扫描二维码 立即订阅 彭博生物制药双周报 本期主题： 制药业2026年展望：美国疫苗行业压力料将加剧、商保开辟药企进 本文来自彭博终端，终端用户可运行NSN T7DVACKGZAJI 阅读原文。非终端用户可点击文末 "阅读原文" 预约演示。 全球市场版图日新月异，彭博行业研究（Bloomberg Intelligence）为您的企业战略助力。在 制药与生物技术领域，无论是全球行业资讯与热点，还是制药管线里程碑及催化剂事件、财务 预测…… BI涵盖广泛且深度的关键信息，旨在为您的决策提供可靠且具有竞争力的洞见支撑。 入中国新路径 数据来源：公司文件、彭博行业研究 特朗普推动净价大幅下降 （彭博行业研究）——考虑到当前美国政府短期内将与更多药企达成协议，投资者对美国药 品定价的担忧已经缓解（尽管仍会关注该问题），而疫苗将面临更加严格的政策审查。预计 汇率将在年初对葛兰素史克、诺和诺德、罗氏和赛诺菲构成拖累。 美国药价改革担忧减弱 2 0 2 5年大部分时间里，与当前美国政府各种美国药品定价提议有关的不确定性持续拖累制药 行业。这些提议包括关税、最惠国待遇、直达消费者模式（包括Tr umpRx平台）以及根据 《降低 ...

智通财经APP获悉，据医疗研究公司3 Axis Advisors独家提供的数据，制药商计划提高至少350种品牌药 在美国的价格，其中包括针对COVID、呼吸道合胞病毒和带状疱疹的疫苗，以及重磅癌症治疗药物 Ibrance。此举正值特朗普政府向其施压要求降价之际。 Jardiance是美国政府为针对65岁及以上人群的医疗保险计划在2026年进行价格谈判并成功降价的10种药 物之一。根据谈判结果，Boehringer和礼来将该药价格削减了三分之二。 与去年同期相比，2026年的计划涨价药品数量有所增加，去年此时药企公布了250多种药品的提价计 划。今年的价格涨幅中位数约为4%，与2025年持平。 目前美国患者支付的处方药价格远高于其他国家，通常是其他发达国家的近三倍。特朗普一直向制药商 施压，要求其将价格降至与类似富裕国家患者支付水平相当。 这些涨幅未反映对药品福利管理商等的回扣或其他折扣。 药企亦下调部分药品价格 制药商还计划下调约9种药品的目录价格。其中包括Boehringer Ingelheim的糖尿病药物Jardiance及其三 种相关疗法降价超40%。 共同销售Jardiance的Boehringer ...

Economic Data - The U.S. 2-year Treasury yield increased by 0.43 basis points to 3.483%[4] - The U.S. 5-year Treasury yield rose by 0.36 basis points to 3.698%[4] - The U.S. 10-year Treasury yield climbed by 1.36 basis points to 4.153%[4] - The national general public budget revenue in China grew by 0.8% year-on-year in the first 11 months[4] Market Indices - The Nasdaq index closed at 22,693.32, down by 1.81%[5] - The Dow Jones Industrial Average closed at 47,885.97, down by 0.47%[5] - The S&P 500 index closed at 6,721.43, down by 1.16%[5] - The Hang Seng Index closed at 25,468.78, up by 0.92%[5] - The Shanghai Composite Index closed at 3,870.28, up by 1.19%[5]

据央视新闻报道，当地时间12月1日，美国贸易代表办公室宣布，美英两国就药品定价达成原则性协 议。 该协议由英国首相首席商务顾问瓦伦·钱德拉（Varun Chandra）及科学部长、前GSK研发负责人帕特里 克·瓦伦斯（Patrick Vallance）主导谈判，建立在双方今年早些时候达成的关税协议之上。根据协议内 容，英国已同意到2035年为新药支付比当前水平高25%的价格。 该协议将确保英国每年价值66亿英镑的对美药品出口在未来三年内继续享受零关税待遇，从而避免特朗 普政府威胁实施的100%惩罚性关税。 英国制药工业协会（ABPI）对此表示欢迎，认为该协议有助于恢复产业信心，为未来投资创造更稳定 的政策环境。 围绕成本问题的争议在协议公布后迅速浮现。英国自由民主党批评政府"屈从特朗普的敲诈"，认为此举 将迫使本就资金紧张的NHS要在未来十年承担巨额新增开支。 该党卫生事务发言人海伦·摩根（Helen Morgan）表示，特朗普要求涨价是为了践行"美国优先"的承 诺，"而我们的政府妥协了……挤在医院走廊里的病患，或等不到救护车的患者，都不会忘记这一点"。 部分药品行业专家也指出，协议使NHS为相同数量的治疗支 ...

美国贸易代表办公室周一宣布,美国同意"对原产于英国的药品、药品原料及医疗技术豁免232条款关税"。声明还说,在总 统唐纳德·特朗普任期内,美国还将在某些贸易调查中"避免针对英国的药品定价行为"。 虽然美国和英国今年早些时候达成对英国商品设定广泛关税率的贸易框架,但两国尚未解决包括药品等关键产品的待遇 问题。根据美国贸易代表办公室,英国将把其支付的新药净价提高25%。一些全球最大的药企长期批评英国政府的定价 方式以及NHS为控制成本而采取的资金返还机制。 知情人士在公告前透露,此次协议将把药品销售的返款率从目前约23%降至最高15%。 【最新国际白银行情解析】 今日周二(12月2日)欧盘时段，国际白银目前交投于57.28一线下方，今日开盘于57.91美元/盎司，截至发稿，国际白银暂 报57.07美元/盎司，下跌1.51%，最高触及57.98美元/盎司，最低下探56.56美元/盎司，目前来看，国际白银盘内短线偏 向看涨走势。 【要闻速递】 特朗普政府与英国达成协议,将允许英国药品免关税进入美国,以换取药品制造商大幅减少对英国国家医疗服务体系 (NHS)的资金返还。 短期来看技术性回调是主要风险。RSI超买、价格已 ...

（文章来源：第一财经） 据报道，美国贸易代表办公室宣布，美国与英国就药品定价达成原则性协议。 ...

Summary of Glaukos Conference Call Company Overview - **Company**: Glaukos Corporation - **Products Discussed**: Epioxa and iDose - **Industry**: MedTech, specifically focused on ophthalmic therapies Key Points Epioxa Pricing and Market Dynamics - Epioxa pricing was established after extensive research and consideration of value for patients, providers, and the payer system [5][6] - The company aims to maximize patient awareness and provider education, which is costly but essential for accessing therapies [7][8] - There are approximately 5 million cataract procedures annually in the U.S., but only about 10,000 patients are currently treated with FOTREXA, indicating a significant opportunity for Epioxa [6][9] - The gross-to-net dynamics for Epioxa include: - A 23% statutory discount for Medicaid patients [11] - A similar discount for sales to 340B public hospital systems [11] - Coverage of out-of-pocket costs for commercial patients to ensure access [12][13] Physician Reactions and Market Access - Initial physician feedback on Epioxa pricing has been mixed, with some expressing shock and unrest [15] - The company emphasizes that pricing decisions were made with patient access as a priority, and they are prepared to engage with physicians to explain their rationale [15][16] - The reimbursement landscape for Epioxa is expected to be non-linear, differing from the iDose experience due to the patient demographics and the number of insurance plans involved [19][20] Patient Volume and Market Potential - The U.S. market for Epioxa is estimated to have around 10,000 patients, with potential to reach 20,000 eyes at peak [23] - The company believes there are significantly more undiagnosed patients with keratoconus, indicating a larger market opportunity [25][26] - The goal is to not only return to previous treatment levels but to expand significantly beyond that [25][26] Comparison with iDose - The peak sales opportunity for iDose is viewed as larger than Epioxa due to a larger patient population (21 million potential ocular hypertensive and glaucomatous eyes) [27][28] - iDose is expected to benefit from a more established market and clearer treatment guidelines compared to Epioxa, which is in a rare disease category [21][22] Reimbursement and Market Access Challenges - The company is confident in the long-term access for iDose despite potential hurdles from the CAC (Coverage Advisory Committee) discussions [29][30] - The reimbursement process is complex, with a need for extensive data to support market access [30][31] - The company is optimistic about the potential for Medicare Advantage plans to cover iDose, which could expand access significantly [34][36] Future Outlook - The company is focused on driving incremental utilization in both commercial and Medicare Advantage populations [56][57] - There is a belief that the dynamics of patient access will improve over time as the company continues to engage with payers and physicians [35][36] Additional Insights - The company acknowledges the challenges of competing for operating room time during peak cataract surgery seasons, which may impact iDose sales [44][45] - The management is cautious about setting revenue expectations, considering various scenarios for both Epioxa and iDose [50][52] This summary encapsulates the key discussions and insights from the Glaukos conference call, highlighting the company's strategic focus on pricing, market access, and future growth opportunities in the ophthalmic therapy space.

Core Viewpoint - A new analysis reveals that Quallent Pharmaceuticals, a subsidiary of Cigna (CI.US), has higher drug prices compared to many competitors, raising questions about the company's role in drug pricing [1][2][3] Group 1: Pricing Analysis - Quallent Pharmaceuticals often prices its generic drugs higher than competitors, with prices sometimes being 33 times more than the cheapest alternatives [3] - The average price of Quallent's products exceeds the highest prices by 80%, indicating that they are not the lowest-priced options in the market [3] - The analysis by 46brooklyn Research highlights that Quallent's pricing strategy may contribute to higher costs for health plans and pharmacy benefit managers [5] Group 2: Company Operations - Quallent does not manufacture drugs but labels and prices products made by other companies, which raises concerns about transparency in pricing [2][4] - Cigna's Evernorth Health Services, which manages drug benefits, disputes the findings of 46brooklyn, claiming the analysis distorts the pricing and sales methods of generics [2] - Quallent's president argues that the company seeks high-quality, reasonably priced drugs, suggesting that lower-priced generics may compromise safety or quality [4] Group 3: Market Context - The analysis sheds light on the relationship between drug sales companies and pharmacy benefit managers, with major healthcare groups establishing their own drug sales companies [3] - The pricing of drugs is influenced by complex benchmarks, and higher average wholesale prices (AWP) can lead to increased costs for health plans [5] - Critics argue that self-branded drug companies can manipulate patient choices by prioritizing their own products on preferred drug lists [4]

Core Viewpoint - The Trump administration is intensifying its attack on U.S. trade partners regarding drug pricing, preparing to launch a new investigation to lay the groundwork for a new round of tariffs [1] Group 1: Investigation and Policy Actions - The upcoming investigation will be based on Section 301 of the Trade Act of 1974, focusing on whether U.S. trade partners have underpaid for drugs [1] - This investigation is part of a broader effort by the Trump administration to lower drug prices for American consumers [1] Group 2: Drug Pricing Disparities - Research from RAND Corporation indicates that average drug prices in the U.S. are nearly three times higher than in many other developed countries [1] - For example, the monthly cost of the popular weight-loss drug Ozempic produced by Novo Nordisk is $936 in the U.S., compared to $147 in Canada and $83 in France [1] Group 3: Industry Reactions - Pfizer and AstraZeneca have recently announced agreements with the Trump administration to lower prices on certain products [1] - Novo Nordisk and Eli Lilly have indicated that they have discussed pricing issues with government officials [1] - The threat of high tariffs on imported brand-name and generic drugs as part of a national security investigation has caused concern within the pharmaceutical industry [1]

Core Insights - President Trump announced a deal with Pfizer to sell medications directly to consumers through a new website called Trump RX, with Pfizer avoiding Pharma-specific tariffs by investing in U.S. manufacturing [1] Group 1: Drug Pricing and Market Impact - There is a bipartisan concern in the U.S. regarding drug pricing, with efforts to lower prices initiated by the Inflation Reduction Act and now continued with Trump RX [4] - Pfizer has pledged not to launch new drugs at prices higher than those in Western Europe, indicating a commitment to price parity [5] - Drug companies typically receive less than 50% of the list price of their drugs, with significant costs going to pharmacy benefits managers (PBMs) and other intermediaries [6] Group 2: Effects on Pharmaceutical Companies - The impact of direct-to-consumer sales through Trump RX may disrupt existing models for PBMs and insurance companies, which often subsidize expensive drugs by raising prices on others [7][9] - Companies like Pfizer and Merck may not be significantly affected as they do not rely heavily on Medicare and Medicaid sales, while others with extensive exposure may experience stock fluctuations [7] Group 3: Research and Development Concerns - A reduction in drug company income could lead to a decrease in funding for research and development (R&D), with 25% of drug sales typically allocated to R&D [12] - A hypothetical $100 billion cut in industry income could result in a $25 billion reduction in R&D funding, which is approximately 60% of the National Institutes of Health's budget for R&D [13] Group 4: Drug Availability and Demand - The FDA's recent announcement regarding Lucorin as a potential treatment for autism has led to increased demand, resulting in shortages for both autism patients and those requiring it for cancer treatment [16][19] - Lucorin, a generic drug, is facing supply challenges due to unexpected demand, highlighting the fixed nature of its market [19]