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新政如何解读?创新药全链条按下“加速键”!
Xin Lang Ji Jin·2025-07-22 06:32

Core Insights - The innovative drug ETF (159992) has reached a scale of 10.037 billion yuan as of July 17, 2025, with an average daily trading volume of 417 million yuan since the beginning of the year, leading in both scale and liquidity among similar funds [1] - The impressive performance of innovative drugs is supported by significant policy implementations and continuous improvements in the industry fundamentals [1] Policy Highlights - The National Healthcare Security Administration and the National Health Commission have jointly issued measures to support the high-quality development of innovative drugs, proposing 16 measures to strengthen full-chain support for innovative drugs [3] R&D Support - The new policy aims to address bottlenecks in the R&D of innovative drugs by introducing a series of supportive measures, including the opening of medical insurance data and capital supply, which is expected to reduce the R&D trial-and-error costs and financing pressures for innovative drug companies [4][6] Market Access Optimization - The establishment of a dual-directory system for medical insurance and commercial insurance for innovative drugs is expected to break through the total volume limits of medical insurance, enhancing the premium space for high clinical value innovative drugs [7][8] Clinical Application Enhancement - A series of measures have been introduced to optimize market access processes, which are expected to eliminate barriers to hospital access and enhance payment flexibility, thereby shortening the clinical volume cycle for innovative drugs [9][10] Payment Expansion - By 2030, a multi-tiered medical security system is expected to be established, with basic medical insurance as the mainstay, supplemented by medical assistance and commercial health insurance [12] Market Growth Potential - The innovative drug market is anticipated to grow significantly, with A-share pharmaceutical and biotechnology companies expected to invest over 120 billion yuan in R&D in 2024. The new policies are likely to enhance the returns and accessibility of innovative drugs, leading to a substantial increase in the number of approved innovative drugs [13] - The Chinese innovative drug market is projected to grow from nearly 550 billion yuan in 2024 to over 2 trillion yuan by 2030, with a compound annual growth rate of approximately 24.1% [13] Investment Opportunities - Investors interested in the innovative drug sector can consider innovative drug ETFs (159567, 159992) and their corresponding funds to capitalize on the growth of the innovative drug industry [15]