医药生物行业2024医保目录谈判结果点评：创新药谈判成功率超过90%，平均降价63%，推动商保和基本医保衔接

Investment Rating - The report maintains a "Positive" outlook on the pharmaceutical and biotechnology industry for 2024, particularly following the successful negotiation results of the new medical insurance catalog [1]. Core Insights - The new medical insurance catalog was officially released on November 28, 2024, adding 91 new drugs while removing 43 outdated or replaced drugs [1]. - A total of 117 drug varieties participated in the negotiation, with a success rate of 76% and an average price reduction of 63% [2]. - The success rate for innovative drugs exceeded 90%, with 38 of the newly added drugs being globally innovative, marking a historical high [2]. - The total number of drugs in the adjusted catalog will increase to 3,159, including 1,765 Western medicines and 1,394 traditional Chinese medicines [2]. Summary by Sections New Drug Additions - 91 new drugs were added to the national medical insurance catalog, with 90 of them approved within the last five years [2]. - The report highlights that 65 of the newly added drugs are from domestic companies, accounting for over 70% of the total [2]. Implementation and Guidance - The National Medical Insurance Administration requires provincial insurance bureaus to complete the listing of new drugs on procurement platforms by the end of December 2024 [3]. - There is an emphasis on ensuring that medical institutions adjust their drug lists in accordance with the new catalog to meet clinical needs [3]. Commercial Health Insurance Integration - The report discusses the promotion of effective integration between commercial health insurance and basic medical insurance, encouraging the development of products that align with the new drug catalog [4]. - The government aims to alleviate the financial burden on patients by supporting commercial health insurance products that complement basic medical insurance [4]. Investment Recommendations - The report suggests focusing on innovative pharmaceutical companies that are likely to benefit from the new medical insurance catalog adjustments, including companies like Heng Rui Medicine, BeiGene, and others [4].