Core Insights - The 2025 National Medical Insurance Drug List includes 114 new drugs, with 50 being innovative drugs, achieving an overall success rate of 88%, a significant increase from 76% in 2024 [1] - The first version of the commercial insurance innovative drug list includes 19 drugs, laying the foundation for a multi-tiered medical security system [1] - The inclusion of nine innovative drugs from the Sci-Tech Innovation Board in the medical insurance list highlights the robust capabilities and vitality of these companies [1] Group 1: Innovative Drug Inclusion - Nine innovative drugs from Sci-Tech Innovation Board companies have been included in the medical insurance list, with several others successfully renewing or expanding their indications [1] - Junshi Biosciences' drug, Juntai® (generic name: Angrexis monoclonal antibody injection), is the only domestic PCSK9-targeted drug for patients intolerant to statins included in the new list [2] - Haichuang Pharmaceutical's first marketed drug, Hainaan® (generic name: Dihydrotestosterone enzalutamide soft capsule), received approval for market launch and is included in the 2025 medical insurance list, enhancing patient access [2] Group 2: Commercial Insurance Innovations - The first commercial health insurance innovative drug list complements the basic medical insurance, providing new possibilities for patients to access cutting-edge treatments [4] - Two advanced therapy drugs from BeiGene, including Baihe An® (generic name: Zhenidat monoclonal antibody injection), are among the first to be included in the commercial insurance list, marking a significant market access pathway for high-value innovative drugs [4] Group 3: Renewal and Expansion of Indications - Successful renewals of innovative drugs confirm their clinical value and market position, with BeiGene's Bai Ze An® (generic name: Tarelizumab injection) and Junshi Biosciences' Tuoyi® (generic name: Toripalimab injection) expanding their insurance coverage [5][6] - Junshi Biosciences' Tuoyi® has now been included for 12 indications in the national medical insurance list, showcasing the recognition of its clinical value and innovation by the National Medical Insurance Bureau [6] Group 4: R&D Investment and Development Cycle - Sci-Tech Innovation Board companies have maintained a high level of R&D investment, with total R&D spending reaching a new high in the first three quarters of 2025, growing over 10% year-on-year [6] - The R&D intensity of these companies stands at 42%, significantly surpassing the overall level of A-shares during the same period, indicating a solid cycle of "R&D investment - innovative results - insurance support - market returns - reinvestment in R&D" [6][7]