智通财经网·2025-12-08 03:28Core Insights - The success rate of national medical insurance negotiations has reached a historical high of 88%, with 114 out of 127 drugs successfully included in the updated list, marking the highest success rate in seven years [1][2] - The updated medical insurance directory includes 114 new drugs, of which 50 are classified as innovative drugs, reflecting strong support for innovation in the pharmaceutical sector [1][2] - The total number of drugs in the national medical insurance directory has increased to 3,253, comprising 1,857 Western medicines and 1,396 traditional Chinese medicines, with the new directory set to be implemented on January 1, 2026 [1][2] Industry Outlook - The policy environment is increasingly favorable for innovative drug development, with the commercial health insurance directory expected to become a significant growth driver [1] - The international competitiveness of China's innovative drug pipeline is improving, with ongoing upgrades in export models and technological advancements driving rapid industry growth [1] - Companies such as Heng Rui Medicine (600276.SH), BeiGene (688235.SH), and Rongchang Biologics (688331.SH) are viewed positively due to the supportive policies for innovative drugs and their potential for growth in both domestic and international markets [1]