中国创新药盼来双轨价格时代：“市场价”亮相，“医保价”不再是唯一

Core Viewpoint - The National Healthcare Security Administration (NHSA) has officially responded to the long-standing call from pharmaceutical companies to separate medical insurance payment standards from drug prices, allowing companies to independently report and register innovative drug prices [1][9]. Group 1: Announcement and Implementation - On December 2, the NHSA issued an announcement regarding the establishment of a drug price registration and inquiry service, enabling companies to self-report innovative drug prices with relevant transaction proofs and a commitment to price authenticity [1][9]. - The newly launched Chinese drug registration system allows companies to independently declare prices, which will not be subject to review by the NHSA, provided that companies can prove the authenticity of the prices through transaction evidence [3][11]. Group 2: Pricing Mechanism - The registration price will be independent of the medical insurance network price, meaning that the medical insurance payment standard is no longer the sole reference for drug pricing in the domestic market [2][10]. - The registration price will serve as a "market price" reflecting real transaction values, granting companies significant autonomy in pricing, which is expected to facilitate the construction of a global pricing system for innovative drugs [2][10]. Group 3: Market Dynamics - The separation of registration prices from medical insurance prices establishes two independent pricing mechanisms, allowing for a clearer distinction between market prices and insurance payment standards [5][13]. - The new system is expected to enhance the negotiation position of domestic innovative drug companies in international markets, as it provides a credible market price that can be used in negotiations with foreign healthcare systems [14][15]. Group 4: Global Market Acceptance - There is optimism regarding the acceptance of the registration price as a market price in global markets, particularly as the Chinese market is characterized by high price transparency [6][13]. - The registration price must reflect actual transaction prices, which may still differ significantly from higher prices in markets like the United States, but it is seen as a step towards aligning with international pricing mechanisms [6][14]. Group 5: Implications for Foreign Companies - The new pricing mechanism is also significant for foreign pharmaceutical companies, as it alleviates concerns that domestic pricing could adversely affect global pricing strategies during negotiations with the NHSA [8][15]. - The establishment of a dual pricing system is expected to encourage foreign companies to enter the Chinese market without the fear that domestic negotiations will impact their global pricing structures [8][15].