近期，被称为“膏药大王”的知名中药企业因费用率高企引发市场关注。该企业以传统外用贴剂（如膏药）起家，在骨伤科和镇痛领域拥有较强品牌影响力。然而，随着市场竞争加剧及营销投入持续攀升，其销售费用占营收比重长期维持在较高水平，引发投资者对其盈利能力和成本控制的担忧。面对这一挑战，公司正积极寻求转型——宣布正式进军口服镇痛药物市场。此举被视为其从传统外用制剂向现代化学药或中成药口服剂型拓展的重要战略步骤。通过布局更具技术壁垒和专利保护的镇痛新药，企业希望降低对高营销费用驱动增长的依赖，提升产品附加值与毛利率。分析人士指出，尽管新药研发周期长、投入大，但若能成功切入慢性疼痛或术后镇痛等细分赛道，有望打开第二增长曲线。同时，此举也反映出中医药企业在创新转型中的积极探索，试图在保留传统优势的同时，融入现代医药体系，实现可持续发展。
Recently, a well-known traditional Chinese medicine company—dubbed the ‘King of Plasters’—has drawn market attention due to its persistently high expense ratio. The company built its reputation on topical analgesic patches and holds strong brand recognition in orthopedics and pain relief. However, intensifying competition and escalating marketing expenditures have kept its sales-to-revenue ratio unusually high, raising investor concerns about profitability and cost management.In response, the company is actively pursuing a strategic shift: it has officially entered the oral analgesic drug market. This move marks a significant step in expanding beyond traditional external formulations toward modern chemical or oral Chinese patent medicines. By developing higher-value, patent-protected pain relief drugs, the company aims to reduce reliance on marketing-driven growth and improve gross margins.Analysts note that while new drug development involves long timelines and substantial investment, successfully entering niche segments—such as chronic or postoperative pain—could unlock a second growth curve. This initiative also reflects broader efforts by traditional Chinese medicine firms to innovate and integrate into the modern pharmaceutical ecosystem, balancing heritage strengths with sustainable, forward-looking strategies.
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