Title context: Amid GLP-1 giants, why can Peidakang still break into medical insurance? Pegbio's (02565) differentiated value is set to be unleashed Text: With GLP-1 giants everywhere, why can Peidakang still break through into medical insurance? The differentiated value of Pegbio (02565) is poised for release.

Title context: Amid GLP-1 giants, why can Peidakang still break into medical insurance? Pegbio's (02565) differentiated value is set to be unleashed Text: With GLP-1 giants everywhere, why can Peidakang still break through into medical insurance? The differentiated value of Pegbio (02565) is poised for release. Text: As star drugs such as semaglutide and tirzepatide continue to reshape the market's understanding of GLP-1 drugs' glucose-lowering and weight-loss effects, domestic innovative pharmaceutical companies have also been stepping up their investments in this track, and the GLP-1 market no longer seems to lack good drugs. However, on the other side of the continuously expanding market size, the phenomenon of some patients discontinuing medication due to factors such as gastrointestinal adverse reactions and treatment costs still persists. For type 2 diabetes patients who need long-term blood glucose control, drugs need not only to be effective but also to take into account tolerability, treatment convenience, and the affordability of long-term medication. These clinical needs that have not yet been fully met are creating new development space for GLP-1 innovative drugs with differentiated characteristics. Recently, Pegbio (02565) announced that its independently developed National Class 1 innovative drug, beinaglutide injection (trade name: Peidakang), has been successfully included in the 2026 National Medical Insurance Drug Catalog. Against the backdrop of increasingly abundant GLP-1 product choices and continuously intensifying market competition, Peidakang's successful entry into the National Medical Insurance Catalog not only adds a new innovative treatment option with medical insurance payment support for patients, but also creates favorable conditions for the further release of its differentiated clinical value. Of particular note, Peidakang features treatment initiation at the starting dose with no need for dose titration, while also accumulating clinical research data in long-term glucose control and gastrointestinal tolerability, and is expected to form a recognizable competitive advantage in the vast type 2 diabetes treatment market. The next competition in the GLP-1 market: from efficacy to long-term treatment experience In recent years, GLP-1 drugs, with their significant glucose-lowering and weight-loss effects, have become one of the most closely watched drug categories in the global field of metabolic disease treatment. As multiple innovative products have been launched successively, clinical treatment options have continued to enrich, and market competition has gradually extended from a sole focus on efficacy indicators to multiple dimensions such as safety, tolerability, treatment convenience, and patients' long-term medication experience. For diabetes, a chronic disease requiring long-term management, whether patients can continue to receive treatment deserves as much attention as whether drugs can achieve effective blood glucose control. Real-world studies provide evidence for this need. A 2026 study involving 1,374 GLP-1 users showed that 31.7% of patients discontinued treatment within 180 days; among those who discontinued, 26.8% had documented adverse drug reactions and 14.4% had cost concerns. Gastrointestinal adverse reactions such as nausea, vomiting, and diarrhea are among the more closely watched issues during GLP-1 treatment, and some patients who are more sensitive to gastrointestinal reactions may therefore face challenges to treatment persistence. This means that even though the market already has multiple GLP-1 products with outstanding efficacy, differentiated needs related to different patients' tolerability, treatment preferences, and economic burden still have important clinical significance. From the perspective of market development trends, competition among GLP-1 drugs is not simply a ranking of efficacy. Different patients differ in age, disease progression, physical condition, and drug tolerability, and clinical treatment also needs to take into account individualized needs. For some patients, pursuing stronger glucose-lowering or weight-loss effects is not the only goal; being able to effectively control blood glucose while obtaining a better treatment experience and reducing the burden of medication management is also of practical value. As the market gradually matures, products that can respond to these specific needs are expected to establish their own market positioning among different patient groups. No dose titration needed, Peidakang demonstrates differentiated clinical advantages Peidakang is a long-acting GLP-1 receptor agonist independently developed by Pegbio, administered once weekly, and approved in November 2025 for blood glucose control in adult patients with type 2 diabetes. Unlike some GLP-1 products that need to start at a lower dose and gradually increase to the therapeutic dose, Peidakang features treatment initiation at the starting dose with no need for dose titration; patients can be dosed according to the approved regimen from the start of treatment, reducing the step of gradual dose adjustment. This feature helps simplify the clinical treatment process and also provides a more convenient treatment option for patients who need long-term medication. In terms of gastrointestinal tolerability, Peidakang's clinical research data are also noteworthy. Public studies show that in the beinaglutide treatment group, the incidence rates of nausea, vomiting, abdominal bloating, and diarrhea were 8.0%, 5.1%, 5.1%, and 7.3%, respectively, demonstrating attractive gastrointestinal tolerability. At the same time, Peidakang's pivotal clinical study provided 52-week long-term treatment data, showing that the product can achieve sustained and stable blood glucose control. Once-weekly dosing, no need for dose titration, long-term stable glucose control, and noteworthy tolerability data together constitute Peidakang's differentiated product characteristics. This differentiated positioning has practical significance in the current GLP-1 market. As clinical treatment options continue to increase, doctors can choose different treatment regimens according to patients' specific conditions, and for patients who value gastrointestinal tolerability, treatment convenience, and long-term blood glucose management, Peidakang provides an innovative treatment option with different administration characteristics. Its product competitiveness does not rely on single-dimensional comparisons with other drugs across all efficacy indicators, but rather responds to the objectively existing diverse needs among diabetes patients by balancing long-term glucose control, tolerability, and administration convenience. Successfully entering medical insurance despite fierce competition, differentiated clinical value ushers in a broader market Against the backdrop of continuously heating competition in the domestic GLP-1 market, Peidakang's successful inclusion in the National Medical Insurance Drug Catalog carries industry significance worth noting. As innovative drugs continue to emerge, the medical insurance payment system, while improving patients' access to medication, also provides broader application conditions for treatment regimens with different clinical characteristics. Peidakang's medical insurance access this time gives its product featuressuch as no need for dose titration, long-term stable glucose control, and gastrointestinal tolerabilitythe opportunity to benefit more type 2 diabetes patients with actual treatment needs. Of particular note, tolerability and economic burden are precisely important factors affecting long-term treatment for some GLP-1 users. The differentiated characteristics Peidakang has formed in treatment convenience and tolerability, together with the improvement in payment conditions brought by this medical insurance access, are expected to create a mutually reinforcing effect. On the one hand, the product's own clinical characteristics provide doctors with different treatment options; on the other hand, medical insurance payment support is expected to reduce the long-term medication burden for patients who meet payment conditions, enabling more patients to obtain innovative treatment regimens suited to their own needs. For patients with chronic diseases requiring long-term medication, this combination of clinical value and payment accessibility is of practical significance. China has a vast population of type 2 diabetes patients, and different patients have differing needs regarding drug efficacy, safety, tolerability, and treatment convenience. Even in a market with increasingly abundant GLP-1 products, innovative drugs with clear differentiated characteristics still have market space worth noting. Peidakang's entry into the National Medical Insurance Catalog creates favorable conditions for it to further expand clinical coverage and serve different patient groups, and also enables its product characteristics to be translated into broader clinical application opportunities. Medical insurance access resonates with real clinical needs, commercialization volume growth ushers in new opportunities For Pegbio, this medical insurance access is not only an important breakthrough in market access for its core product, but also further improves the commercialization conditions for Peidakang. Previously, the company had reached an exclusive commercialization cooperation with Shanghai Tengrui Pharmaceutical to advance the product's promotion in the Chinese market with the help of professional commercialization resources. With Peidakang's successful entry into the National Medical Insurance Catalog, the synergy among the product's differentiated clinical characteristics, medical insurance payment support, and the commercialization promotion system is expected to gradually emerge, creating more favorable conditions for hospital access, channel coverage, and growth in clinical prescriptions. Unlike some short-term treatment drugs, type 2 diabetes patients usually require long-term blood glucose management, and sustained, standardized treatment demand provides a long-term market foundation for related innovative drugs. Peidakang's once-weekly dosing with no need for dose titration helps simplify the treatment process; its long-term glucose control and gastrointestinal tolerability data provide support for clinical application; and medical insurance access is expected to further improve the economic burden of long-term medication for patients. As these factors gradually form a combined force, Peidakang is expected to accelerate the expansion of medical institution coverage and prescription application, driving growth in product sales scale. From product approval and launch, to establishing a commercialization cooperation system, and then to successful inclusion in the National Medical Insurance Drug Catalog, Pegbio is continuously improving the commercialization layout of its first innovative drug. The importance of this medical insurance access lies not only in obtaining payment support from the national basic medical security system, but also in enabling Peidakang's differentiated clinical characteristics to form a closer connection with the real treatment needs among the vast patient population. Against the backdrop of increasingly fierce competition in the GLP-1 market and continuously segmented patient treatment needs, Peidakang, which combines long-term glucose control effects, treatment convenience, and tolerability characteristics, is expected to gradually unleash its commercialization growth potential with a clearer market positioning. As medical insurance policies are implemented and commercialization promotion continues to deepen, Peidakang is expected to enable more type 2 diabetes patients to obtain innovative treatment options and inject new momentum into Pegbio's future sales revenue growth. For this innovative pharmaceutical company that is accelerating its commercialization transformation, the successful entry of its first core product into the National Medical Insurance Catalog is not only an important milestone in bringing innovative R&D achievements to broader clinical application, but also opens up new space for the company's long-term development in China's metabolic disease treatment market.