不再锚定最低价国家药品集采明确反内卷

Core Viewpoint - The recent adjustments in China's drug procurement policies mark a shift towards a "value-oriented" approach, moving away from a simple focus on the lowest price, which is expected to foster a healthier development of the pharmaceutical industry [1][3][5]. Group 1: Policy Changes - The 11th batch of centralized procurement has been initiated, with the National Medical Insurance Administration optimizing the rules, particularly in the calculation of price differences, no longer solely relying on the lowest bid as a reference [1][4]. - The new rules require companies to justify their lowest bids and ensure they do not fall below cost, aiming to prevent irrational competition and promote quality over price [2][3]. Group 2: Market Reactions - Following the announcement of the procurement policy adjustments, the capital market responded positively, with many generic drug companies seeing significant stock price increases, with some companies like Yipinhong rising nearly 40% since July 15 [4][5]. - Analysts believe that the new measures will provide companies with more profit margins, reducing the pressure to bid at a loss, which previously compromised product quality [4][5]. Group 3: Industry Impact - The optimization of procurement rules is expected to benefit companies with strong R&D capabilities and strict quality control, promoting structural optimization and high-quality development within the pharmaceutical industry [3][6]. - Some companies are already adapting to the new environment, with reports of increased R&D investments and a shift towards innovative drug development, indicating a positive long-term outlook for the industry [3][7]. Group 4: Historical Context and Future Outlook - Since 2018, ten batches of centralized procurement have been conducted, covering 435 types of drugs, resulting in significant savings for the medical insurance fund, estimated at around 440 billion yuan [6]. - The scope of centralized procurement is expanding to include various drug categories and medical devices, with expectations for continued acceleration in the future [6][7].