胰岛素深度:集采出清拐点已现 凝聚创新、出海新共识

长江证券
Oct 19, 2025

国内胰岛素集采出清,拐点已现经历两轮全国集采,胰岛素市场趋于稳定。(1)第一轮:集采温和,确保集采基本量、开拓集采外市场,采取相对温和的报价策略以确保企业在保持稳定合理利润的同时还能继续加强对市场的开拓、提升对患者的服务、以及加大对未来创新研发的投入。仍有近50%的胰岛素市场份额未纳入本次集采报量,头部企业凭借优良的产品品质和售后服务发力集采外渠道市场,大幅增加销售量,市场份额得到较大的提升。(2...

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