医药生物行业周报：医保基金预付新政推出，助力行业高质量发展

Investment Rating - The industry investment rating is maintained at "Overweight" [6][12]. Core Viewpoints - The recent issuance of the "Notice" by the National Medical Insurance Administration and the Ministry of Finance aims to improve the management of prepaid medical insurance funds, alleviating the financial pressure on designated medical institutions and promoting the coordinated development of medical services, insurance, and pharmaceuticals [3][5]. - The prepaid medical insurance fund system is expected to enhance operational efficiency within the industry, effectively easing the financial burden on medical institutions [5][6]. - The report suggests focusing on companies such as Shanghai Pharmaceuticals, Jiuzhoutong, and Yaoyigou due to the positive implications of the new policy [6]. Summary by Sections Policy and Regulatory Developments - The "Notice" outlines requirements for the management of prepaid funds, emphasizing the need for clear policies, application processes, accounting standards, and supervision [4]. - It specifies that prepaid funds should not be used for non-medical expenses and sets conditions for the allocation of these funds based on the financial health of the medical insurance fund [4]. Financial Insights - In 2023, 63% of the coordinated regions allocated a total of 88.1 billion yuan in prepaid funds to designated medical institutions [5]. - From January to September 2024, the basic medical insurance fund expenditure reached 1.76 trillion yuan, reflecting a year-on-year growth of 10.5%, which is 5.7 percentage points higher than the GDP growth during the same period [5]. Investment Recommendations - The report emphasizes that the new prepaid fund policy is likely to optimize payment cycles for pharmaceutical companies and alleviate cash flow issues for medical institutions, thereby promoting stable operations across the healthcare ecosystem [6].