两部门联合发布《支持创新药高质量发展的若干措施》，创新药ETF国泰（517110）涨超1.5%

Core Insights - The innovation drug sector is experiencing a significant boost due to supportive policies from the National Healthcare Security Administration and the National Health Commission, which aim to enhance the development of innovative drugs through comprehensive support measures [1] - The introduction of a commercial health insurance directory for innovative drugs is expected to improve payment pathways for high-value innovative drugs, potentially breaking previous sales ceilings and facilitating growth in both domestic and international markets [1] - The number of license-out transactions for Chinese pharmaceutical companies has surged, indicating a strong trend in overseas authorization and commercialization of innovative drugs [2] Group 1: Policy Support - The National Healthcare Security Administration and the National Health Commission have issued measures to support the high-quality development of innovative drugs, covering research, access, hospital use, and multi-payment systems [1] - The establishment of a commercial health insurance directory for innovative drugs is anticipated to clarify the boundaries of basic medical insurance and provide more development space for commercial health insurance [1] Group 2: Market Dynamics - The number of license-out transactions for Chinese pharmaceutical companies has increased from 17 in 2018 to 94 in 2024, with upfront payments rising from approximately $200 million to $4.1 billion [2] - The total transaction amount for license-out deals is projected to reach $51.9 billion in 2024, with a significant year-on-year growth of 222% expected in the first quarter of 2025 [2] Group 3: Company Performance - Leading innovative drug companies are beginning to turn profitable, challenging the perception that these companies are perpetually in a financing and cash-burning phase [5] - Companies like BeiGene are expected to report profits in the first quarter of 2025, with significant improvements in operating cash flow [5] - The revenue growth for companies such as Heng Rui Pharmaceutical is attributed to the normalization of business development project payments [5] Group 4: Future Outlook - Several domestic innovative drugs are expected to gain approval in the US and European markets between 2025 and 2026, covering areas such as PD-1, ADC, and cell therapy [4] - Emerging markets in Southeast Asia and the Middle East are anticipated to become new growth points for the industry [4]