医药生物行业：国家医保药品目录调整顺利结束，新版医保目录将于2025年1月正式实施

Investment Rating - The industry rating is maintained at "Overweight" [4] Core Insights - The recent adjustment of the National Medical Insurance Drug List marks a significant step in improving the healthcare security system in China, involving 127 companies and 162 drugs, with the new list expected to be released by the end of November 2024 and implemented from January 1, 2025 [2][3] - The adjustment reflects the government's commitment to public health and aims to enhance the fairness and sustainability of the medical insurance system, providing strong support for the healthy development of the pharmaceutical industry [2] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -22.7% and an absolute return of -7.51% [1] Investment Highlights - The characteristics of the medical insurance drug list adjustment include: 1. Dynamic, regular, and standardized updates, with the adjustment cycle reduced from 8 years to 1 year, and the number of negotiated varieties increasing from 18 in 2018 to over 100 in recent years [2] 2. Open and inclusive negotiations that do not differentiate between domestic and foreign companies, providing equal opportunities for all pharmaceutical enterprises [2] 3. Systematic governance advantages through optimizing expenditure structures and ensuring reasonable use of medical insurance funds [2] 4. A pragmatic approach to negotiations, ensuring drug prices match clinical value and improving drug accessibility [2] Impact on the Pharmaceutical Industry - The rapid inclusion of innovative drugs into the medical insurance list will facilitate quicker market access for new drugs, benefiting research and development [2] - Increased market competition as more drugs enter the insurance list may lead to further price reductions [2] - Higher industry concentration as large multinational companies and emerging biotech firms gain more opportunities in negotiations [2] - Enhanced requirements for drug supply chain management as the insurance bureau emphasizes the need for reliable drug supply post-negotiation [2] Investment Recommendations - Focus on innovative drug development companies that will benefit from faster market returns due to the rapid inclusion of new drugs [2] - Opportunities for high-quality generic drug manufacturers as the promotion of generics increases [2] - Companies with strong supply chain management capabilities will have a competitive edge [2] - Companies providing medical insurance services may see new growth points as the insurance list expands and services improve [2] - Recommended companies to watch include WuXi AppTec, Kelun Pharmaceutical, Hansoh Pharmaceutical, Tongce Medical, and Xinghao Pharmaceutical [2]