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Core Insights - The new National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog (2025) and the first Commercial Health Insurance Innovative Drug Catalog (2025) will be implemented nationwide starting January 1, 2026, adding 114 new drugs to the basic insurance catalog and 19 to the commercial insurance catalog [1][6] Group 1: Drug Catalog Adjustments - The adjustment of the National Medical Insurance Drug Catalog adheres to principles of supporting genuine innovation and differentiated innovation, aiming to meet diverse medication needs and enhance accessibility to high-value innovative drugs [1][2] - The updated catalog includes 36 cancer drugs, 12 chronic disease medications, 13 anti-infection drugs, and 10 rare disease treatments, increasing the total number of drugs in the catalog to 3,253 [1][2] - The inclusion of 50 first-class innovative drugs reflects a significant increase in the success rate of new drug approvals, rising from 76% in 2024 to 88% in 2025 [3][4] Group 2: Policy Implementation and Impact - The National Medical Insurance Bureau has adjusted the drug catalog for eight consecutive years, adding a total of 949 new drugs, with expenditures exceeding 460 billion yuan and sales exceeding 600 billion yuan during the negotiation period [2][3] - New policies require medical institutions to include newly added drugs in their procurement lists by the end of February 2026, addressing the issue of drugs being listed but not available in hospitals [2][3] Group 3: Commercial Health Insurance Innovative Drug Catalog - The first Commercial Health Insurance Innovative Drug Catalog includes 19 drugs, primarily high-innovation and clinically valuable treatments, which complement the basic medical insurance offerings [6][7] - The catalog features advanced therapies such as CAR-T cell treatments and bispecific antibodies, targeting rare diseases prevalent in children, thus expanding market opportunities for pharmaceutical companies [6][7] Group 4: Industry Response and Future Outlook - The policy sends a clear signal of government support for independent innovation, encouraging pharmaceutical companies to invest more in original and differentiated research and development [7] - The National Medical Insurance Bureau plans to refine policies and enhance management to ensure the effective implementation of the drug catalogs, ultimately improving the clinical medication experience for insured individuals [7]