医药生物行业周报：2024年医保谈判落地，支持创新信号明显

Investment Rating - The industry investment rating is "Overweight (Maintain)" [2][17]. Core Viewpoints - The 2024 National Medical Insurance negotiations have concluded, with results expected to be released by the end of November. The negotiations involved 127 companies and 162 drugs, with 117 drugs outside the medical insurance catalog and 45 drugs for renewal negotiations. The updated medical insurance drug catalog is expected to be published by the end of November and will be officially implemented on January 1, 2025 [6][7]. - A dynamic adjustment mechanism for the medical insurance catalog has been established, signaling strong support for innovation. The adjustment cycle has been reduced from a maximum of 8 years to 1 year, with the number of drugs participating in negotiations increasing from 18 in 2018 to over 100 in recent years. Approximately 80% of new drugs can be included in the medical insurance catalog within two years of market launch [6][7]. Market Review - During the week of November 4 to November 8, 2024, the A-share Shenwan Pharmaceutical and Biological sector rose by 6.43%, outperforming the CSI 300 index by 0.92 percentage points but underperforming the ChiNext index by 3.58 percentage points. The sector ranked 14th among 31 first-level sub-industries [8]. - The Hang Seng Healthcare Index increased by 2.77%, outperforming the Hang Seng Index by 1.68 percentage points, ranking 2nd among 12 first-level sub-industries [8]. Company Dynamics Company Announcements - On November 8, 2024, Fuan Pharmaceutical's subsidiary received a raw material drug registration certificate from the Korean Food and Drug Administration [12]. - On November 8, 2024, Baillie Gifford's subsidiary received FDA approval for a Phase I clinical trial application for BL-M17D1 for treating advanced solid tumors [12]. - On November 6, 2024, Yahui Pharmaceutical received a drug registration certificate from the National Medical Products Administration for APL-1706 [12].