Market Competitive Landscape Analysis of Pegbio's Vebufide (Paidakang)

Based on search results, I provide you with a detailed analysis of the market competitive landscape of Pegbio’s GLP-1RA Vebufide:

The global GLP-1 drug market is in a period of rapid growth. The overall sales scale of globally approved GLP-1 peptide drugs is expected to reach

in 2024, with a year-on-year growth of 42%. It is estimated that the global market size will increase to about by 2025, and may further grow to by 2030 [1].

Currently, the global GLP-1 market presents a

— Eli Lilly and Novo Nordisk together account for , while other manufacturers compete for the remaining share [1].

Metrics	Novo Nordisk	Eli Lilly
Core Products	Semaglutide (Wegovy/Ozempic)	Tirzepatide (Mounjaro/Zepbound)
Q1 2025 Sales	8.011 billion USD	6.15 billion USD
Market Position	Steadily ranks first in global drug sales	Closely following, with the gap narrowing to less than 2 billion USD
Year-on-Year Growth Rate	31% YoY growth	86.6% YoY growth

Novo Nordisk’s Semaglutide officially crowned the title of “

” in Q1 2025, with global sales of 7.864 billion USD surpassing Merck’s Keytruda (7.205 billion USD) [2].

• Product Name
  : Vebufide (PB-119), Brand Name: Paidakang
• Technical Features
  : Uses unique PEGylation technology
• Approval Time
  : Recently approved for marketing
• Indications
  : Type 2 Diabetes

Based on clinical research data, Vebufide shows the following differentiated advantages [3][4]:

1. Most Comfortable and Safe
   : The incidence of gastrointestinal and other adverse reactions after patients take the drug is the lowest globally; the incidence of gastrointestinal adverse events is
   less than 7%
   , and most are mild to moderate and transient

2. Only Non-Rebound
   : The only GLP-1RA product that achieves sustained and stable glucose reduction for up to
   52 weeks
   (a full year) globally

3. Most Comprehensive
   : Simultaneously manages blood glucose, weight, blood pressure, and blood lipids, achieving “
   four highs co-management
   ”

4. Convenience
   : Hidden needle design + no dose titration required, a convenient “start-and-treat” solution

5. Authoritative Verification
   : Key Phase III study results have been published in a sub-journal of the international authoritative medical journal The Lancet

Pegbio has built a complete product matrix in the GLP-1 field [4]:

Product	Target	Indications	Development Stage
PB-119 (Paidakang)	GLP-1RA	Type 2 Diabetes	Approved for marketing
PB-718	GLP-1R/GCGR dual target	Obesity, NASH	In progress
BP-2309	GLP-1/GIP/GCG triple receptor	T2DM, NASH, Obesity	In progress

• Advantages: Obvious first-mover advantage; launched in more than 70 countries and regions globally; verified by 58 global clinical studies
• Challenges: Facing the impact of compound generic drugs; market share squeezed by Eli Lilly’s Tirzepatide [2]

• Advantages: Better weight loss effect (average weight loss of 20% vs Semaglutide’s 14%); Tirzepatide’s sales revenue reached 16.847 billion USD in 2024 [1]
• Layout: Has advanced the research and development of GLP-1 triple-target drugs; the Phase III clinical trial of oral small molecule orforglipron is positive [1]

The GLP-1 track in China presents a “many heroes rising together” pattern [3][4]:

Company	Product	Target	Development Stage
Innovent Biologics	Mazdutide	GCG/GLP-1 dual target	NDA accepted
Hengrui Medicine	HRS9531	GLP-1/GIP dual target	Submission stage
Huadong Medicine	HDM1005	GLP-1	US IND approved
Chia Tai Tianqing	Liraglutide biosimilar	GLP-1	Marketing application approved
Boan Biotech	Dulaglutide biosimilar	GLP-1	Applying for marketing
Innoscience Pharma	Exenatide alpha	GLP-1	Appeared in the preliminary review list of commercial insurance innovative drug catalog

The pricing of domestic GLP-1 drugs is only

of imported drugs, forming an obvious price advantage [2].

1. Lack of First-Mover Advantage
   : Novo Nordisk’s Semaglutide and Eli Lilly’s Tirzepatide have already seized the opportunity and established strong channels and brand awareness

2. Market Education Pressure
   : Need to change doctors’ prescription habits and patients’ medication awareness

3. Payment-Side Competition
   : GLP-1 competition has extended to the payment side; Tirzepatide will participate in the 2025 National Medical Insurance Drug Catalog adjustment [1]

• As an innovative drug company, Pegbio is transforming from a R&D-oriented enterprise to a commercialization platform
• Needs to establish a nationwide sales network and expert system

1. Differentiated Competition
   : With the unique advantages of low side effects and sustained stable glucose control, accurately target patient groups with high tolerance requirements

2. Technology Overseas Expansion
   : Plans to develop, distribute, and commercialize in “Belt and Road” countries such as Southeast Asia, the Middle East, and Africa, realizing the model upgrade from “product export” to “technology export”

3. Pipeline Synergy
   : Follow-up products such as GLP-1/GCG dual-target drugs continue to advance, building a metabolic disease matrix

1. Giant Squeeze
   : The “GLP-1 Century Battle” between Eli Lilly and Novo Nordisk may further compress the living space of other manufacturers

2. Patent Expiry
   : The patent expiry time of Eli Lilly’s Tirzepatide (2027) may trigger generic drug competition

3. Technology Iteration
   : Companies such as Eli Lilly have advanced the research and development of GLP-1 triple-target drugs; technology iteration may change the competitive landscape [2]

As a new entrant in domestic GLP-1RA, Pegbio’s Vebufide faces a competitive situation of “blocked ahead and chased behind”. Its unique advantages of low side effects and sustained stable glucose control create a differentiated positioning for it in niche markets, but to gain market share in a giant-dominated market, it still needs to continue to make efforts in commercialization capability building, market education, and channel expansion. In the future, with the acceleration of domestic substitution trend and the advancement of technology overseas expansion strategy, Pegbio is expected to occupy a place in the GLP-1 track.

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[1] Securities Times - Tirzepatide “Head-to-Head” Wins Over Semaglutide; Hundred-Billion GLP-1 Market Welcomes “Duopoly” Era (https://www.stcn.com/article/detail/1829170.html)
[2] CLS.cn - Novo Nordisk Lowers This Year’s Performance Guidance; “King of Drugs” Semaglutide Has Shown a Decline (https://m.cls.cn/detail/2100227)
[3] Eastmoney.com - In-Depth Observation of Pegbio: New Drug Approval Ignites New GLP-1 Track (https://finance.eastmoney.com/a/202511143564791881.html)
[4] China Morning News - Eli Lilly Breaks Trillion USD; Hong Kong Stock “GLP-1 Track” Innovent Biologics vs Pegbio (https://www.chinamorningnews.com/content/1763974756102515.html)