GLP-1价格风暴：礼来2折“甩卖”替尔泊肽，国产药未上市先承压

华夏时报网01-13

2025年末至2026年初，国内GLP-1（胰高血糖素样肽-1）领域掀起一场颠覆性的价格风暴。随着礼来旗下核心产品替尔泊肽注射液（商品名：穆峰达）成功纳入国家医保目录，2型糖尿病每月治疗费用最低降至324．1元，较上市初期对应规格的月均2000元降幅超80%。　　近乎“两折”的医保定价让这款“全球药王”产品彻底走下高价神坛，竞争对手诺和诺德被迫跟进调价。尽管礼来回应《华夏时报》记者“调价只是因为...

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launched","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600276":1.85,"01276":1.85,"LLY":1.95},"content_text":"2025年末至2026年初，国内GLP-1（胰高血糖素样肽-1）领域掀起一场颠覆性的价格风暴。随着礼来旗下核心产品替尔泊肽注射液（商品名：穆峰达）成功纳入国家医保目录，2型糖尿病每月治疗费用最低降至324．1元，较上市初期对应规格的月均2000元降幅超80%。　　近乎“两折”的医保定价让这款“全球药王”产品彻底走下高价神坛，竞争对手诺和诺德被迫跟进调价。尽管礼来回应《华夏时报》记者“调价只是因为纳入医保”，但是这场由行业巨头掀起的降价潮，正在重新定义降糖减重赛道的商业逻辑。　　更严峻的是，对于仍在研发管线中冲刺的数十家国产药企而言，原研药的“地板价”突袭让其未上市先承压。业内预判，未来GLP-1领域的竞争激烈程度将远超曾经硝烟弥漫的PD-1赛道。　　原研药掀价格风暴　　这场席卷GLP-1行业的价格风暴，以礼来替尔泊肽的大幅降价为导火索。　　早在2025年12月中上旬，美团买药等线上医药平台便已率先启动礼来替尔泊肽的“两折预售”，提前释放价格信号。　　面对礼来的定价策略，老对手诺和诺德迅速做出应对。2025年12月26日，四川省药械集中采购服务中心公示显示，诺和诺德旗下产品诺和盈2.27mg/ml、3.2mg/ml规格价格降幅接近50%；线上电商平台数据显示，诺和盈1.5ml剂型售价已降至230元，较上市初期1200元的价格降幅达到80%，与礼来形成直接价格对抗。　　2026年1月1日起，全国医疗机构正式执行新的医保价格，礼来替尔泊肽2型糖尿病治疗适应症的月治疗费用大幅下降。以2．5mg＊4规格为例，价格降至324.1元，而进入医保前，这款价格为1818元，价格下调幅度远超市场预期。　　从全球市场格局来看，礼来替尔泊肽与诺和诺德司美格鲁肽的“药王之争”已进入白热化阶段，价格下行成为全球范围内的明确趋势。2025年11月，美国特朗普政府已与礼来、诺和诺德达成协议，将两款GLP-1药物在美国市场的月治疗费用从千美元级别降至350美元左右，全球价格联动效应逐步显现。　　和君咨询高级咨询师史天一向《华夏时报》记者分析称，礼来此次“以价换量”策略，核心目标是在国产生物类似药集中上市前锁定核心用户群体，构建稳固的市场壁垒。未来，随着国内GLP-1研发管线进入收获期，将有大量国产产品上市，礼来此时主动降价，也是通过价格优势倒逼国内药企调整商业化策略。　　国内药企承压差异化突围成关键　　恒瑞医药（600276．SH）相关负责人在接受《华夏时报》记者采访时坦言，国内外大量药企正在布局GLP-1类药物，未来几年将有多款单靶点、多靶点产品上市，市场供给迅速增加，存在“内卷”的风险。但是全球有超过10亿的肥胖人群和数亿的糖尿病患者，患者基数庞大；另外，GLP-1类药物在减重和降糖之外，还在心血管、肾脏、肝脏、神经系统等方面展现出保护效应，适应症不断拓展，市场前景依然广阔。　　数据显示，国内GLP-1领域已呈现“千军万马过独木桥”的激烈竞争态势。截至2025年12月，中国企业拥有权益且处于临床阶段活跃的GLP-1/1R靶点创新药管线数量已超过80条，其中众生药业、先为达生物、翰森制药、恒瑞医药等企业布局的GLP-1在研药物，均采用与替尔泊肽相同的GLP-1/GIP双靶点机制，目前均未实现上市。在生物类似药领域，国内已有10款司美格鲁肽生物类似药提交上市申请，涉及正大天晴、丽珠集团、石药集团、华东医药等多家龙头药企，但上述产品均处于国家药监局药品审评中心（CDE）的受理或审评阶段，尚未有一款成功获批。　　礼来与诺和诺德的大幅降价，让国内药企在GLP-1领域的巨额研发投入面临回报预期急剧下降的风险。史天一表示，替尔泊肽的降价行为可能重塑整个GLP-1药物的定价结构，国产GLP-1药物的定价空间被显著压缩。　　这与PD-1赛道的发展历程相似，却又更加严峻。　　PD-1赛道发展初期，进口原研药年治疗费用近百万元，国产药企降价30%—50%便能快速抢占市场份额；而当前礼来替尔泊肽的月治疗费用已降至千元以下，即便国产仿制药进一步降价，也难以形成足够的价格吸引力，甚至可能因成本压力陷入亏损。更为关键的是，PD-1领域的价格下行是渐进式的，行业有充足的时间适应竞争节奏；而GLP-1领域在进口原研药的引领下，直接进入“低价竞争”阶段，后续国产药上市后，将面临“价格战+疗效战+渠道战”的多重考验。　　面对严峻的市场环境，国内药企已开始加速探索差异化突围路径。　　以恒瑞医药为例，其在研的HRS9531高剂量组受试者平均体重降低幅度达到19.2%，而替尔泊肽15mg周注射剂型在同类临床试验中的减重效果约为18%—21%，恒瑞医药这款产品具备“同类最优”的潜力。　　通化东宝则聚焦给药频率的差异化，产品THDBH120（GLP-1/GIP双靶点受体激动剂）减重适应症目前处于临床开发阶段，该产品具有半衰期长的特点，具备双周给药的潜力，有望通过提升患者用药便利性形成竞争优势。　　丽珠集团则选择在生物类似药领域深耕，其研发的司美格鲁肽与原研药保持技术路线一致，从物质基础上确保产品的高度相似性；同时，丽珠集团加速推进海外市场拓展，截至目前已签署多项国际合作协议，业务覆盖拉美、中东、非洲、独联体、东南亚等50多个国家和地区，通过全球化布局分散单一市场的竞争风险。　　礼来替尔泊肽“两折”降价，已经筑起坚固的价格壁垒，国内药企难以寄望以价格战抢占市场的传统路径。未来，只有在疗效升级、给药方式优化、适应症拓展、靶点创新等方面构建鲜明的差异化优势，才能在这条高竞争赛道中实现突围。（文章来源：华夏时报网）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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