Hengrui Pharma(SH:600276) 2 1 Shi Ji Jing Ji Bao Dao·2025-12-09 02:37Core Insights - The introduction of the first Commercial Health Insurance Innovative Drug Directory in China marks a significant step towards improving the accessibility of high-cost Alzheimer's disease (AD) treatments, specifically the drugs Lecanemab and Donanemab, which each cost over 100,000 yuan annually [1][2][3] Group 1: Policy Developments - The National Healthcare Security Administration has responded to the high costs of innovative drugs by establishing a Commercial Health Insurance Innovative Drug Directory, which includes drugs with high innovation and clinical value that exceed basic insurance coverage [3][11] - The directory aims to create a multi-layered medical security system that combines commercial health insurance with basic medical insurance to enhance the affordability and accessibility of innovative therapies for major diseases [1][2] Group 2: Market Dynamics - The inclusion of Lecanemab and Donanemab in the insurance directory signifies a shift from a single reliance on basic medical insurance to a layered payment model of "medical insurance + commercial insurance," which opens new pathways for the accessibility of high-priced innovative drugs [2][11] - The global Alzheimer's drug market was valued at 23 billion yuan in 2020 and is projected to reach 25.7 billion yuan by 2026, indicating a compound annual growth rate of 1.5% [7] Group 3: Economic Impact - The societal value of early AD treatment could reach up to 5.5 trillion USD (approximately 35.48 trillion yuan) from 2021 to 2041 in the U.S., highlighting the significant economic burden of AD on families and society [4] - In China, the average annual cost for AD patients reached 1.1 trillion yuan in 2015, accounting for 1.47% of the GDP, with projections indicating that this cost could rise to 3.2 trillion yuan by 2030 and 11.9 trillion yuan by 2050 [5][6] Group 4: Clinical and Research Landscape - The current treatment landscape for AD includes various drugs, but the two newly included drugs represent the highest level of treatment available for the disease [3][8] - Despite the advancements, the early diagnosis rate for AD in China remains low, with 95% of patients diagnosed at moderate to severe stages, indicating a need for improved early screening and diagnosis [5][6] Group 5: Future Considerations - The establishment of the Commercial Health Insurance Innovative Drug Directory is seen as a policy breakthrough that could reshape the global AD treatment market, transitioning competition from mere drug efficacy to a broader ecosystem competition [9][10] - There are still barriers to overcome, such as the need for a multi-layered payment model and the establishment of a specialized database for AD to facilitate faster efficacy validation and pricing strategies [11]