“反内卷”的风终于刮到了集采市场，低价中标事件还会再现吗

Core Insights - The recent release of the "National Drug Centralized Procurement Document" by the National Organization for Drug Procurement has sparked significant attention and discussion within the pharmaceutical industry, particularly due to multiple adjustments in the procurement rules [1] - The principle of "no new drugs in centralized procurement" has been reiterated, indicating that innovative drugs will not be included in the procurement process, which has led to a temporary surge in the capital market [1] - The adjustments signal a strong shift in China's pharmaceutical industry from "generic low prices" to "innovation-driven" development [1] Group 1: Changes in Procurement Rules - The latest procurement rules emphasize rational pricing rather than solely focusing on low prices, addressing previous concerns about extreme low pricing practices that could harm quality [2][3] - The introduction of a new price control mechanism based on "50% of the average bid" rather than the lowest bid aims to prevent companies from underbidding to win contracts, thus promoting a more balanced competition [2][3] - A requirement for companies to submit a "Price Reasonableness Declaration" if their bids are below the established price point is intended to ensure that pricing reflects actual costs and quality considerations [3] Group 2: Impact on Market Dynamics - The introduction of the "brand-based reporting" mechanism allows medical institutions to report expected usage by specific brands, aligning procurement more closely with clinical needs and reducing discrepancies between reported and actual demand [4][5] - This change is expected to influence companies' pricing strategies and market predictions significantly, as it will better match supply with actual clinical usage [4][5] - The new rules also raise the qualification thresholds for bidders, requiring at least two years of production experience and compliance with GMP standards, thereby enhancing the overall quality of products in the market [6] Group 3: Regulatory Enhancements - The regulatory framework has been strengthened with comprehensive checks and product sampling to ensure the quality of selected drugs, with a 100% pass rate reported for recent inspections [6] - The introduction of a "first report leniency" mechanism encourages companies to report any irregularities in bidding practices, promoting transparency and accountability within the procurement process [6] - The evolution of these procurement rules is viewed as a significant indicator of the government's commitment to building a stable, efficient, and sustainable pharmaceutical supply system, moving from aggressive price reductions to long-term stability [6]