During each flu season, the rapid surge in influenza cases within a short period can place tremendous pressure on healthcare facilities. Receiving the flu vaccination is regarded as the "first line of defense" against influenza, significantly reducing the risk of infection and severe complications among recipients.
However, the influenza vaccination rate in China has long remained at an unsatisfactory level, lingering in the single digits. Compared to the market for influenza treatment drugs, sales in the flu vaccine market have consistently underperformed.

Flu vaccine sales are outsold by influenza treatment drugs

A Yicai reporter compiled the 2024 sales data of influenza vaccine companies listed on the A-share and Hong Kong stock markets.
The main A-share influenza vaccine enterprises include Hualan Vaccine (301207.SZ), GDK Bio (688670.SH), and BCHT (688276.SH). The primary Hong Kong-listed influenza vaccine company is Zhonghui Biotech (02627.HK). From 2021 to 2024, Hualan Vaccine consistently maintained the leading position in China by the number of influenza vaccine lot releases.
Hualan Vaccine, GDK Bio, and abbbio currently rely primarily on influenza vaccine sales for their revenue. In 2024, their influenza vaccine sales were approximately RMB 1.073 billion, RMB 80.80 million, and RMB 260 million, respectively.
BCHT has multiple vaccine products on the market. In 2024, influenza vaccines accounted for less than 15% of its total sales, meaning revenues not exceeding RMB 185 million.

Overall, the combined total sales of these four influenza vaccine companies in 2024 did not exceed RMB 1.6 billion.
In comparison, HecPharm (06887.HK), the company with the highest market share in China's influenza antiviral drug market, reported sales of its anti-flu drug Oseltamivir reaching approximately RMB 2.6 billion in 2024.
In other words, the combined annual sales of Hualan Vaccine, GDK Bio, abbbio, and BCHT Bio were less than the flu drug sales of Dongyangguang Pharmaceutical alone.
A review study on the economic burden of influenza, cited in the *"Chinese Influenza Vaccination Technical Guidelines (2023-2024)"*, provides the following data:
Outpatients: Direct medical costs ranged from RMB 195 to 804, direct non-medical costs from RMB 45 to 211, indirect costs from RMB 139 to 963, resulting in a total economic burden between RMB 801 and 1,320.
Inpatients: Direct medical costs ranged from RMB 4,464 to 20,712, direct non-medical costs averaged RMB 1,809, indirect costs ranged from RMB 203 to 1,927, leading to a total economic burden between RMB 9,832 and 23,833.
Influenza vaccination effectively reduces the number of flu-related outpatient visits, emergency department visits, hospitalizations, and deaths, thereby lowering treatment costs and generating significant economic benefits.
Recently, Zhang Ying, Deputy Director of the Tianjin Center for Disease Control and Prevention, stated in an interview with Yicai that the primary goals of influenza prevention are to prevent severe cases and deaths. The influenza virus is prone to co-infections, primarily with invasive infections like pneumonia, meningitis, and otitis media, which can easily lead to severe illness or even death.

Difficulties in Promoting Flu Vaccines

So, why is influenza vaccine promotion facing such significant challenges?

According to industry insiders, misconceptions—such as believing vaccination is unnecessary, or fearing the vaccine will be ineffective or cause side effects—continue to hinder public uptake of the influenza vaccine.
"Influenza drugs primarily serve a treatment function, targeting individual patients, whereas the influenza vaccine targets healthy individuals or high-risk groups. Compared to antiviral drugs, the public holds vaccines to a higher safety standard but has a lower tolerance for side effects," a representative from an influenza vaccine manufacturer told Yicai.
Wang Dayan, Director of the Chinese National Influenza Center at the Chinese CDC, recently stated in a published article that in influenza prevention and control, flu vaccines have not yet fully played their intended role. The root cause lies not in the vaccines themselves, but in insufficient vaccination coverage. While free vaccination policies in some parts of China have boosted local rates and reduced cluster outbreaks, the national influenza vaccination rate remains far below levels in developed and many developing countries, and significantly lags behind the WHO's recommended target of 75%. "Vaccine hesitancy" is a major factor contributing to the low rate. As early as 2019, "vaccine hesitancy" was listed by the World Health Organization as one of the top ten global health threats. Some people believe "I am healthy, I don't need a vaccine" or "even if I get the flu, it's not a big deal," underestimating the severity of influenza and lacking understanding of the vaccine's benefits, which affects vaccination rates.
In Wang Dayan's view, combating vaccine hesitancy and ensuring successful vaccination implementation has become an "urgent battle" in the current fight against influenza, requiring concerted efforts and multiple measures.
First, conduct public education to dispel myths and improve public understanding of influenza vaccines.
Second, enhance the accessibility and convenience of vaccination services, ensuring those willing to get vaccinated no longer face hurdles like "not knowing where to go, unable to get an appointment, or finding it too inconvenient."
Third, improve the vaccination service system and promote the integration of medical treatment and prevention, enabling genuine collaboration between preventive and clinical care.
Fourth, explore more flexible funding mechanisms for vaccine costs and expand the coverage of beneficial public health policies.
Reference：https://finance.eastmoney.com/a/202511263575680970.html