Core Insights - The launch of the Chinese Drug Price Registration System on December 2 is seen as a significant positive development for the innovative drug sector, facilitating the international expansion of domestic innovative drugs [1][4]. Group 1: Drug Price Registration System - The Chinese Drug Price Registration System was launched on December 2, with nine pharmaceutical companies participating in the initial registration, including both multinational and traditional Chinese medicine firms [2]. - The system currently includes limited information, with only 10 drug entries available, indicating a nascent stage of development [2]. - The system allows for independent pricing by companies outside of the National Medical Insurance (NMI) framework, which is a notable shift in policy [1][5]. Group 2: Innovative Drugs Highlighted - Four drugs showcased on the system are recognized as either the first of their kind in China or globally, including innovative treatments like Toripalimab and Icaritin [3]. - For instance, Toripalimab is the first Chinese PD-1 monoclonal antibody approved in both Europe and the U.S., while Icaritin is the first CAR-T therapy targeting BCMA approved in China [3]. Group 3: Market Implications - The establishment of the registration system is expected to enhance the global pricing framework for Chinese innovative drugs and attract high-quality foreign drugs to the Chinese market [4][5]. - Data indicates that in the first three quarters of 2025, Chinese pharmaceutical companies completed 103 license-out transactions totaling $92.03 billion, highlighting the growing importance of the Chinese market in the global pharmaceutical industry [4]. - The NMI's non-interference in pricing for the non-NMI market is seen as a positive step towards respecting market dynamics and enhancing the pricing power of domestic companies in international markets [5].

Core Insights - The launch of the Chinese Drug Price Registration System on December 2 is seen as a significant positive development for the innovative drug sector, facilitating the international expansion of domestic innovative drugs [1][4] - The system allows for independent pricing by companies outside of the National Medical Insurance (NMI) market, which is expected to foster a more competitive environment [1][5] Group 1: Drug Price Registration System - The Chinese Drug Price Registration System was launched on December 2, with nine pharmaceutical companies participating in the initial registration, including both multinational and domestic firms [2] - The system currently includes limited data, with only 10 drug entries available, indicating a nascent stage of development [2] - The system is designed to respect the pricing autonomy of companies in the non-NMI market, which is a shift from previous perceptions that equated the NMI market with the entire Chinese pharmaceutical market [5] Group 2: Innovative Drugs Highlighted - Four drugs showcased on the system's homepage hold either domestic or global "first" status, including innovative treatments like the first Chinese PD-1 monoclonal antibody approved in Europe and the U.S. [3] - Specific pricing examples illustrate the disparity between NMI reimbursement prices and companies' self-reported prices, such as the self-reported price of 10,688 yuan for a PD-1 monoclonal antibody compared to the NMI price of 1,253.53 yuan [3] Group 3: Market Implications - The establishment of the drug price registration system is expected to enhance the global pricing framework for Chinese innovative drugs and attract high-quality foreign drugs to the Chinese market [4] - Data indicates that Chinese pharmaceutical companies completed 103 license-out transactions worth 9.203 billion USD in the first three quarters of 2025, highlighting the growing importance of the Chinese market in the global pharmaceutical industry [4] - The NMI's non-interference in pricing for the non-NMI market is viewed as a positive step towards empowering companies to set prices that reflect market conditions, potentially increasing their influence in international markets [5]

12月2日，中国药品价格登记系统（下称"药登系统"）正式上线。该系统由国家医保局发起建立， 北京药品登记信息服务有限公司作为运营主体，国内外医药企业可根据发展需求自主申报登记药品价 格，建立"一药一档"的登记档案,并对真实性负责。 国家医保局借鉴国际做法，发起药品价格登记系统，对推动医药高质量发展具有深远影响和重要意 义。药登系统将独立于各省级医药采购平台，遵循"一地受理、全国共享、全球公开"原则，有助于企业 构建更加全面的全球化药品价格体系，也有助于提升药品价格治理现代化水平。此外，登记价格不改变 参保和非参保群众的用药价格水平。 国家医保局指出，药登系统是适应医药创新发展新形势的全新探索，是企业构建全球化多元化药品 价格体系的展示平台，着眼于为企业提供面向全球的权威、规范、透明的市场价格登记查询服务。既有 利于中国创新药"走出去"，也有助于吸引更多国外高质量新药进入中国市场、惠及中国患者，促进创新 药全球市场发展。 据悉，首批在中国药品价格登记系统进行价格登记的企业包括：恒瑞医药、上海药明巨诺生物、亿 帆医药、百济神州、国药集团、北京同仁堂、康方生物、罗氏制药、南京驯鹿生物。 药企出海有了关键支撑 国家医 ...

Core Points - The launch of the China Drug Price Registration System aims to facilitate the globalization of Chinese innovative drugs and attract high-quality foreign drugs to the Chinese market, benefiting patients in China [1][4] - The system operates under a "one location acceptance, nationwide sharing, global openness" service mechanism, allowing pharmaceutical companies to independently declare and register drug prices [1][4] - The establishment of this system fills a gap in the national-level drug pricing disclosure framework in China, enhancing the credibility of registered prices compared to provincial systems [5] Group 1: System Overview - The China Drug Price Registration System (China Drug Registration) was officially launched on December 2, providing a platform for drug price registration and inquiry [1] - The system is a collaboration between the National Healthcare Security Administration and the Beijing Municipal Government, operated by a state-owned enterprise under a socialized operation model [1][4] - The registration process allows drug market authorization holders to voluntarily declare prices and is open for public inquiry, ensuring transparency [5] Group 2: Industry Impact - The system is expected to significantly impact the high-quality development of the pharmaceutical industry in China, aligning with the country's goal of building a healthy China and supporting the development of innovative drugs and medical devices [3][4] - By providing a platform for global price registration, the system helps Chinese pharmaceutical companies establish a comprehensive global pricing framework, enhancing the modernization of drug price governance [4][5] - The system's independent operation from provincial procurement platforms allows for a clearer distinction between market prices and negotiated prices under healthcare insurance [4][5]

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