2025年药品目录谈判协商结束，创新药发展空间依然可观

Industry Insights - The National Healthcare Security Administration organized negotiations for the 2025 National Basic Medical Insurance Drug List from October 30 to November 3, with 120 domestic and foreign companies participating [1] - A total of 127 drugs outside the current list participated in the basic medical insurance drug negotiations, while 24 drugs were involved in the commercial insurance innovative drug price negotiations [1] - The new version of the basic medical insurance drug list and the first version of the commercial insurance innovative drug list are expected to be released online and offline in Guangzhou on the first weekend of December, with implementation starting January 1, 2024 [1] Company Highlights - Xinlitai's innovative drug, Xinlitai, is the only domestically developed angiotensin II receptor antagonist with independent intellectual property rights [2] - Bailitiheng has several innovative drugs included in the breakthrough therapy list by the drug review center [2] Market Potential - According to Dongwu Securities, China's innovative drugs are gaining international competitiveness, with a significant increase in business development (BD) opportunities abroad [1] - The global innovative drug market is projected to reach $1.1 trillion in 2024, with an estimated growth to $1.5 trillion by 2030, potentially contributing a market value of 7.8 trillion RMB for Chinese innovative drug companies [1] - The current total market value of A+H shares in innovative drugs is 2.6 trillion RMB, indicating a potential 200% increase in market value [1]