礼来30亿美元押注口服GLP-1本土化，剑指百亿减重市场_老虎社区_美港股上老虎

礼来30亿美元押注口服GLP-1本土化，剑指百亿减重市场

21世纪经济报道03-11 21:15

在全球GLP-1（胰高糖素样肽-1）药物的竞赛进入白热化阶段之际，全球市值最高的制药企业礼来公司投下了一枚重磅炸弹。　　3月11日，礼来宣布，计划未来十年累计投资30亿美元全面扩展在华供应链产能，打造口服固体制剂本土生产与供应体系，着力布局首个申报注册的口服小分子GLP-1受体激动剂orforglipron的生产能力。礼来中国已于2025年底向国家药品监督管理局提交orforglipron用于治疗...

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market","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ELIL":0.6,"LLYX":0.6,"LLY":1.97,"ELIS":0.6,"LLII":0.6,"LLYZ":0.6},"content_text":"在全球GLP-1（胰高糖素样肽-1）药物的竞赛进入白热化阶段之际，全球市值最高的制药企业礼来公司投下了一枚重磅炸弹。　　3月11日，礼来宣布，计划未来十年累计投资30亿美元全面扩展在华供应链产能，打造口服固体制剂本土生产与供应体系，着力布局首个申报注册的口服小分子GLP-1受体激动剂orforglipron的生产能力。礼来中国已于2025年底向国家药品监督管理局提交orforglipron用于治疗2型糖尿病与肥胖症的上市申请。这意味着，在替尔泊肽（Tirzepatide）凭借双靶点优势登顶2025年全球“药王”宝座（销售额达365.07亿美元）之后，礼来正试图通过这款口服药，在华开辟第二条增长曲线，并应对即将到来的专利悬崖与仿制药围剿。　　本次投资将采用内部扩建与外部合作相结合的模式：一方面依托礼来苏州工厂的技术与人才优势，强化产能协同；另一方面与多家本土生产伙伴合作，释放增量产能。该项投资有望显著提升供应，在满足中国患者用药需求的同时，也为本土产业发展、经济增长与就业创造价值。　　2024至2025年期间，礼来持续拓展在华创新与生产布局：投资2亿美元进行苏州工厂扩建，成立中国医学创新中心，并于北京、上海设立礼来创新孵化器支持初创生物技术公司加速临床转化。至此，礼来在华累计总投资已近60亿美元。　　对此投资，有券商医药行业分析师对21世纪经济报道记者表示，此举标志着礼来在中国从“销售+研发”向“研发+生产+供应链”全价值链的深度本土化升级，将中国定位为其全球供应链的关键节点。“跨国药企正从‘产品输出’转向‘技术+产能+生态’的全面本土化，中国正从全球最大的消费市场转变为全球创新与产能的重要基地。”该分析师指出。　　押注“小分子口服”　　在阿斯利康宣布计划于2030年前在中国投资逾1000亿元人民币（150亿美元），以扩大在药品生产与研发领域的布局后，礼来也提出计划未来十年累计在华投资30亿美元。而在此次30亿美元的投资蓝图中，礼来核心聚焦于打造口服固体制剂本土生产与供应体系。　　礼来集团副总裁兼中国总经理德赫兰表示：在北京加码投资，标志着我们正持续完善在华全价值链供应体系，以更好地满足中国患者日益增长的需求。基于苏州工厂长期积累的扎实能力与立足江苏的深入合作，继续拓展现有苏州工厂肠促胰素注射液生产能力的同时，我们将在北京新增口服固体制剂生产能力，推动关键创新的本土化制造与供应。　　orforglipron是心血管代谢领域下一个里程碑式突破，它解决了真实世界患者体验中的未尽之需——治疗便捷性。尽管礼来手握替尔泊肽且在减重效果上数据惊艳，但注射剂型带来的恐惧、出行不便以及冷链保存需求，一直是患者长期依从性的“拦路虎”。orforglipron的定位是降低治疗启动与长期坚持的门槛，尤其对于偏好口服、或在注射剂冷链条件不完善地区的患者，这款药物能帮助他们实现更早干预和更连贯的疾病管理 。　　在当前的竞争格局中，此举无疑是巩固护城河的关键一战。随着诺和诺德的司美格鲁肽在中国核心专利于本月（2026年3月）到期，一大批本土仿制药正在涌入的路上。九源基因、华东医药、齐鲁制药等十多家本土药企的类似药已处于上市审批或三期临床阶段，业界普遍预测GLP-1将迎来“白菜价”时代 。　　此次投资计划的另一大看点，在于其执行模式的创新，内部扩建与外部合作双轮驱动。一方面，礼来依托苏州工厂的技术与人才基础进行产能协同；另一方面，礼来史无前例地宣布携手多家本土合作伙伴，与康龙化成达成的战略合作，首期投资2亿美元用于支持其技术能力建设，未来将视发展逐步扩大规模 。　　从更深层的行业视角来看，这标志着跨国药企在华角色完成了从“市场开拓者”到本土创新生态“共建者”的华丽转身 。　　过去，跨国药企在中国的生产布局更多是为了满足本地分装或关税政策要求，属于“轻资产运营”。前述分析师认为，礼来计划携手康龙化成等CDMO伙伴，规划布局包括orforglipron在内的未来管线大规模生产能力，这是一种深度的“技术赋能”与“产能捆绑”。　　“跨国药企在华投资正从‘规模扩张’转向‘战略深耕’，合作形式从独资控股向合资合作、战略联盟转型。”前述分析师指出。　　此前，2月8日晚间，信达生物（01801.HK）宣布与礼来制药达成战略合作，携手推进肿瘤及免疫领域创新药物的全球研发。根据合作协议，信达生物依托自身成熟的抗体技术平台及高效的临床能力，将主导相关项目从药物发现至中国临床概念验证（二期临床试验完成）的研发工作；礼来获得相关项目在大中华区以外的全球独家开发与商业化许可，信达生物保留相关项目在大中华区的全部权利。　　对于康龙化成而言，获得礼来2亿美元的注资和技术能力建设支持，不仅是订单层面的利好，更是对其生产质量体系和合规能力的国际背书。这种“资本+技术+生态”的三位一体合作，让跨国企业不再是单纯的“外来者”，而是真正嵌入中国医药工业链环的深度参与者。　　百亿市场中寻觅平衡　　尽管战略前景光明，但摆在礼来面前的也并非一片坦途。　　当前中国的减重药物市场已陷入一场复杂的“混战”。据医药魔方统计，全球在研小分子GLP-1药物就有88款，其中6款已进入III期临床 。除了与诺和诺德的正面交锋，礼来还要面对信达生物的玛仕度肽、辉瑞近期在华获批的新一代偏向型GLP-1受体激动剂埃诺格鲁肽注射液ecnoglutide等强力竞品的追击 。　　根据行业咨询机构分析，2025年全球GLP-1药物市场规模已突破700亿美元，其中注射剂型仍占主导，但口服剂型销售额也不容忽视。例如，诺和诺德的口服司美格鲁肽（Rybelsus）2025年销售额为34.95亿美元，礼来的口服小分子GLP-1药物Orforglipron预计2026年起逐步放量，花旗集团预测其峰值销售额可达400亿美元。　　从临床数据来看，各家产品各具优劣。此前有业内人士分析指出：替尔泊肽减重幅度最大，但抑制食欲效果相对温和；玛仕度肽对脂肪肝改善效果显著，但胃肠道反应相对剧烈 。如何在医生与患者心中建立起orforglipron独特的“疗效-安全性-依从性”三角定位，将是上市后医学教育的核心课题。　　此外，价格博弈也进入深水区。2026年1月，降糖版替尔泊肽首次纳入国家医保目录，价格降幅高达80% 。诺和诺德此前也宣布司美格鲁肽降价50%以应对竞争 。在医保“腾笼换鸟”的大背景下，orforglipron未来如何定价、如何通过价值证据说服医保支付方，将直接决定其放量速度。　　值得关注的是，政策东风正在为这些巨头的豪赌保驾护航。今年政府工作报告将生物医药从去年的“新兴产业”升级为“新兴支柱产业”，明确提出深化外商投资促进体制机制改革，保障外资企业国民待遇 。这一顶层设计释放了清晰的信号：中国欢迎高质量的外资深耕。　　作为跨国巨头，GE医疗全球执行副总裁、GE医疗大中华区总裁兼首席执行官宋为群表示，中国医疗体系正朝着提质、增效、求实的方向稳步前行。“‘十五五’，我们将紧扣医疗高质量发展的主线，发挥‘中国创新’与‘全球资源’双轮驱动的创新引擎优势，进一步强化本土创新与供应链布局，围绕临床需求，通过智能设备与药物研发创新、疾病导向的临床方案创新，以及AI驱动的医疗生态创新，为精准医疗的实施注入新动能。”　　随着这笔30亿美元投资的落地，礼来在华累计总投资已近60亿美元，这种深度的本土化，最终将反哺全球。正如礼来执行副总裁兼生产运营总裁贺安德 （Edgardo Hernandez）所言：“过去两年，礼来不断升级在华供应链布局，不仅满足当下之需，更为下一代药物生产打造与之匹配的响应速度与产能韧性。”　　对于中国本土产业而言，这种深度合作带来的不仅是就业和GDP的增长。通过与礼来这样的全球顶尖药企在口服固体制剂、连续化生产等前沿技术能力上的共建，本土CDMO企业的技术能级将得到实质提升，从而有能力参与更高附加值的全球医药制造分工。　　三十年前，跨国药企带着药品叩开中国大门；三十年后，他们带着资本、技术和生产线，与中国伙伴共同搭建通向全球健康的桥梁。在这场关于体重的世纪博弈中，礼来的三十亿美元押注，不仅是一场商业豪赌，更是全球医药产业链深度重构的一个缩影。　　随着orforglipron上市审批的推进，一场围绕口服减肥药的产能争夺战、市场渗透战，才刚刚拉开帷幕。（文章来源：21世纪经济报道）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}