“天价”CAR-T药物均通过专家评审，创新药ETF国泰（517110）盘中上涨超2%

Core Insights - The National Healthcare Security Administration announced the completion of expert reviews for the 2025 National Basic Medical Insurance Directory and the Commercial Insurance Innovative Drug Directory, with five CAR-T drugs passing the review [3][4] - The approval of CAR-T drugs, previously hindered by high costs, indicates strong policy support for innovative drugs [3][4] Group 1: Policy Support for Innovative Drugs - The commercial insurance sector has made significant progress, with 37 high-priced innovative drugs included in the commercial insurance category this year, aimed at supplementing the Class C medical insurance directory [4] - The optimization of clinical review and approval processes has reduced the review time for innovative drugs to 30 working days, significantly shortening the R&D cycle for pharmaceutical companies [4] Group 2: Competitive Advantages of Chinese Innovative Drugs - Chinese innovative drugs have developed a differentiated, high-cost performance, and global competitive advantage, transitioning from "me-too" to "first-in-class" drug development [5][6] - The cost of drug development in China is approximately one-third of the international level, supported by a large population providing abundant clinical resources and the ongoing release of the "engineer dividend" in the biopharmaceutical sector [5] - Leading Chinese pharmaceutical companies are capable of conducting clinical trials according to ICH standards, facilitating international drug registration and global commercialization [6] Group 3: Market Performance - The innovative drug ETF, Guotai (517110), has seen a more than 60% increase year-to-date, reflecting strong market interest in the innovative drug sector [3][4]