Investment Rating - The report indicates a positive investment outlook for the psoriasis treatment market, particularly highlighting the significance of the approval of the first generic version of calcipotriene and betamethasone ointment by Huabang Pharmaceutical, which is expected to disrupt the market dynamics and increase competition [6][14]. Core Insights - Psoriasis is a chronic, systemic inflammatory skin disease affecting 2-3% of the global population, often accompanied by comorbidities such as arthritis, diabetes, and hypertension, leading to a significant impact on patients' quality of life [5][6]. - The approval of Huabang Pharmaceutical's calcipotriene and betamethasone ointment marks a milestone in the domestic pharmaceutical industry, breaking the technical barriers and filling a gap in the market for domestic generic drugs [6][14]. - The report emphasizes the shift from reliance on original branded drugs to high-quality, cost-effective generic alternatives, with expectations that generics will capture over 50% of the market share within three years due to pricing advantages [6][14]. Summary by Sections Market Overview - Psoriasis treatment options include topical medications, systemic therapies, and phototherapy, with a significant portion of patients experiencing comorbid conditions [3][5]. - The market is characterized by a long treatment duration and high recurrence rates, necessitating effective management strategies [5]. Product Development - Huabang Pharmaceutical's calcipotriene and betamethasone ointment is a combination formulation that effectively inhibits keratinocyte proliferation and provides anti-inflammatory effects [13][16]. - The company has successfully navigated various technical challenges in the development process, demonstrating a transition from "copying" to "leading" in technology within the generic drug sector [14][16]. Competitive Landscape - The report outlines Huabang Pharmaceutical's extensive product portfolio in dermatology, covering various skin conditions and establishing a comprehensive treatment line for psoriasis [18][19]. - The introduction of new small molecule targeted therapies and innovative biologics is expected to challenge the dominance of existing biologics in the market [31][33]. Future Trends - The market is anticipated to undergo significant changes driven by technological innovations, policy support, and evolving patient needs, with a focus on personalized medicine and combination therapies [31][33]. - The report highlights the increasing importance of accessibility and affordability in treatment options, particularly in light of recent policy changes that expand insurance coverage for innovative drugs [35][36].