Core Insights - The 2025 National Medical Insurance Negotiation has entered its fourth day, focusing on the price negotiation for innovative drugs, with 121 drugs passing the initial review and 24 entering the price negotiation phase [1][2] Group 1: Price Negotiation Process - A total of 10 companies participated in the price negotiation for 11 drugs, including major players like BeiGene and Huyuan Bio [1] - The negotiation process is divided into two groups, with each group negotiating separately with representatives from the National Medical Insurance Administration and insurance companies [3] Group 2: CAR-T Drug Negotiations - CAR-T drugs, known for their high prices, are receiving attention in the innovative drug directory negotiations, with several companies reporting positive experiences during negotiations [4][5] - The price of Huyuan Bio's CAR-T drug, previously set at 999,000 yuan per dose, is expected to be a focal point in the negotiations [5][6] Group 3: Expectations and Concerns - Companies are primarily concerned about the potential patient access to drugs through the innovative drug directory, rather than just price reductions [8][9] - There is uncertainty regarding the implementation and market access of the innovative drug directory, as companies are still exploring the commercial insurance payment mechanisms [8][9]