2024医保谈判：创新药降价换量，罕见病用药获关注

Recent Insights - The pharmaceutical index this week saw only the pharmaceutical commercial sector recording positive returns, while other sectors experienced negative returns, indicating a general underperformance [1] - The 2024 medical insurance negotiations concluded with 162 drugs involved, of which 117 were outside the insurance catalog and 45 were within it, with a pass rate of less than 50%, reflecting stricter entry standards, particularly for innovative drugs and rare disease medications [1][7] - The average price reduction expected from the negotiations is close to 70%, aimed at alleviating patient burdens and promoting drug sales growth, with results anticipated in November and the new drug catalog to be implemented in January 2025 [1][14] Medical Insurance Negotiation Insights - The 2024 medical insurance negotiations included 162 generic drugs, with a focus on innovative drugs, especially those related to oncology, metabolism, neurology, and rare diseases, indicating an increased emphasis on innovative treatments [7] - Successful negotiations are expected to have a profound impact on patients, pharmaceutical companies, and the healthcare system, optimizing resource allocation and promoting sustainable development of the medical insurance system [1][14] Pharmaceutical Sector Performance Review - In the pharmaceutical and biotechnology sector, the top-performing sub-sectors this week were pharmaceutical commercial (+1.37%) and traditional Chinese medicine II (-0.79%), while the worst performers were biological products (-4.44%) and medical services (-4.76%) [15] - The valuation levels for the chemical pharmaceutical sector were the highest at 59.21 times, while the pharmaceutical commercial sector had a valuation of 20.28 times, indicating varying investor sentiment across different segments [15] Sales Growth of Innovative Drugs - The core objective of the medical insurance negotiations is to lower drug prices to increase market volume, thereby reducing the economic burden on patients. For instance, the sales of Irofulimab reached 1.141 billion RMB in 2023, a year-on-year increase of 134.7% [10] - The successful inclusion of drugs in the medical insurance catalog is expected to rapidly expand market share and accelerate sales growth, aiding companies in recovering R&D costs and funding future innovations [10][14]