医药生物：2024年医保目录坚定支持“真创新”，新进医保目录创新药有望充分受益

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [6]. Core Insights - The 2024 National Medical Insurance Drug List supports "true innovation," with 91 new drugs added and 43 drugs removed, maintaining a similar success rate and price reduction compared to previous years [19][20]. - The total number of drugs in the 2024 National Medical Insurance Drug List reaches 3,159, including 1,765 Western medicines and 1,394 traditional Chinese medicines [19]. - The National Medical Insurance Bureau has increased support for innovative drugs, with 38 innovative drugs added to the list, a record high [24]. Summary by Sections 1. Support for "True Innovation" in the 2024 Medical Insurance Drug List - The 2024 Medical Insurance Drug List includes 91 new drugs, with 89 added through negotiation or bidding, and 43 drugs removed due to clinical replacement or lack of supply [19]. - The success rate for negotiations remains consistent with previous years, with 89 out of 117 drugs successfully negotiated [19][21]. - The cumulative benefit of negotiated drugs has reached 830 million people, reducing patient costs by over 880 billion yuan [20]. 1.1 Innovative Drugs Expected to Benefit - The 2024 negotiations mark the first under the "Full Chain Support for Innovative Drug Development Implementation Plan," with a focus on new drugs [24]. - The time for innovative drugs to enter the insurance list has decreased from approximately 5 years to about 1 year, with over 80% of innovative drugs entering within 2 years of market approval [24]. - The pricing of new drugs favors those with high clinical value, allowing for greater price flexibility [24]. 1.2 Traditional Chinese Medicine (TCM) Updates - 20 TCM products have been moved from the negotiation list to the formal list, with many being newly launched products [27]. - The price reduction for TCM products is moderate, with 28 products maintaining their prices [28]. 1.3 Pharmacy Management Enhancements - The National Medical Insurance Bureau aims to strengthen "dual-channel" management to promote prescription outflow and enhance compliance [34]. - From January 1, 2025, pharmacies must use electronic prescription centers for dual-channel drugs, improving monitoring and management of drug distribution [36]. 1.4 Recommended and Beneficiary Stocks - Recommended stocks include Kangyuan Pharmaceutical, Zhaoli Pharmaceutical, Yifeng Pharmacy, Jiuzhoutong, and Shanghai Pharmaceuticals [10]. - Beneficiary stocks include Kangfang Biotech, Dizhe Pharmaceutical, Yunding Xinyao, Hengrui Medicine, and others [10].