First Read: China Healthcare "Tightening regulations on GLP-1 sales via ..."

研报英文原文证据摘录

First Read: China Healthcare "Tightening regulations on GLP-1 sales via ..."

Global Research

15 May 2026ab

First Read

EquitiesChina Healthcare

Tightening regulations on GLP-1 sales via China

pharmacies in Shanghai; await further Healthcare

clarifications Chen Chen,AnalystPhD

chen-zb.chen@ubs.com

+86-10-5832 8201

Henry Liu, CFANews article spurred concerns over GLP-1 injectable sales at retail channel

Analyst

An article reported by media suggests that GLP-1 sales via offline pharmacies would S1460520110002

require paper-based prescriptions (as opposed to both electronic and paper henry-za.liu@ubs.com

prescriptions) in Shanghai from May 15th, spurring market concerns on tightening +86-105-832 8509

regulations over GLP-1 sales in the retail channel. Based on our channel checks with David Guo, PhD

corporates and local pharmacies in Shanghai, it is likely that only GLP-1s with sole Analyst

indication for weight-loss (as opposed to diabetes and for weight loss with high blood S1460524040001

glucose) are subject to this rule, in our view. We believe one of the considerations behind david-za.guo@ubs.com

the rule may be the implementation of the fourth version of China's Drug +86-10-5832 8010

Administration Law effective from May 15th, which banned online sales of all injectables Judy Xie

except for those targeted at lowering blood glucose. However, we note that since it is Associate

still at an early stage of implementation, there are a lot of uncertainties as to how the S1460125100001

rules will be interpreted and implemented and if they will be implemented on a greater judy.xie@ubs.com

scale. Initial feedback from listed biopharma and online/offline pharmacies suggests +86-105-832 8006

limited impact on their GLP-1 sales; feedback from several local pharmacies we visited in