Di Yi Cai Jing·2025-09-24 02:29Core Insights - The National Healthcare Security Administration (NHSA) announced the review results for the 2025 National Basic Medical Insurance (BMI) catalog and the first version of the commercial health insurance innovative drug catalog, marking a critical phase in the "dual catalog" adjustment process [1] - In the first year of the "dual catalog" discussions, 534 products passed the initial review for the BMI catalog, while 121 drugs were included in the commercial insurance innovative drug catalog, with over 60% of the 121 drugs being "double reported" [1][2] - The "double reported" drugs reflect the pharmaceutical companies' uncertain mindset regarding drug pricing negotiations in the BMI process, with high-priced drugs often targeting commercial insurance while others focus on BMI [2][3] Group 1: Drug and Company Analysis - A total of 79 drugs from 74 companies were "double reported," with 4 companies reporting two or more drugs, indicating a competitive landscape among pharmaceutical firms [1][3] - The "double reported" drugs include various categories, such as 19 rare disease drugs and 3 CAR-T therapies, showcasing a diverse range of therapeutic areas [1][5] - The highest annual treatment cost among the "double reported" drugs is approximately 1.5 to 2 million yuan for a rare disease drug from Takeda, highlighting the financial implications for both companies and patients [8][9] Group 2: Market Dynamics and Strategies - The "double reporting" strategy is seen as a low-cost strategic exploration for companies, allowing them to gauge market responses without significant investment [3][4] - Companies are motivated to participate in both catalogs to avoid being at a disadvantage if competitors succeed in securing listings in one while they do not [3][4] - The overall pass rate for the commercial insurance innovative drug catalog is estimated to be below 30%, indicating a challenging environment for companies seeking approval [4][9] Group 3: Insights on Rare Diseases and CAR-T Therapies - Rare disease drugs face significant hurdles in entering the BMI catalog, with only 13 out of 48 rare disease drugs passing the initial review in 2024, suggesting a low success rate [9][10] - CAR-T therapies are viewed as having a better chance of entering the commercial insurance catalog, with companies adjusting their strategies based on past experiences in BMI negotiations [10][11] - The pricing strategies for CAR-T drugs reflect a calculated approach, with companies aware of the need to control costs to meet BMI requirements while also targeting commercial insurance [10][11] Group 4: Cross-National Company Participation - Among the "double reported" drugs, 14 are from 10 multinational companies, indicating a strong interest from global players in the Chinese market [20][21] - The competitive landscape includes multiple drugs targeting similar conditions, leading to a scenario where companies are closely monitoring each other's submissions [22][23] - The performance of these drugs in commercial health insurance products, particularly in the context of "惠民保" (Hui Min Bao), has been promising, providing a potential pathway for future approvals [26][28]