罗氏有关负责人告诉经济观察报，玛巴洛沙韦的说明书长60厘 米，"目前罗氏在华药物中说明书尺寸最长为1米"。 作者：刘晓诺 封图：图虫创意 2025年12月中旬，小琪得了甲流。她在美团买了一盒罗氏的玛巴洛沙韦，花了200多元，拆开药 盒后，只看到两片药，但说明书比药还厚，像本小书。她感到"这药不简单"。 在流感季中，玛巴洛沙韦的超长说明书让许多患者印象深刻，有人吐槽："说明书展开之后大得像 被子，病好了说明书都没看完。" 不仅是流感药，有网民说，"奶奶拆开拜耳的利伐沙班片，看到里头（的说明书）像张报纸"。有 医生打开一盒抗肿瘤药，说明书铺满了一整张桌面。 2025年12月30日，罗氏有关负责人告诉经济观察报，玛巴洛沙韦的说明书长60厘米，"目前罗氏 在华药物中说明书尺寸最长为1米"，这款药物是法瑞西单抗，用于治疗眼科疾病。 2025年12月，一位网友的帖子 面对超长、字小且艰涩的说明书，一些患者深感困惑。 有患者说，说明书写的不良反应比病还重，干脆不吃药了。还有人质疑："能把说明书看懂了，我 都能当医生了。药厂是让患者学医的，还是服药治病的？" 对此，北京医院主任药师胡欣说："处方药说明书主要是给专业人士看的。 ...

经济观察报 记者 刘晓诺 2025年12月中旬，小琪得了甲流。她在美团买了一盒罗氏的玛巴洛沙韦，花了200多元，拆开药盒后，只看到两片药，但说明书比药还厚，像本小书。她感 到"这药不简单"。 在流感季中，玛巴洛沙韦的超长说明书让许多患者印象深刻，有人吐槽："说明书展开之后大得像被子，病好了说明书都没看完。" 不仅是流感药，有网民说，"奶奶拆开拜耳的利伐沙班片，看到里头（的说明书）像张报纸"。有医生打开一盒抗肿瘤药，说明书铺满了一整张桌面。 面对超长、字小且艰涩的说明书，一些患者深感困惑。 有患者说，说明书写的不良反应比病还重，干脆不吃药了。还有人质疑："能把说明书看懂了，我都能当医生了。药厂是让患者学医的，还是服药治病的？" 对此，北京医院主任药师胡欣说："处方药说明书主要是给专业人士看的。一般来讲，一款处方药说明书信息量越大、修订的次数越多，说明它的科学研究 越充分。不良反应写得比较多，也能让医生和药师规避掉一些不安全的情况。" 2025年12月30日，罗氏有关负责人告诉经济观察报，玛巴洛沙韦的说明书长60厘米，"目前罗氏在华药物中说明书尺寸最长为1米"，这款药物是法瑞西单 抗，用于治疗眼科疾病。 2025 ...

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [1] Core Insights - The pharmaceutical and biotechnology industry index declined by 3.65% during the reporting period, ranking 21st among 31 primary industries, underperforming the CSI 300 index which fell by 2.73% [4][16] - The valuation of the pharmaceutical and biotechnology industry as of October 17, 2025, is a PE (TTM overall method, excluding negative values) of 30.08x, down from 31.23x in the previous period, indicating a downward trend and below the average [4][21] - Key sub-industries include vaccines (55.76x), hospitals (39.64x), and medical devices (38.84x), with the lowest valuation in pharmaceutical circulation (14.29x) [4][21] - The report highlights significant innovations presented at the 2025 ESMO conference, indicating a shift in global oncology drug development from "single-agent breakthroughs" to "combination therapy strategies" [6][8] - The newly released regulations by the State Council aim to standardize clinical research pathways, promoting innovation while ensuring safety [7][25][26] Industry Overview - The report notes that 26 listed companies in the pharmaceutical and biotechnology sector experienced a net reduction in shareholder holdings amounting to 501 million yuan, while 4 companies increased their holdings by 519 million yuan [4] - The report emphasizes the importance of monitoring third-quarter earnings to validate the fundamentals of companies, particularly those with innovative product launches and significant performance improvements [8] Important Industry News - The approval of the first domestic PDE4 inhibitor by He Mei Pharmaceutical marks a significant milestone in the industry [6][34] - The approval of a new indication for GSK's recombinant shingles vaccine expands its application to adults at increased risk due to immunodeficiency [6][36] - The U.S. Senate passed a revised version of the Biosecurity Act, which continues to impose restrictions on certain Chinese biotechnology companies [6][44] - The collaboration between Bai Li Tian Heng and BMS on the iza-bren project has reached a milestone, triggering a payment of 250 million USD [6][47] - The IPO of Xuan Zhu Biotechnology on the Hong Kong Stock Exchange saw a significant oversubscription and a substantial increase in share price during the dark trading period [6][49]

Investment Rating - The report does not explicitly state an investment rating for the industry [2] Core Insights - The pharmaceutical and biotechnology sector experienced a decline of 2.48% from October 13 to October 17, underperforming the broader market index, the CSI 300, which fell by 2.22% [3][8] - There is a sustained enthusiasm for business development (BD) transactions in innovative drugs, with several companies entering agreements with international pharmaceutical firms [3][12] - The ESMO conference held from October 17 to 21 showcased positive advancements in multiple studies, particularly in immunotherapy and antibody-drug conjugates (ADCs), highlighting the potential of domestic biotech companies [3][11] Market Weekly Review - The pharmaceutical and biotechnology sector saw a weekly decline of 2.48%, with offline pharmacies and traditional Chinese medicine showing slight gains of 0.59% and 0.38%, respectively [8] - Medical research outsourcing, medical devices, and other biological products faced significant declines, with drops of 6.46%, 5.37%, and 3.6% respectively [8][9] - Notable stock performances included Asia-Pacific Pharmaceutical with a rise of 36.7%, while Betta Pharmaceuticals saw a decline of 17.0% [11] Industry News and Key Company Announcements Important Industry Events - On October 18, Kangfang Biologics presented data on a PD-1/VEGF dual antibody in non-small cell lung cancer at the ESMO conference, showing significant improvement in progression-free survival (PFS) [11] - On October 16, Hansa Biopharma announced a licensing agreement with Roche for the global exclusive rights to develop and commercialize HS-20110, with an upfront payment of $80 million [12] - On October 16, Prigen Biologics entered a collaboration with Gilead's Kite Pharma, receiving an upfront payment of $120 million [12][13] Company Announcements - Huayuan Biologics reported a slight decrease in total revenue for the third quarter, amounting to 936 million yuan, a 0.2% year-on-year decline [14] - Shanghai Pharmaceuticals received FDA approval for Doxycycline capsules, with projected sales of approximately $130 million in the U.S. for 2024 [14][16]

Core Viewpoint - Shanghai Pharmaceuticals has received approval from the Malaysian National Pharmaceutical Regulatory Agency (NPRA) for the marketing of its rivaroxaban tablets, indicating a significant milestone for the company in expanding its product offerings in international markets [2] Company Summary - Shanghai Pharmaceuticals' subsidiary, Changzhou Pharmaceutical Factory Co., Ltd., is responsible for the production of the rivaroxaban tablets that have now been registered for sale in Malaysia [2] Industry Summary - The approval of rivaroxaban tablets in Malaysia reflects the growing demand for anticoagulant medications in the Southeast Asian market, highlighting potential growth opportunities for pharmaceutical companies operating in this region [2]

Core Viewpoint - Shanghai Pharmaceuticals has received approval from the Malaysian National Pharmaceutical Regulatory Agency (NPRA) for the marketing of its rivaroxaban tablets, indicating a significant step in expanding its market presence in Malaysia [1] Company Summary - Shanghai Pharmaceuticals announced that its subsidiary, Changzhou Pharmaceutical Factory, has obtained a drug registration certificate for rivaroxaban tablets from the NPRA [1] - The approved rivaroxaban tablets are available in three specifications: 10mg, 15mg, and 20mg [1] Industry Summary - Rivaroxaban is primarily used to reduce the risk of stroke and systemic embolism in patients with non-valvular atrial fibrillation, as well as for the treatment and prevention of deep vein thrombosis (DVT), treatment of pulmonary embolism (PE), and prevention of venous thromboembolism (VTE) in acutely ill patients [1]

Core Viewpoint - Shanghai Pharmaceuticals (601607.SH) announced that its subsidiary, Changzhou Pharmaceutical Factory, received a drug registration certificate from the Malaysian National Pharmaceutical Regulatory Agency (NPRA) for rivaroxaban tablets, which have been approved for market launch [1]. Group 1 - Rivaroxaban tablets are primarily used to reduce the risk of stroke and systemic embolism in patients with non-valvular atrial fibrillation [1]. - The drug is also indicated for the treatment and prevention of deep vein thrombosis (DVT) [1]. - Additionally, rivaroxaban is used for the treatment of pulmonary embolism (PE) and for the prevention of venous thromboembolism (VTE) in acutely ill patients [1].

Core Insights - Shanghai Pharmaceuticals' subsidiary, Changzhou Pharmaceutical Factory, has received FDA approval for its abbreviated new drug application (ANDA) for Doxycycline Capsules (40mg), which is primarily used for treating inflammatory lesions of rosacea in adult patients [1] - The same subsidiary has also obtained a drug registration certificate from the Malaysian National Pharmaceutical Regulatory Agency (NPRA) for Rivaroxaban Tablets, allowing it to be marketed in Malaysia [1] Company Developments - The approval of Doxycycline Capsules by the FDA marks a significant milestone for Shanghai Pharmaceuticals, enhancing its product portfolio in the dermatological segment [1] - The registration of Rivaroxaban Tablets in Malaysia indicates the company's expansion into international markets, potentially increasing its revenue streams [1] Industry Impact - The approval of generic drugs like Doxycycline and Rivaroxaban reflects the ongoing trend in the pharmaceutical industry towards increasing access to essential medications through generics [1] - The successful registration of these products may position Shanghai Pharmaceuticals favorably within the competitive landscape of the pharmaceutical industry, particularly in the Asian markets [1]

Core Viewpoint - Shanghai Pharmaceuticals (601607.SH) announced that its subsidiary, Changzhou Pharmaceutical Factory, received a drug registration certificate from the Malaysian National Pharmaceutical Regulatory Agency (NPRA) for rivaroxaban tablets, allowing the product to be marketed [1] Group 1 - Rivaroxaban tablets are primarily used to reduce the risk of stroke and systemic embolism in patients with non-valvular atrial fibrillation [1] - The drug is also indicated for the treatment and prevention of deep vein thrombosis (DVT) [1] - Additionally, it is used for the treatment of pulmonary embolism (PE) and for the prevention of venous thromboembolism (VTE) in acutely ill patients [1]

Core Insights - The event held on September 11 focused on the performance explanation of Tianjin-listed companies and highlighted the achievements of Lifesun Pharmaceutical in drug development since 2020 [1] Company Developments - Lifesun Pharmaceutical has made significant progress in new product research and development, with multiple drug approvals achieved [1] - The company has received drug registration certificates for 13 generic products, including Valsartan Amlodipine and Rivaroxaban tablets [1] - A total of 22 product specifications have passed consistency evaluations, and 9 chemical raw material drug applications have been approved [1] Market Strategy - The company aims to enrich its product structure and enhance its marketing system, leading to increased product sales and market share [1] - Lifesun Pharmaceutical is committed to deepening the synergy between research and industrialization to provide accessible quality medications for patients while creating long-term value for investors [1]