商保创新药目录落地势必重构产业生态

Core Insights - The National Healthcare Security Administration is conducting negotiations for the 2025 National Basic Medical Insurance Drug List and the first version of the commercial insurance innovative drug list, marking a significant step towards implementation [1][2] - The commercial insurance innovative drug list aims to include high-value innovative drugs that exceed basic insurance coverage, creating a multi-tiered medical security system [1][2] - The implementation of the commercial insurance innovative drug list aligns with China's pharmaceutical industry internationalization and the need for a competitive innovation ecosystem [2][3] Group 1 - The commercial insurance innovative drug list will be officially implemented next year, indicating a substantial policy shift towards a multi-layered value realization system [1] - This new list is designed to complement the National Medical Insurance List, addressing the growing demand for innovative drugs that are not covered by basic insurance [1][2] - The rapid growth of China's commercial insurance market, with a premium income of 977.3 billion yuan in 2024, supports the establishment of a layered payment system [2] Group 2 - The introduction of the commercial insurance innovative drug list is expected to drive the upgrade and restructuring of the entire pharmaceutical value chain, prioritizing clinical value over mere affordability [3] - This policy change encourages pharmaceutical companies to invest more in original innovation and provides a reasonable market return mechanism for breakthrough therapies [3] - Future policy coherence is crucial for the successful integration of the commercial insurance list with the national medical insurance and other support systems, ensuring a stable and sustainable industry ecosystem [3]