百利天恒朱义：冲医保还是商保，是一种“赌博”

Core Insights - The National Healthcare Security Administration is developing a commercial insurance directory for innovative drugs, presenting both opportunities and challenges for innovative pharmaceutical companies that have not yet commercialized their products [2][3]. Group 1: Company Strategies - Baillie Tianheng aims to commercialize its innovative drug next year, with two potential paths: entering basic medical insurance or pursuing a "self-pay market + commercial insurance" strategy [2][3]. - The company currently has no commercialized innovative drug products, with its core pipeline being a globally first EGFR×HER3 dual-target ADC drug in Phase III clinical trials [3]. - The decision on which route to take is described as a "gamble," requiring in-depth research to understand the implications of national policies on commercial insurance development [3]. Group 2: Industry Perspectives - Fosun Pharma's chairman believes that the payment system for innovative drugs in China is still not fully developed, and commercial insurance could create a closed loop for payment, enabling sustainable development of innovative drugs [4]. - Fosun Pharma has five drugs that passed the initial review for the commercial insurance directory, including the CAR-T drug, which is priced at 1.2 million yuan per injection [4][5]. - The CAR-T drug has faced challenges in being included in the basic medical insurance directory, and the company is now focusing on the new commercial insurance directory for potential price reductions and increased sales volume [5].