1月7日，仅仅十天时间，减肥药价格再次下探！ 继去年12月司美格鲁肽、替尔泊肽在多家电商平台及部分公共采购平台出现明显价格松动之后，智通财经记者近日持续跟踪发现，部分进口减肥药产品价格 再次下探，而此前在价格策略上相对克制的国产减肥药代表——信达生物的玛仕度肽，也开始出现实质性跟进。 但在价格战快速推进的同时，一些潜在的合规风险亦开始浮出水面。智通财经记者在调查中发现，部分平台在销售司美格鲁肽等处方药过程中，存在处方审 核流于形式、宣传语明显指向该品未获批适应症等问题，促销狂欢背后，合规边界正变得愈发模糊。 北京中医药大学卫生健康法治研创中心主任、法学教授邓勇告诉智通财经记者，如果平台将降糖适应症药物以"减重""不瘦必赔"等话术进行营销，涉嫌超适 应症宣传与虚假、夸大宣传的叠加违规。而"不瘦必赔"等表述，本身亦属于广告法明令禁止的绝对化效果承诺。 在减重药竞争提前"白热化"的当下，这场由价格引爆的市场博弈，正给互联网处方监管与医保支付制度带来新的考验。 价格战"力度加码" 在去年12月27日，智通财经记者调查发现，以替尔泊肽、司美格鲁肽为代表的减重药物，已在多个电商平台和公共采购渠道出现大幅降价（详见 腰斩、 ...

在2025年国家基本药品目录调整中，谈判成功率达到88%，较上一年的76%有明显提升，创近七年新 高。与此同时，在新晋"国谈药"中，有111种为5年内新上市品种，50种为1类新药，无论是比例还是数 量也均创下历年新高。 而与此同时，仍有近百种（98种）药品在形式审查阶段，就被"国谈"拒之门外。近六成目录外药品在专 家评审阶段未过评，过评率连续两年不足50%。15种药在过评后最终谈判/竞价失败。 "一进一拒"，从正反两个维度体现了国家医保局价值购买的方向——在基本医保的保障边界内，支持真 创新，支持差异化创新。 部分业界观点认为，这一方面是因为在申报和形式审查环节，药企申报意愿持续提升，对规则的认知也 更加清晰，形式审查通过数量和通过率不断提升；另一方面，也与目录内药品涵盖适应证不断丰富，创 新药市场上同靶点、同机制、同适应证药品竞争激烈，医保基金紧平衡等多重原因下，国家医保局对创 新要求不断拔高有关。 182种药未过评背后："四不改"、价格与价值不匹配 国家基本药品目录谈判走进第八个年头，已形成了一套成熟的谈判流程：药企自主申报，专家综合评 审，价格谈判/竞价，最终公布谈判结果。 在今年"国谈"中，国家医保局 ...

Core Insights - The approval rate for drugs outside the national essential drug list has reached a four-year low during the expert review phase, indicating increasing scrutiny and higher standards for innovation [1][4] - The success rate for negotiations in the upcoming 2025 national essential drug list has improved to 88%, up from 76% the previous year, marking a seven-year high [1] - A total of 114 new drugs will be added to the national essential drug list, including 50 innovative first-class drugs, reflecting a significant increase in both quantity and quality [2][8] Group 1: Approval Rates and Trends - The approval rate for drugs in the expert review phase has declined for two consecutive years, with only 41.48% of drugs passing this stage this year [2][3] - In the past three years, the number of drugs passing the formal review has increased, but the expert review approval rate has decreased from 74.2% to 47.0% [3] - Nearly 60% of drugs outside the essential list failed to pass the expert review, highlighting a trend towards stricter evaluation criteria [1][4] Group 2: Reasons for Non-Approval - Several drugs, including first-class innovative drugs, were not approved due to lack of significant clinical value compared to existing treatments [5][6] - The "Four No Changes" principle (no change in active ingredient, indication, administration route, or clinical value) has been identified as a key reason for low approval rates [6] - High prices and mismatched value with existing treatments have also contributed to the rejection of certain drugs, with examples of significant price discrepancies noted [6] Group 3: Support for True Innovation - The national healthcare authority emphasizes support for "true innovation" and "differentiated innovation," aiming to exclude drugs that do not significantly advance clinical outcomes [5][7] - Successful drugs entering the essential list share common characteristics such as filling therapeutic gaps and offering superior alternatives [7] - The overall speed and quantity of innovative drugs entering the national essential drug list have increased, addressing various medical needs including major diseases and rare conditions [8] Group 4: Value-Based Pricing and Evaluation - The negotiation process for the national essential drug list has evolved to include a more systematic and scientific value assessment, enhancing fairness and rigor in price evaluations [10] - The approach to pricing has shifted to support higher payment thresholds for drugs with greater innovation, reflecting a value-based pricing model [10][11] - The importance of robust clinical evidence in supporting claims of additional benefits for new drugs has been highlighted, particularly in competitive therapeutic areas [11][12]

Core Viewpoint - The article discusses the significant updates to China's National Medical Insurance Drug List, highlighting the inclusion of innovative drugs, particularly focusing on the GLP-1 receptor agonist, Tirzepatide, for the treatment of type 2 diabetes, which reflects the government's commitment to improving access to innovative therapies [5][7][9]. Summary by Sections National Medical Insurance Drug List Update - On December 7, the National Healthcare Security Administration announced a major update to the National Medical Insurance Drug List, adding 114 new drugs, including 50 innovative drugs [5]. - The success rate for drugs entering the negotiation and bidding process increased to 88%, up from 76% in 2024, indicating a more favorable environment for innovative drug approvals [5]. Inclusion of Tirzepatide - Tirzepatide injection, developed by Eli Lilly, has been officially included in the National Medical Insurance Drug List for adult patients with type 2 diabetes who do not achieve adequate blood sugar control with metformin and/or sulfonylureas [7]. - The new drug list will take effect on January 1, 2026, showcasing the clinical value of Tirzepatide and the government's focus on the accessibility of innovative drugs [7]. Impact on Diabetes Management - China has approximately 148 million adults with type 2 diabetes, with only about 50% achieving target blood sugar levels [9]. - The inclusion of Tirzepatide in the insurance list is expected to significantly enhance treatment access for patients, potentially improving long-term management and health outcomes for diabetes patients [9].

Core Viewpoint - The recent adjustments to the national basic medical insurance directory and the introduction of the commercial insurance innovative drug directory mark significant steps towards enhancing access to innovative treatments in China, particularly for high-cost therapies like CAR-T drugs [2][6]. Summary by Sections National Basic Medical Insurance Directory Adjustments - A total of 114 new drugs were added to the basic medical insurance directory, including 50 first-class innovative drugs [2]. - The total number of drugs in the basic medical insurance directory has increased to 3,253, comprising 1,857 Western medicines and 1,396 traditional Chinese medicines [3]. - New inclusions cover various fields such as oncology, chronic diseases, mental health, and pediatric medications, with several rare disease treatments also added [3]. Commercial Insurance Innovative Drug Directory - The commercial insurance innovative drug directory aims to include high-innovation drugs that exceed the basic insurance scope but offer significant clinical value and patient benefits [6]. - A total of 121 drugs underwent formal review for the commercial insurance directory, with 24 entering price negotiation, ultimately resulting in 19 drugs from 18 companies being included [6]. - Notable inclusions are five CAR-T therapies, which previously cost over one million yuan per injection, making them unaffordable for many patients [6]. Performance of Pharmaceutical Companies - Several leading pharmaceutical companies have reported their successes in the 2025 national medical insurance negotiations, with Heng Rui Pharmaceutical having 20 drugs included, contributing 7.554 billion yuan to their total revenue [5]. - Innovent Biologics announced that 7 of its new drugs were included in the updated national medical insurance directory, with 12 of its 17 innovative drugs now covered [5]. Specific Drug Inclusions - The directory includes drugs for Alzheimer's disease, such as the monoclonal antibodies from Eisai and Eli Lilly, and several rare disease treatments [7]. - Some high-profile drugs, like Novo Nordisk's semaglutide and Bristol-Myers Squibb's nivolumab, were not included despite passing the formal review [8]. Implementation Timeline - The new directory is set to be officially implemented nationwide on January 1, 2026 [9].

Investment Rating - The report does not explicitly state an investment rating for the diabetes drug industry Core Insights - The diabetes drug market is experiencing significant innovation, particularly with GLP-1 receptor agonists, which have seen advancements in long-acting and humanized formulations [3] - The global diabetes-related healthcare expenditure has surpassed $1 trillion, indicating a growing financial burden on healthcare systems [16] - China is facing a severe diabetes crisis, with 148 million adults diagnosed and a significant number of pre-diabetic individuals [12] Summary by Sections New Drug Approvals - In 2025, several innovative diabetes drugs were approved in China, including: - Eysuparaglutide α (怡诺轻), a long-acting GLP-1 receptor agonist [2] - Ploglitin tablets (善泽平), a new oral DPP-4 inhibitor [2] - Masitide injection (信尔美), the first dual receptor agonist for GCGR/GLP-1R globally [2][3] Drug Mechanisms and Innovations - The report highlights the importance of dual receptor agonism in metabolic disease treatment, with Masitide providing both appetite suppression and liver fat metabolism benefits [3] - Combination formulations, such as Dapagliflozin and Metformin, enhance treatment adherence by optimizing drug release and minimizing gastrointestinal side effects [4] Market Trends - Traditional diabetes medications like Metformin and Sulfonylureas are experiencing declining sales, while newer drugs like GLP-1 agonists and SGLT-2 inhibitors are seeing significant growth [8] - The retail market for diabetes medications in China exceeded 13 billion yuan in 2024, with a nearly 9% year-on-year growth in Q1 2025 [22] Global Diabetes Statistics - The number of diabetes patients aged 20-79 is projected to rise from 588.7 million in 2024 to 852.5 million by 2050 [11] - In 2024, China had 148 million adults with diabetes, highlighting the urgent need for effective management strategies [12] Healthcare Expenditure - The United States leads in diabetes-related healthcare spending at $404.5 billion, followed by China at $168.9 billion [15] - China's per capita diabetes-related healthcare expenditure is only $236, indicating a disparity in healthcare resource allocation [18]

Core Insights - Shanghai's manufacturing output in the three leading industries grew by 8.5% year-on-year in the first three quarters of this year, outpacing the overall industrial output growth by 2.8 percentage points [1] - The pharmaceutical sector, particularly the export of medicines and raw materials, saw significant growth, with exports increasing by 21.5% and 40.7% respectively [1] Group 1: Industry Growth and Development - Shanghai has positioned its biopharmaceutical industry as a pillar industry, with plans to develop a world-class biopharmaceutical cluster by 2025, aiming for an industry scale exceeding 1 trillion yuan [2] - The biopharmaceutical industry in Shanghai has shown consistent growth, with the scale increasing from 761.71 billion yuan in 2021 to an expected 984.70 billion yuan in 2024, reflecting a compound annual growth rate of 8.94% [2] - The manufacturing output in the biopharmaceutical sector is projected to grow from 171.20 billion yuan in 2021 to 201.17 billion yuan in 2024, with a compound annual growth rate of 6.9% [2] Group 2: Enterprise and Investment Landscape - By the end of 2024, Shanghai is expected to have 2,183 biopharmaceutical enterprises, with significant presence from global industry leaders [3] - Shanghai has established a biopharmaceutical industry mother fund with a total scale of 22.5 billion yuan, which has completed the selection of 13 sub-funds, achieving a leverage effect of 5.59 times [3] - In the biopharmaceutical sector, Shanghai has seen cumulative financing of 238.37 billion yuan from 2021 to 2024, with 255.31 billion yuan raised in the first nine months of this year alone [3] Group 3: Market Expansion and Innovation - As of September 2025, there are 102 biopharmaceutical companies listed on A-shares, Hong Kong stocks, and US stocks, indicating a growing capital market presence [4] - Shanghai's biopharmaceutical sector has a strong innovation output, with 7 first-class innovative drugs and 15 third-class innovative medical devices approved in 2024, ranking second and first nationally respectively [6] - The city has produced several first-in-class and first-in-China innovative products, including a long-acting GLP-1 receptor agonist and a gene therapy drug for hemophilia B [10][11] Group 4: Future Directions and Focus Areas - The biopharmaceutical industry in Shanghai is expected to continue focusing on cutting-edge innovations, particularly in areas such as dual antibodies, ADCs, cell gene therapy, and AI applications in medicine [12] - The industry aims to support disruptive innovations and cultivate benchmark products in both pharmaceuticals and medical devices [12]

Industry Overview - The GLP-1 receptor agonists are becoming a new focus in the pharmaceutical retail market in China, driven by policy support for "Internet + Healthcare" and increasing consumer health demands [1][2] - The market for GLP-1 is expected to exceed 100 billion by 2030, with e-commerce channels projected to capture over 50% of the market share this year, potentially rising to over 70% in the future [1] Company Strategies - JD Health has established extensive collaborations in the GLP-1 sector, partnering with multinational pharmaceutical companies like Novo Nordisk and domestic innovators such as Innovent Biologics and Yino Pharma to ensure a stable supply of quality products [2][6] - During the 618 shopping festival, JD Health reported a more than threefold year-on-year increase in sales of GLP-1 medications [2] Market Dynamics - JD Health's market share in the GLP-1 sector is higher than that of other platforms, attributed to its strong supply chain and user engagement capabilities [2][11] - The user demographic for GLP-1 products primarily consists of individuals aged 26 to 45, with a significant portion being office workers who are more health-conscious [9][10] Competitive Landscape - JD Health is competing with other e-commerce giants like Alibaba and Meituan in the GLP-1 market, leveraging its established user base and logistics capabilities to maintain a competitive edge [11][12] - The company emphasizes the importance of user education and long-term patient management in the context of chronic diseases associated with obesity, aiming to provide comprehensive health solutions [12] Logistics and Supply Chain - JD Health has developed a nationwide cold chain logistics network to ensure the safe storage and transportation of temperature-sensitive GLP-1 medications, achieving a next-day delivery rate of 99% [8]