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中国GLP-1RA市场的药企竞争格局(按产品销售口径)
中国GLP-1RA市场的药企竞争格局(按产品销售口径)
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所属报告:
【长城国瑞证券】甘李药业(603087)-两轮集采实现蜕变,创新+国际化驱动第二增长曲线-251212(29页).pdf
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2023年国内GLP-1RA品种份额
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2026-04-24
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全球口服GLP-1RA药物竞争格局(部分产品)
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2026-04-24
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2024E-2034E国内GLP-1RA市场规模测算(亿元)
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2026-04-24
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2023年国内GLP-1RA企业份额
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2026-04-24
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2019-2023年国内GLP-1RA市场规模(亿元)
fCDlubTku70gfCDluILlnLrop4TmqKHvvIjkur/lhYPvvIkgfAp8LS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLXwKfCAyMDE5IHwgMTIuNDkgICAgICAgICAgICB8CnwgMjAyMCB8IDE4LjA2ICAgICAgICAgICAgfAp8IDIwMjEgfCAyOC4yOSAgICAgICAgICAgIHwKfCAyMDIyIHwgNTguNTAgICAgICAgICAgICB8CnwgMjAyMyB8IDg3LjM4ICAgICAgICAgICAgfAoK6LWE5paZ5p2l5rqQ77ya5pGp54a15ZKo6K+i77yM5Lic5YyX6K+B5Yi4
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2026-04-24
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礼来与诺和诺德GLP-1直销(DTC)及自费定价演进情况
| 日期         | 公司     | 影响品种                     | 价格变化情况                                                                                                                               | 重要程度判断               | 获得渠道                                                                                                                                                                                                 |
|--------------|----------|------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------|----------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2024年1月4日 | 礼来     |                             | （1）正式推出 LillyDirect 直销平台                                                                                                           | 重要                       |                                                                                                                                                                                                          |
| 2024年8月27日 | 礼来     | Zepbound vials（减重）       | （1）LillyDirect 上线 Zepbound vials，包括 2.5、5mg 两个剂量，定价$399/月、$549/月                                                             | 重要，首次上线官方直销平台 | （1）LillyDirect: 邮寄                                                                                                                                                                                   |
| 2025年2月25日 | 礼来     | Zepbound vials（减重）       | （1）LillyDirect 上线 7.5、10mg 两个剂量，定价$499/月（2.5、5mg 降至$349/月、$499/月）                                                         | 重要，首次降价             | （1）LillyDirect: 邮寄                                                                                                                                                                                   |
| 2025年3月5日 | 诺和诺德 | Wegovy（减重）               | （1）推出 NovoCare Pharmacy 直销平台，Wegovy 定价$499/月                                                                                     | 重要，推出官方 cash - pay 平台 | （1）NovoCare® Pharmacy: 邮寄                                                                                                                                                                            |
| 2025年3月24日 | 诺和诺德 | Wegovy（减重）               | （1）扩大 Wegovy Savings Offer，覆盖更多现金支付患者                                                                                         | 重要，覆盖更多自费患者     | （1）零售药店: wegovy.com 登记，获得 savings card                                                                                                                                                        |
| 2025年4月29日 | 诺和诺德 | Wegovy（减重）               | （1）与多家 telehealth 组织合作                                                                                                             | 重要，扩大处方医生数量     | （1）部分 telehealth 合作供应商，包括 Hims & Hers Health, Inc., LifeMD, and Ro                                                                                                                            |
| 2025年5月22日 | 诺和诺德 | Wegovy（减重）               | （1）首月定价$199，之后$499/月，有效期至 2025 年 6 月 30 日                                                                                   |                           |                                                                                                                                                                                                          |
| 2025年6月16日 | 礼来     | Zepbound vials（减重）       | （1）LillyDirect 可以提供所有剂量，定价$499/月（2.5mg 起始剂量为$349/月）                                                                     |                           | （1）LillyDirect: 邮寄                                                                                                                                                                                   |
| 2025年8月18日 | 诺和诺德 | Wegovy（减重）、Ozempic（降糖） | （1）NovoCare Pharmacy 首次上线 Ozempic，定价$499/月；（2）GoodRx 合作：Ozempic 和 Wegovy 定价$499/月                                         | 重要，首次覆盖 Ozempic      | （1）NovoCare Pharmacy: 邮寄；（2）Ozempic.com、NovoCare.com 登记；（3）GoodRx 合作：7 万 + 药房                                                                                                          |
| 2025年10月29日 | 礼来     | Zepbound vials（减重）       | （1）可以在 Walmart 线下取药                                                                                                                 | 重要，接入线下取药点       | （1）Walmart 药店：仍然需要通过 LillyDirect                                                                                                                                                               |
| 2025年11月6日 | 诺和诺德 | Wegovy（减重）、Ozempic（降糖）、口服 Wegovy（减重） | （1）Ozempic 和 Wegovy 的价格从$1000/1350/月统一下调至$350/月；（2）口服 Wegovy 若获批，起始剂量定价$150/月                                     |                           | （1）TrumpRx                                                                                                                                                                                             |
| 2025年11月6日 | 礼来     | Zepbound（减重）、Orforglipron（减重） | （1）Zepbound 和 Orforglipron（若获批）的价格从$1086/月统一下调至$346/月；（2）Orforglipron（若获批），起始剂量定价$150/月                       |                           | （1）TrumpRx                                                                                                                                                                                             |
| 2025年11月17日 | 诺和诺德 | Wegovy（减重）、Ozempic（降糖） | （1）定价从$499/月下调至$349/月，2025 年 11 月 17 日生效；（2）并推出新客低剂量（0.25、0.5 mg）$199/月的阶段性 offer，2025 年 11 月 17 日~2026 年 3 月 31 日生效 | 重要，首次调整价格         | （1）7 万 + 零售药房：患者自己拿处方去 wegovy.com 和 ozempic.com 登记，获得 savings card；（2）NovoCare Pharmacy 直配：医生直接把电子处方发到 NovoCare Pharmacy，邮寄或 CVS 零售点 pickup；（3）部分 telehealth 合作供应商，包括 Costco, GoodRx, WeightWatchers, Ro, LifeMD, and eMed |
| 2025年12月1日 | 礼来     | Zepbound vials（减重）       | （1）2.5mg、5mg 下调至$299/月、$399/月，7.5mg 及以上下调至$449/月                                                                             | 重要，二次降价             |                                                                                                                                                                                                          |
| 2026年1月5日 | 诺和诺德 | 口服 Wegovy（减重）           | （1）1.5、4、9、25mg 分别定价 $149/199/299/299/月                                                                                             |                           | （1）GoodRx 合作的 7 万 + 药房：通过 GoodRx 平台的医生获得处方                                                                                                                                            |

数据来源：礼来官网，诺和诺德官网，国泰海通证券研究
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2026-02-06
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图22 诺和诺德、礼来GLP-1产品全球市场份额 (2015-2024,亿美元)
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自研数据
2026-02-05
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表6:主要GLP-1类减重药物中国市场情况(截至2025年)
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2026-02-05
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图14:国内GLP-1药物市场企业竞争格局
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2026-02-05
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表4:国内GLP-1受体激动剂在研格局(截至2025年)
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自研数据
2026-02-05
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表6:主要GLP-1类减重药物中国市场情况(截至2025年)
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2026-02-05
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表4:国内GLP-1受体激动剂在研格局(截至2025年)
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2026-02-05
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图14:国内GLP-1药物市场企业竞争格局
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2026-02-05
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图22 诺和诺德、礼来GLP-1产品全球市场份额 (2015-2024,亿美元)
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2026-02-05
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图5-2诺和诺德、礼来GLP-1产品市场份额(2015-2024,亿美元)
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2026-01-29
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