PBMs, which profit from rebates and price spreads, incentivizing high list prices [4][17][19] - The flow of funds in the retail drug distribution system involves multiple stakeholders, including manufacturers, distributors, pharmacies, and payers, with PBMs playing a central role [19][20] Non-Retail Prescription Drug Payment System - The non-retail system follows a "Buy-and-Bill" model, where providers are reimbursed based on the Average Sales Price (ASP) plus a markup, leading to higher costs and profits [4][16] Impact of Trump's Drug Pricing Policies - The report highlights the need to monitor the implementation of various drug pricing policies introduced during Trump's administration, which could significantly affect the industry landscape [4][5]