方正证券：多个新政策出台支持创新药发展 商业保险目录落地打开支付空间

Group 1 - The core viewpoint is that the recent policy announcements significantly impact the development of innovative drugs in China, expanding market opportunities and encouraging pharmaceutical companies to increase R&D efforts [1][2] - The introduction of the commercial health insurance innovative drug directory is a major exploration of the innovative payment system, injecting new vitality into the innovative drug ecosystem [1][2] - The report expresses a strong long-term outlook for the Chinese innovative drug industry, highlighting that leading companies are entering profitability stages and their R&D pipelines are transitioning into regular revenue streams [1][2] Group 2 - The measures released by the National Healthcare Security Administration and the National Health Commission aim to support the high-quality development of innovative drugs across the entire chain, with specific actions proposed in five areas: R&D support, insurance directory, clinical application, diversified payment, and security measures [2][3] - The establishment of the commercial health insurance innovative drug directory opens up new payment avenues for innovative drugs, allowing for the inclusion of high-innovation drugs that exceed basic insurance coverage [2][3] - The process for creating the commercial health insurance innovative drug directory is organized by the National Healthcare Security Administration and aligns with the adjustments of the insurance directory, allowing companies to apply for both directories simultaneously [3]