CNS系列报告-抗抑郁药 单胺深化与新机制探索并行， 抗抑郁药市场与新药研发进展几何？ www.swsc.com.cn 西南证券研究院 2025年11月 分析师：杜向阳 执业证号：S1250520030002 电话：021-68416017 邮箱：duxy@swsc.com.cn 分析师：伍云逍 执业证号：S1250525100003 电话： 021-68416017 邮箱：wyxiao@swsc.com.cn CNS药品一页图之——抑郁、失眠、焦虑 苯二氮䓬类（BZRAs，BZDs）:艾司唑仑、阿普唑仑、劳拉西泮、奥沙西泮、氯硝西泮、地西泮、地达西尼、短效（咪 达唑仑、三唑仑）等 非苯二氮䓬类（BZRAs，non-BZDs） ：唑吡坦（商品名思诺思）、佐匹克隆、右佐匹克隆、扎来普隆 食欲素受体拮抗剂（ORAs，双DORAs）：苏沃雷生、莱博雷生、达利雷生等 褪黑素受体激动剂：雷美尔通、阿戈美拉汀 巴比妥类：苯巴比妥、司可巴比妥、异戊巴比妥、硫喷妥钠 安眠药物 其它镇静安 眠药药 具有抗焦虑作用的药物：SSRIs、SNRIs、NaSSAs、TCAs、MAOIs、RIMAs等 苯二氮䓬类（BZDs）:艾司唑仑、 ...

Summary of Key Points from Conference Call on Antidepressant Drugs Industry Overview - The conference discusses the antidepressant drug industry, focusing on the clinical challenges and drug development landscape for treating depression, a prevalent mental health disorder with unclear pathophysiology [1][2]. Core Insights and Arguments - **Clinical Pain Points**: Current mainstream antidepressants face significant clinical challenges, including: - **Ineffective Treatment**: Approximately 60% efficacy rate, meaning not all patients can effectively control symptoms [7]. - **Slow Onset of Action**: Most existing antidepressants take 1-2 weeks or longer to show effects, which is particularly distressing for severe patients [7]. - **Safety Concerns**: Long-term use can lead to side effects such as sexual dysfunction, weight gain, and negative impacts on sleep quality [7][4]. - **Drug Development Challenges**: The slow iteration of psychiatric drugs is attributed to: - Lack of significant breakthroughs in understanding the mechanisms of mental illnesses [5]. - High failure rates in new drug development, leading to reduced investment from pharmaceutical companies in the CNS (central nervous system) sector [5] [6]. - **Current Drug Landscape**: - New drugs like **Trazodone** and **S-ketamine nasal spray** have been introduced, with Trazodone being a novel antidepressant developed by Shandong Green Leaf, which acts on serotonin, norepinephrine, and dopamine [2]. - S-ketamine has been successful in overseas markets due to its rapid onset but faces strict regulations in China due to its classification as a controlled substance [10][14]. - **Market Potential**: - Treatment for moderate to severe depression has greater market potential, as approximately 40%-50% of patients fall into this category, while treatment-resistant depression accounts for about 20%-30% of cases [15]. Important but Overlooked Content - **Clinical Trial Design**: Antidepressant clinical trials primarily rely on subjective scale results for efficacy evaluation, which can lead to high placebo effects, especially in mild to moderate depression cases [12][13]. - **Patient Considerations**: Clinicians must consider various factors when selecting treatment, including the severity of the patient's condition, suicidal ideation, age, and potential drug interactions [8][9]. - **Future Opportunities**: The potential for a new oral antidepressant with similar efficacy to S-ketamine but with fewer side effects could present significant market opportunities, contingent on successful development [11]. Conclusion - The antidepressant drug industry is at a critical juncture, facing significant clinical challenges and development hurdles. However, there is a notable market opportunity for innovative treatments targeting moderate to severe depression, particularly if they can address the current limitations of existing therapies.