Zhi Tong Cai Jing·2025-12-10 03:17Group 1 - The core viewpoint of the report is that the National Medical Insurance Administration (NMI) is encouraging the high-quality development of innovative drugs, with a clear trend towards supportive payment policies for innovative drugs, indicating that leading domestic innovative drug companies are entering a commercial realization phase [1] - The 2025 National Medical Insurance Drug List includes 127 products participating in bidding, with 114 drugs successfully added, of which 50 are Class 1 innovative drugs, accounting for 44%, marking a historical high [1] - The overall negotiation success rate is 90%, the highest in nearly seven years, while the success rate for drug applications is 18%, up by 2.5 percentage points year-on-year [1] Group 2 - The Chinese innovative drug market is experiencing accelerated differentiation, with a few leading domestic innovative drug companies contributing significantly to the newly included innovative drugs, indicating a concentration effect [2] - Heng Rui is the biggest winner with 20 innovative drugs/indications included, including 10 new entries, while Innovent Biologics follows with 7 innovative drugs, 6 of which are newly included [2] - The first version of the commercial insurance directory has three key highlights: only 19 out of 121 new drugs passed the formal review, 5 domestic CAR-T therapies were included, and 14 out of 19 drugs are oncology-related, accounting for 74% [4]