商保创新药目录的积极探索，能为高价药物开辟新空间，并通过"进入商保—收集真实世界数据—过渡 到医保"的路径，实现制度衔接。 阿尔茨海默疾病负担沉重 阿尔茨海默病是全球主要致死病因之一，疾病负担沉重。我国阿尔茨海默病早诊率低，95%的患者确诊 即中晚期，错失早期诊疗良机。 12月7日，中国国家医疗保障局公布的首版商保创新药目录，纳入卫材及礼来公司的两款阿尔茨海默病 治疗药物引发关注。阿尔茨海默病药物的研发门槛极高，目前在全球范围内的治疗选择都较为有限。 全程治疗费最高近50万元 去年，卫材公司的仑卡奈单抗（商品名：乐意保）以及礼来公司的多奈单抗（商品名：记能达）先后在 国内获批，但治疗费用高昂。复旦大学附属华山医院神经内科郁金泰教授对第一财经记者表示，仑卡奈 单抗和多奈单抗一年的治疗费用分别超过20万元和30万元，一般治疗周期为一年半。这也意味着，患者 全程用药需要支付至少30万元，最高近50万元的治疗费。 第一财经记者了解到，到2025年，礼来的多奈单抗已纳入包括北京、广州、深圳在内的10个省市的城市 商业医疗险。尽管如此，要惠及更多患者，仅靠大城市的商业医疗险仍然不够。 此次两款阿尔茨海默病治疗药物纳入商保 ...

Eli Lilly and Co. (NYSE:LLY) announced that its diabetes drug, Mounjaro, will be added to China’s state-run health insurance scheme from January 1, 2026.Mounjaro Added to China Reimbursement ListThe inclusion of Mounjaro on China’s national reimbursement list, as decided by its National Healthcare Security Administration (NHSA) on Sunday, will make the drug more accessible to the public.However, the move could also drive down selling prices. Mounjaro, a once-weekly injectable treatment, entered the Chinese ...

Core Insights - The 2025 Medicare negotiation results indicate a significant and ongoing impact on the innovative drug industry, with expectations of continued price reductions rather than a one-time event [3][8] - The second round of negotiations confirmed that high discount rates will persist, reshaping the industry's operational landscape and investor expectations [8][20] Group 1: Medicare Negotiation Outcomes - The second round of negotiations involved 15 high-cost drugs, with price reductions reaching up to 85%, and 11 drugs seeing discounts over 50% [5][8] - Notable drugs affected include Ozempic, which saw a price drop from $959 to $274 per month, representing a 71% reduction, saving patients approximately $8,220 annually [19][20] - The consistency in high discount rates between the first and second rounds signals a shift towards a systematic approach to drug pricing reform [8][18] Group 2: Industry Implications - The innovative drug industry's business model is being fundamentally rewritten, with lifecycle values of mature drugs entering a "compression era" due to systematic price reductions [22][24] - The commercialization timeline for innovative drugs is being forced to accelerate, requiring companies to maximize revenue in the early years post-launch [24][26] - The valuation of innovative drugs is shifting from "story pricing" to "cash flow pricing," emphasizing immediate revenue generation over long-term high pricing [26][30] Group 3: Future Landscape - The second round of negotiations has clarified the future regulatory environment, reducing uncertainty and allowing companies to plan around stable policy parameters [29][30] - The focus of competition is shifting back to the core aspects of innovation, such as product quality, clinical differentiation, and commercialization capabilities [30][31] - The industry is entering a new phase characterized by efficiency, speed, and differentiation, which may lead to a healthier and more transparent market for truly valuable innovations [30][31]

Eli Lilly and Company (NYSE:LLY) is one of the stocks Jim Cramer discussed, along with the tech battleground. A caller asked Cramer about an optimal entry point into the stock, and he replied: “I think that people now are getting antsy and thinking that it’s really breaking down. That’s probably when I want to start buying. I think that this, we’re very close to the Medicare payment, and it also has, you know, new indication after new indication, new indication, new readout, new readout. Buy some here and ...

智通财经APP获悉，礼来(LLY.US)、辉瑞(PFE.US)和强生(JNJ.US)在中国首个创新药物目录中占据了一 席之地，开辟了新的市场渠道，提高了昂贵尖端疗法的销售前景。在广州白云区举行的2025创新药高质 量发展大会上，共有19种创新药被列入医保报销清单，这些药品价格过高，不属于国家医保范围，但建 议纳入商业医保。这些药品涵盖多种疾病，包括癌症、阿尔茨海默病以及罕见遗传性疾病。 随着中国人口老龄化，对癌症、糖尿病、痴呆症等疾病治疗药物的需求日益增长，将这些药物纳入医保 体系或可减轻国家医保的负担。逐步过渡到商业医保报销模式，预计也将使国内外制药企业能够以更高 的价格销售药品，从而提升利润率。长期以来，由于国家医保体系要求大幅降价，制药企业的利润率一 直受到抑制。 政府并未立即公布平均折扣幅度。此前媒体报道称，折扣幅度在15%至50%之间——低于通常纳入国家 报销药品目录(NRDL)所需的60%折扣。 据大和资本市场分析师Wilfred Yuen称，最终入选的药物——从进入最终谈判的24种药物中选出——成 功率并不高，这表明监管机构在实施的第一年采取了谨慎的态度。该分析师称："最终的影响将因产品 和公司 ...

Core Insights - The founder and CEO of Aikang Group, Zhang Ligang, emphasized the importance of weight management for entrepreneurs to appear younger, noting that over half of entrepreneurs are overweight [1][3] Group 1: Weight Management - Zhang highlighted that managing weight is the primary factor for entrepreneurs to maintain a youthful appearance [1][3] - He mentioned that there are now medications available for weight management, which can be effective if individuals lack the willpower to control their weight through diet and exercise [1][3] Group 2: Medications for Weight Management - Three specific medications were mentioned: Semaglutide, Eli Lilly's Tirzepatide, and the latest from Innovent, Ma Shidu [1][3] - These medications are recommended for individuals with a BMI over 24, especially if they have related conditions such as abnormal blood lipids or blood pressure [1][3]

Core Viewpoint - The article discusses the significant updates to China's National Medical Insurance Drug List, highlighting the inclusion of innovative drugs, particularly focusing on the GLP-1 receptor agonist, Tirzepatide, for the treatment of type 2 diabetes, which reflects the government's commitment to improving access to innovative therapies [5][7][9]. Summary by Sections National Medical Insurance Drug List Update - On December 7, the National Healthcare Security Administration announced a major update to the National Medical Insurance Drug List, adding 114 new drugs, including 50 innovative drugs [5]. - The success rate for drugs entering the negotiation and bidding process increased to 88%, up from 76% in 2024, indicating a more favorable environment for innovative drug approvals [5]. Inclusion of Tirzepatide - Tirzepatide injection, developed by Eli Lilly, has been officially included in the National Medical Insurance Drug List for adult patients with type 2 diabetes who do not achieve adequate blood sugar control with metformin and/or sulfonylureas [7]. - The new drug list will take effect on January 1, 2026, showcasing the clinical value of Tirzepatide and the government's focus on the accessibility of innovative drugs [7]. Impact on Diabetes Management - China has approximately 148 million adults with type 2 diabetes, with only about 50% achieving target blood sugar levels [9]. - The inclusion of Tirzepatide in the insurance list is expected to significantly enhance treatment access for patients, potentially improving long-term management and health outcomes for diabetes patients [9].

Core Insights - Eli Lilly's drug Mounjaro will be included in China's state-run health insurance scheme starting January 1 for type 2 diabetes patients [1] Group 1 - Mounjaro is a popular drug developed by Eli Lilly [1] - The inclusion in the health insurance scheme indicates a significant step for Eli Lilly in expanding its market presence in China [1] - The decision was announced by the National Healthcare Security Administration through a website notice [1]

Core Insights - The BRUIN CLL-314 study demonstrated that pirtobrutinib (Jaypirca) achieved a higher overall response rate (ORR) of 87.0% compared to ibrutinib's 78.5%, meeting its primary endpoint of non-inferiority [1][4] - Pirtobrutinib showed a favorable trend in progression-free survival (PFS), with a 76% reduction in the risk of disease progression or death in treatment-naïve patients [1][5] - The study results will be published in the Journal of Clinical Oncology and presented at the 2025 American Society of Hematology Annual Meeting [1][2] Study Details - The BRUIN CLL-314 study was a Phase 3, randomized, open-label trial involving 662 patients, comparing pirtobrutinib to ibrutinib in treatment-naïve and BTK inhibitor-naïve patients [3][10] - The primary endpoint was ORR assessed by an independent review committee, with secondary endpoints including PFS, duration of response, and safety [10] Efficacy Results - Pirtobrutinib's ORR was statistically non-inferior to ibrutinib, with a nominal p-value of 0.0035 [4] - The efficacy results favored pirtobrutinib across all evaluated populations, including treatment-naïve and relapsed/refractory patients [4][5] Safety Profile - The overall safety profile of pirtobrutinib was similar to previous trials, with fewer treatment-emergent adverse events compared to ibrutinib [6][7] - Notable adverse events included lower rates of atrial fibrillation/flutter (2.4% vs. 13.5%) and hypertension (10.6% vs. 15.1%) with pirtobrutinib [7] Future Directions - Lilly plans to share additional results from the Phase 3 BRUIN CLL-313 study at the ASH Annual Meeting, further exploring pirtobrutinib's efficacy in treatment-naïve CLL/SLL patients [8]

Core Viewpoint - The recent inclusion of innovative cardiovascular and metabolic disease drugs in China's medical insurance directory is expected to accelerate access and affordability for patients, particularly for diabetes and cholesterol management medications [3][4][7]. Group 1: Drug Inclusion and Pricing - The GLP-1 class diabetes drug, Tirzepatide (brand name: Mufengda), has been included in the medical insurance directory less than a year after its market approval in China, specifically for adult type 2 diabetes patients [3][4]. - The long-acting PCSK9 inhibitor, Inclisiran (brand name: Lekewai), is expected to see a price reduction of over 60% after being included in the insurance directory, potentially dropping from 9,988 RMB per injection to around 3,000 RMB [4][7]. - The monthly treatment cost for Tirzepatide ranges from 1,758 RMB to 4,758 RMB, indicating a significant financial burden for patients even after insurance coverage [4][5]. Group 2: Public Health Implications - The rising prevalence of dyslipidemia and diabetes in China, with adult dyslipidemia rates at 35.6% and over 140 million diabetes patients, underscores the importance of including effective innovative drugs in the insurance system to alleviate patient financial burdens and improve chronic disease management [5][6]. - The inclusion of these drugs in the insurance directory is seen as a public health advancement, enhancing patient access to high-quality treatments and improving adherence to long-term management of chronic diseases [7][8]. Group 3: Future Drug Development - The inclusion of innovative drugs in the insurance directory is expected to accelerate the development and introduction of next-generation drugs by multinational pharmaceutical companies in the Chinese market [8]. - Clinical trials for new oral PCSK9 inhibitors and other innovative therapies are being initiated in China, reflecting the country's efficient patient recruitment process and lower costs compared to the U.S. and Europe [8].