Jun Shiguan Xuan: the standard k medicine will compete at 1 / 3 of the price! Will Cinda, Hengrui and Baiji follow up?

On December 30, Junshi biology held the Junshi tumor immunity forum and the listing meeting of tuoyi (treprizumab) in Guangzhou, officially announcing the listing of tuoyi (treprizumab), a PD-1 monoclonal antibody tumor immunotherapy drug independently developed by Junshi biology Li Ning, executive president and general manager of Jushi bio, said that keytruda (k drug, MSD) is its direct counterpart If the current pricing of K drug is more than 400000 / year, Jushi's pricing must be far lower than that of K drug "The price range of treprizumab should be about 1 / 3 of the price of drug K In addition, whether from the perspective of charity or from the perspective of drug accessibility, we will certainly have a charity drug donation plan " According to the analysis of the insiders, many PD-1 / L1 products have been approved intensively one after another, and Junshi biological seizes the opportunity of pricing by virtue of its IPO and excellent cost control ability, The "price war" has inevitably ignited In a new competitive situation, whether it is MSD, Squibb, AstraZeneca, or Cinda, Hengrui, and Baiji, we have to examine the pressure brought by the downward price space Price competition is inevitable for the listing price of trepril mAb Recently, it has attracted the industry's attention and all kinds of speculation After the o medicine (opdivo, Squibb) and K medicine have been listed and published successively, the lowest price in the world has become the day flower board of PD-1 product pricing As the first local drug company PD-1 listed varieties, how to price the trepril mAb of Junshi biology will undoubtedly become the price reference of PD-1 / L1 varieties listed later No matter multinational or local pharmaceutical enterprises, whether they are willing to admit it or not, in front of many PD-1/L1 product R & D enterprises, there will be unavoidable comprehensive competition in product quality, indications and prices At present, Cinda bio's "cindilimab injection" has been approved for listing on December 28, becoming the second domestic PD-1 variety In addition, the varieties of Hengrui and Baiji Shenzhou are about to pass the threshold of approval for listing, and more local pharmaceutical companies are walking on the road of R & D and application On December 26, the application for listing of AstraZeneca durvalumab (imfinzi) was accepted, and PD-L1 monoclonal antibody products were also on the market In terms of pricing, keytruda of 100mg / 4ml in China is priced at 17918 yuan, close to half of the U.S market; opdivo of 100mg / 10ml is recommended to have a retail price of 9260 yuan (4591 yuan for 40mg / 4ml), and 60kg patients need 36884 yuan a month However, even the lowest price in the world still makes ordinary patients unbearable Now, two domestic PD-1 drugs have been approved by the regulatory authorities, which undoubtedly breaks the monopoly pattern of foreign pharmaceutical enterprises, and more importantly, it is expected to reduce the cost of drug use for domestic patients According to Feng Hui, chief operating officer of Junshi biology, the exact price of trepril mAb has not been determined yet, and the company is still making internal trade-offs for several different offers "Compared with imported drugs, drugs O and K have been sold on the market, and the price is very clear Thereplimab will certainly have a very competitive price." The cost test has begun According to the previous Junshi bio prospectus, the expressed yield of js001 (trepril mAb) in the fermentation scale of 200L bioreactor can reach 7.5g/l, and the industry obviously has a more direct industry expectation for the relationship between cost control and listing pricing "The initial fermentation scale of k-medicine is 1g / L, and now the technology is more mature, it can be 2G / L compared with the fermentation scale of k-medicine 2G / L, there is indeed a cost advantage in the fermentation scale of monarch fruit biology." Yao Sheng, deputy general manager of Junshi biology, further introduced that considering the balance of production capacity and quality, the fermentation scale of Junshi's current production platform system is controlled at 6G / L, which is at a high level in China The cost advantage will be directly reflected in the price In the future price competition in the field of PD-1 / L1, Xinda, Hengrui and Baiji Shenzhou are facing a lot of cost pressure Zhou Xinhua, CEO of Jiahe biology, previously analyzed to reporters that in PD-1 / L1 R & D enterprises, the fermentation scale of most local pharmaceutical enterprises is close to that of imported pharmaceutical enterprises, and the possibility of price reduction to 1 / 5-1 / 10 is almost nonexistent "The scale of fermentation will certainly affect the cost If the scale of fermentation can reach 10g / L ~ 20g / L, the price of domestic PD-1 / L1 can be set to 1 / 5 ~ 1 / 10 only when the cost price is convenient The larger the fermentation scale is, the higher the requirements for production are We also have a lot of exploration and achievements in the fermentation scale Considering the cost and competition situation, it is not impossible for PD-1 / L1 to reduce to a lower price in the future " According to the analysis of insiders, if the cost is 2-3 times lower than that of competitors, it is not difficult to understand that the listing price has 1 / 2-2 / 3 profit margin "At present, local PD-1 R & D enterprises have increased the fermentation scale to 20g / L, and the cost control ability and competitive advantage will be further strengthened in the future." In this way, it seems that Chinese patients are not far away from using PD-1 / L1 products with "cabbage price", which is certainly a good thing for patients However, for many pharmaceutical enterprises that are still in the layout of PD-1 / L1 R & D and whose products are far from going to market, whether the huge R & D investment can be exchanged for market value transformation, and how long the market dividend period of PD-1 / L1 can be maintained, the global pharmaceutical enterprises and the local pharmaceutical enterprises have started the full-scale competition around product quality, indications and prices, and the opportunity cost is likely to be fleeting.