China Pharma: Marketing book

UBS's China Pharma marketing book argues that China's under-penetrated insomnia market is approaching a structural inflection point on the rollout of orexin receptor antagonists (ORAs). UBS forecasts the ORA segment to scale from cRmb0.1-0.2bn in 2025 to Rmb8.9bn by 2035 (49% CAGR), reaching 32% of the total sleep therapeutic market. Roughly 10-15% of Chinese adults suffer from clinically significant insomnia disorder, with a treatment rate of only ~6% versus 60%+ in the US/Japan; UBS expects the treatment rate to rise from 6% in 2022 to 8% in 2035, driven by sleep monitoring/support technology, the ramp-up of ORA innovative drugs and improving well-being awareness. ORAs offer a favourable safety profile with low dependence potential and are not subject to strict class II regulation;