创新药械迎政策利好！2025国谈开启，首次引入商保目录

Core Insights - The recent significant meeting emphasized the promotion of biomanufacturing and brain-computer interfaces as new economic growth points, with strong support for the development of innovative drugs and medical devices [1] - The approval process reform has reduced the approval time for domestic Class 1 innovative drugs from 120 days to 45 days, with an expected 38 approvals by 2025, and an increase in rare disease drug proportion to 35% [1] - The optimization of the medical insurance negotiation mechanism has resulted in 71.3% of newly added medical insurance drugs being innovative drugs, with the patient out-of-pocket ratio for cancer drugs reduced to 9%, directly stimulating the domestic market [1] - The national medical insurance directory negotiations and commercial insurance innovative drug directory price negotiations officially commenced in Beijing, marking a shift in the domestic medical security system towards multi-level protection [1] Industry and Company Summary - The innovative drug industry is expected to benefit significantly from policies promoting independent innovation, medical insurance payment reforms, and expanded high-level openness [1] - The introduction of the "commercial insurance innovative drug directory" mechanism indicates a transition in the medical security system, alleviating the payment pressure for high-value innovative drugs through commercial insurance channels [1] - Relevant ETFs in the innovative drug industry include: - Hang Seng Medical ETF (159892) focusing on innovation attributes - Hong Kong Stock Connect Medical ETF (520510) leading in CXO content - Medical Device ETF (562600) focusing on leading medical device companies [2]