2025国谈落地：从用得上走向用得起

Core Insights - The Chinese medical insurance directory will undergo its largest expansion of innovative drugs in history starting January 1, 2026, adding 114 new drugs, including 50 class 1 innovative drugs, while removing 29 drugs that are either unavailable or can be replaced by better alternatives [1][9] - The new directory will increase the total number of drugs to 3,253, significantly enhancing coverage for key areas such as oncology, chronic diseases, mental health, rare diseases, and pediatric medications [1][9] - The inclusion of innovative drugs in the medical insurance directory reflects a strong commitment to support genuine innovation and differentiated innovation in the healthcare sector [1][9] Medical Insurance Directory Expansion - The new medical insurance directory will include 114 new drugs, with nearly 44% being class 1 innovative drugs, indicating a growing emphasis on innovative treatments [1][2] - The directory aims to balance the clinical value of innovative drugs, corporate profits, and the sustainability of the insurance fund, with a new commercial insurance directory established for high-cost innovative drugs [2][15] - The entry of innovative drugs into the medical insurance directory is seen as a critical step in making these treatments accessible to patients, thereby reducing their economic burden [13][23] Market Dynamics and Trends - The inclusion of innovative drugs in the medical insurance directory is expected to accelerate sales growth for these products, reshaping the business models of Chinese innovative drug companies [4][20] - Companies like Hengrui Medicine and Innovent Biologics have successfully included multiple innovative products in the new directory, indicating a trend of increasing market access for innovative therapies [4][5] - The commercial insurance directory, which includes 19 innovative drugs, aims to provide additional support for high-cost treatments, potentially lowering patient treatment costs significantly [15][18] Focus on Key Therapeutic Areas - The new directory emphasizes significant clinical value and urgent patient needs, particularly in oncology, with new drugs targeting various types of cancers being added [10][11] - The inclusion of drugs for rare diseases and conditions like severe asthma highlights a commitment to addressing critical healthcare challenges faced by patients [16][17] - The directory also includes innovative treatments for chronic conditions such as diabetes, further expanding access to essential therapies for a large patient population [8][12] Policy and Regulatory Environment - Recent reforms in drug approval and medical insurance payment systems have created a conducive environment for the development of innovative drugs in China [19][20] - The acceleration of drug review processes and the establishment of a more rigorous value assessment framework are expected to enhance the accessibility of innovative treatments [19][22] - The collaboration between policy and capital markets is crucial for fostering innovation and ensuring the sustainability of the healthcare system [21][22] Future Outlook - The successful implementation of the new medical insurance directory is anticipated to restore investor confidence in the innovative drug market, which has seen a slowdown in investment interest recently [18][21] - The ongoing development of commercial insurance options for innovative drugs is expected to play a significant role in expanding patient access and improving treatment outcomes [18][19] - The transition from merely making innovative drugs available to ensuring they are affordable and effective represents a significant shift in the Chinese healthcare landscape [23][24]