千亿注射剂市场风云再起！2025年前三季度，全终端医院注射剂销售额虽同比微降，但生物药强势崛起、独家品种爆发式增长，TOP50榜单迎来大洗牌。13 款新品跻身榜单，1款独家注射剂同比劲增92.26%，齐鲁制药领衔本土药企，与外资分庭抗礼。 4500亿注射剂市场，生物药占居主导 据摩熵医药数据库(https://vip.pharnexcloud.com/?zmt-mhwz)显示，2025年Q1-Q3全终端医院市场（化药+生物药+中成药）中，注射剂销售额突破 4500亿元， 同比下滑 9.76%。品类结构中，生物药 图源：摩熵医药-全终端医院销售数据库 回顾近年走势：2018-2023年注射剂销售额在6691.73亿~7557.34亿元间波动，2020年因多重因素探底至6691.73亿元，2023年回升至7043.94亿元；2024年受宏 观与政策影响回落至6482亿元，降幅约7.98%。进入2025年，前三季度同比再降9.76%，显示行业进入阶段性调整。 治疗领域三强：血液和造血系统药物（22.75%）、抗肿瘤及免疫调节药（22.27%）、系统用抗感染药（14.6%）稳居前三，合计占据近六成份额。 图源：摩熵医 ...

Core Viewpoint - The recent announcement from the Guangdong Provincial Drug Trading Center regarding the procurement results for drugs, including diclofenac, has become a focal point in the pharmaceutical procurement sector, highlighting the ongoing competitive landscape and the implications for future industry developments [1][14]. Group 1: Procurement Details - The procurement was led by Guangdong and involved a coalition of 22 provinces, making it one of the largest local procurement alliances to date, aside from national procurement efforts [3]. - A total of 170 drug varieties were included in this procurement, covering key therapeutic areas such as analgesics, anti-infectives, and cardiovascular treatments, with a significant representation of injectable drugs [3]. - Among the participating manufacturers, Shijiazhuang Four Drug Company emerged as the largest winner, with 136 product specifications selected for procurement [3][7]. Group 2: Product Composition - The product composition included 163 non-exclusive/exclusive varieties, 2 injectables, and 5 blood products, with injectables accounting for over 60% of the total [3]. - Notably, glucose injection products were the most represented, with 1,109 specifications selected, followed by sodium chloride injections with 668 specifications, and glucose-sodium chloride injections with 475 specifications, collectively representing over 50% of the total selected products [8][11]. Group 3: Market Dynamics - The competitive nature of this procurement is evident, with 16 manufacturers having over 50 specifications selected, and 44 companies having more than 20 specifications, indicating a robust participation from various pharmaceutical companies [7]. - The procurement results reflect a trend towards price competition, with significant price disparities observed among similar products, emphasizing the need for cost-effective solutions in the market [12][13]. Group 4: Future Implications - The ongoing implementation of procurement policies is expected to create both opportunities and challenges for pharmaceutical companies, ultimately benefiting patients through access to more affordable and high-quality medications [14].

Core Viewpoint - ST Tian Sheng (002872.SZ) announced that its wholly-owned subsidiaries, Hubei Tian Sheng Pharmaceutical Co., Ltd. and Hunan Tian Sheng Pharmaceutical Co., Ltd., participated in the procurement of drugs including Dexamethasone in Guangdong Province, with several products proposed for selection in the upcoming procurement process [1] Group 1: Company Participation - Hubei Tian Sheng and Hunan Tian Sheng participated in the Guangdong Alliance procurement for Dexamethasone and other drugs [1] - The Guangdong Provincial Drug Trading Center published the proposed selection results for the procurement on October 10, 2025 [1] Group 2: Selected Products - Hubei Tian Sheng's products proposed for selection include: - Concentrated Sodium Chloride Injection - Clindamycin Hydrochloride Injection - Glucose Injection - Sodium Chloride Injection [1] - Hunan Tian Sheng's products proposed for selection include: - Cefoperazone Injection - Cefazolin Sodium Injection [1]

Core Viewpoint - ST Tian Sheng's subsidiaries, Hubei Tian Sheng and Hunan Tian Sheng, have participated in the procurement process for various pharmaceutical products, which may enhance their market presence and brand influence [1] Group 1: Procurement Participation - Hubei Tian Sheng and Hunan Tian Sheng are involved in the Guangdong Alliance procurement for drugs including concentrated sodium chloride injection, clindamycin hydrochloride injection, glucose injection, sodium chloride injection, and injectable cefoperazone and cefazolin sodium [1] Group 2: Potential Impact - The selection of these products for procurement is expected to expand the sales range and increase market share [1] - However, it is important to note that the procurement contracts have not yet been signed, leading to uncertainty regarding the subsequent impact on the company [1]