Recently, the Jiangsu Provincial Public Resource Trading Center issued a notice on adjusting the supply prices of some vaccines, adjusting the supply prices of some vaccines. The price adjustment table shows that the supply price of the tetravalent influenza virus split vaccine for Changchun Institute of Biological Products Co., Ltd. (hereinafter referred to as Changchun Institute), Shanghai Institute of Biological Products Co., Ltd. (hereinafter referred to as Shanghai Institute), and Wuhan Institute of Biological Products Co., Ltd. (hereinafter referred to as Wuhan Institute) has been reduced from 128 yuan/dose to 88 yuan/dose, a decrease of more than 30%. This is the first time that the unit price of the quadrivalent influenza virus split vaccine has dropped below 100 yuan since it was used as a non immunization planning vaccine. The above three companies (hereinafter referred to as the Three Major Companies) are all under the umbrella of China National Pharmaceutical Group. Within the following month, domestic companies such as Hualan Biotechnology Vaccine Co., Ltd. (hereinafter referred to as Hualan Biotechnology), Beijing Kexing Biological Products Co., Ltd. (hereinafter referred to as Beijing Kexing), Jiangsu Jindik Biotechnology Co., Ltd. (hereinafter referred to as Jindik), and other domestic companies in the early stages of the quadrivalent influenza epidemic, successively reduced their prices, attracting industry attention. The public opinion trend and key nodes are monitored from May 20 to June 20, 2024, as shown in the figure. The relevant public opinion trend shows a "wave like" pattern. On May 20th, the prices of the four valent influenza virus split vaccine under the three major subsidiaries of China National Pharmaceutical Group were reduced, and public opinion began to slightly heat up. On June 5th, Hualan Biotechnology and Beijing Kexing successively announced product price reductions, and the public opinion reached its peak during the monitoring period. Phase 1: The price of the four valent influenza virus split vaccine under the three major institutions of China National Pharmaceutical Group has dropped to below 100 yuan, causing public opinion to heat up. China National Pharmaceutical Group is a latecomer to the four valent influenza vaccine market. Previously, the main suppliers of quadrivalent influenza vaccines were Hualan Biotechnology, Beijing Kexing, Jindike, etc., with supply prices consistently maintained above 100 yuan. The four valent influenza vaccines from the three major institutions were successively launched on the market in 2023. After less than a year of product launch, China National Pharmaceutical Group took the lead in lowering prices. At this stage, public opinion mainly focuses on the following two aspects. One is to analyze the reasons why China National Pharmaceutical Group took the lead in lowering prices. The People's Daily Health App published an article titled "Flu Vaccine Starts a Price War, Four valent Vaccine Falls Below 100 Yuan for the First Time", stating that China National Pharmaceutical Group's Four valent Influenza Vaccine was launched relatively late and no longer has a first mover advantage. Pre emptive price reductions are beneficial for expanding market share and occupying a price advantage in government procurement projects. According to the article "128 yuan/dose falls to 88 yuan/dose, Sinopharm takes the lead in launching the price war of four valent influenza vaccine" published on the WeChat official account "Drug Space Time", since March 2020, no confirmed influenza B virus (B/Yamagata) has been found in the natural environment. Based on this, in February this year, WHO recommended removing the virus from the influenza vaccine components in the northern hemisphere. Under the trend of trivalent influenza vaccines returning to the mainstream, the price reduction of tetravalent vaccines is also inevitable. The second is to pay attention to whether other companies will follow up on price reductions, believing that the market competition pattern will change. First Financial News published an article titled "The long-term low vaccination rate of influenza vaccines has led some manufacturers to take the lead in lowering prices." The reporter consulted with some influenza vaccine companies on whether they will follow up with price reductions, but did not receive a statement. Some individual influenza vaccine companies have replied that they will not follow up on price reductions at present. The New Beijing News client published an article titled "Is the supply price of quadrivalent influenza vaccines falling below 100 yuan, and is a price war about to begin?" stating that from the perspective of the competitive landscape of quadrivalent influenza vaccines, Hualan Biotechnology is the enterprise with the highest market share in China's quadrivalent influenza vaccine market and also one of the earliest enterprises in China to obtain approval for quadrivalent influenza vaccines. In addition to Hualan Biotechnology, quadrivalent influenza vaccines from Jindike, Beijing Kexing, Changchun Institute, Wuhan Institute, Shanghai Institute, Guoguang Biotechnology, and Jiangsu Zhonghui Yuantong have been approved for listing one after another. In addition, multiple companies such as Kangtai Biotechnology and Kangrun Biotechnology have also laid out research and development. Experts believe that for other quadrivalent influenza vaccine companies, the price reduction by China National Pharmaceutical Group may bring pressure, forcing them to consider lowering prices to maintain competitiveness, and may lead to intensified market competition, causing some companies to lose market share as a result. Phase 2: Hualan Biotechnology, Beijing Sinovac, and Jindik have successively lowered prices, escalating the price war. From June 4th to 12th, Hualan Biotechnology, Beijing Sinovac, and Jindik have successively announced price reductions for the quadrivalent influenza vaccine. The price of Hualan Biological's tetravalent influenza virus split vaccine (children's dosage form, pre filled 0.25ml/dose) has been lowered to 128 yuan/dose, while the price of the remaining tetravalent influenza vaccines has been reduced to below 100 yuan. The prices of the other two tetravalent influenza vaccines have also been reduced to below 100 yuan, both between 78 and 88 yuan. At this point, all products of the top domestic quadrivalent influenza vaccine manufacturers have completed price reductions. At this stage, the media mainly focuses on the following four aspects. One is to pay attention to the response of Hualan Biotechnology, Beijing Kexing, and Jindike to the price reduction. The Securities Times website published an article titled "Hualan Biotechnology adjusts product prices to increase market share". Hualan Biotechnology stated that the price reduction is aimed at improving the accessibility of influenza vaccines, enhancing the company's product market competitiveness and market share, reducing the economic burden on the people and the government, and assuming corporate social responsibility. The China Business Daily website published an article titled "Upgrading Enterprises in the Price War of Four valent Influenza Vaccines: Difficulties in Ensuring High Profitability". Beijing Kexing stated that the company's reduction in product prices is to further increase the domestic influenza vaccine vaccination rate and better assist in influenza prevention and control. According to an article published on the New Beijing News website titled "Price for Quantity: Jindik Lowers the Price of Four valent Influenza Vaccine Products", Jindik firmly believes in the opportunity for growth in the Chinese influenza vaccine market. In the long run, this adjustment in product prices will to some extent reduce the cost of influenza vaccination for the public, help improve the accessibility and penetration rate of influenza vaccines in China, and stimulate the growth of demand in the influenza vaccine market. Secondly, analyzing the impact of price wars, it is believed that Jindik is the most "injured". According to an article published by 21st Economic Net titled "Price War of Four valent Influenza Vaccines: Multiple Enterprises Entering the Market One after Another, How Does the Market Pattern Affect?", experts believe that after companies seize the market through price reductions, profits must first decline, and attention should be paid to whether they can drive revenue growth in the future. In the long run, companies need to develop higher-level vaccines and create uniqueness, because relying solely on "price wars" may ultimately result in no one making money. Titanium media published an article titled "After the" natural disaster, "Jin Dixie was constantly troubled and had no choice but to get involved in the" price war "of the quadrivalent influenza vaccine." According to the article, China National Pharmaceutical Group and Beijing Kexing have abundant vaccine products for sale. In contrast, Jin Dixie, who only has the quadrivalent influenza vaccine, is clearly the most injured enterprise in this round of price war. ". The third is to focus on whether reducing prices can increase the vaccination rate. The Beijing Business Daily website published an article titled "Price for Quantity Hualan Vaccine Forced to" Internal Competition ", stating that in the eyes of some industry insiders, the successive price reductions of quadrivalent influenza vaccines may create a" domino effect ", driving other quadrivalent vaccine manufacturers to lower prices. After the vaccine price reduction, China's influenza vaccine vaccination rate is expected to further increase. According to an article published by Hexun.com titled "Can influenza vaccines really be exchanged for quantity at a price war among top players?", whether the public is willing to get vaccinated is not primarily about price, but about "vaccination needs" and "vaccine safety.". In the past, influenza vaccines priced at over 100 yuan did not exceed the public's willingness to pay threshold, and price reductions were not the main factor promoting influenza vaccination. The public's difficulties in risk education, vaccine safety trust, and vaccination convenience may still affect the effectiveness of this round of vaccine exchange for quantity. The fourth is to pay attention to the price reduction of other vaccines, believing that "going abroad" will be a breakthrough choice for enterprises. According to an article published by Interface News titled "A Large Number of Self funded Vaccines Lowering Prices, Domestic Vaccines Say Goodbye to the Era of High Profit", reporters have recently observed that China National Pharmaceutical Group has simultaneously lowered the prices of six of its vaccines. The prices of the combined attenuated live vaccine for mumps and the combined vaccine for Haemophilus influenzae type B have all decreased by more than 30% in provinces such as Tianjin, Jilin, Jiangsu, Heilongjiang, and Jiangxi. The Securities Daily published an article titled "The domestic vaccine industry urgently needs to break through and develop due to successive price reductions", stating that vaccine companies need to achieve transformation through innovation and internationalization strategies. On the one hand, enterprises should enhance their research and development capabilities and launch innovative vaccine products to enhance market competitiveness; On the other hand, enterprises need to actively expand their overseas markets and explore new opportunities for performance growth through international layout. Time Finance published an article titled "Amidst the domestic price war, manufacturers are flocking overseas and facing market access challenges", stating that before the "price war", China National Pharmaceutical Group's influenza vaccine had already launched an impact on overseas markets. Many Chinese vaccine companies choose developing countries as their first choice for going abroad. The main destinations for going abroad are Southeast Asia, the Middle East, North Africa and other countries and regions. Within just one month of public opinion review, leading companies in the quadrivalent influenza vaccine industry have announced product price reductions. Except for Hualan Biological, a children's dosage form of the quadrivalent influenza vaccine, which is still priced at over 100 yuan, the prices of other quadrivalent influenza vaccines have all dropped below 100 yuan. The speed of price reductions has exceeded industry expectations and sparked widespread discussion. The price of the quadrivalent influenza vaccine has dropped, further compressing profit margins. The quality and safety of the vaccine are worth paying attention to, and further strengthening supervision is needed. (Lai Xin She)