医药生物：2.0版DRG/DIP方案-优化支付标准、规范医保支付

Investment Rating - The investment recommendation for the industry is "Outperform the Market" [4]. Core Insights - The National Healthcare Security Administration issued the 2.0 version of the DRG/DIP payment grouping scheme on July 23, 2024, aiming to optimize payment standards and regulate medical insurance payments, promoting healthy and stable development in the pharmaceutical industry [1]. - The 2.0 version adjusted the grouping to better align with clinical realities, increasing the ADRG groups from 376 to 409, covering 634 disease diagnosis-related groups [2]. - Supporting policies have been introduced to rationalize and enhance payment and settlement efficiency, including a special case negotiation mechanism for complex cases and new drugs, allowing medical institutions to apply for special case negotiations [3]. - The implementation of DRG/DIP payment methods has shown initial success, with over 90% of coordinated areas in the country adopting these reforms by the end of 2023 [4]. - The report suggests that the introduction of DRG payment methods in the U.S. led to a significant reduction in per capita Medicare spending growth and average hospital stay duration, indicating potential cost savings in the Chinese context as well [4]. Summary by Sections Industry Events - The issuance of the 2.0 version of the DRG/DIP payment grouping scheme is expected to optimize payment standards and regulate medical insurance payments [1]. Adjustments in Grouping - The 2.0 version includes 409 ADRG groups and 634 disease diagnosis-related groups, with a reduction in core disease groups from 11,553 to 9,520 [2]. Supporting Policies - New policies allow for special case negotiations and aim to improve the efficiency of medical insurance fund settlements [3]. Implementation Progress - By the end of 2023, over 90% of coordinated areas had implemented DRG/DIP payment methods, indicating progress in the reform [4]. Investment Recommendations - The report recommends focusing on companies involved in minimally invasive surgeries and day surgeries, as well as those in medical information technology, which are expected to benefit from the ongoing reforms [4].