医药生物行业投资策略周报:理解MNC供应链的壁垒

财通证券
Nov 24, 2025

核心观点医药MNC 供应链体系具有极高的准入壁垒。MNC 供应商认证周期通常需要多年,需经历技术、质量、EHS 及合规等多部门交叉审计,且一旦纳入合格供应商名录,便会形成强锁定效应——变更供应商需启动复杂的影响评估与再验证流程,成本高昂,因此新进入者即便技术达标,也难以在短期内撼动既有供应格局,具有较强的先发者优势。MNC 对供应链的要求远超常规质量合规范畴,强调全流程可控性与风险管理能力。除要求...

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