医药行业周报：2024年医保目录出炉，创新药在医保支付上获得更多倾斜

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, indicating a "Buy" rating for the sector [1]. Core Insights - The 2024 medical insurance directory has been released, showing a significant increase in the inclusion of innovative drugs, with a total of 91 new drugs added, including 26 for cancer treatment and 15 for chronic diseases [11][12]. - The negotiation success rate for innovative drugs has reached over 90%, which is 16 percentage points higher than the overall success rate, reflecting a strong trend towards supporting domestic innovative drugs [29]. - The average price reduction for drugs outside the medical insurance directory was 63%, significantly easing the financial burden on insured patients, with an expected reduction of over 50 billion yuan for patients by 2025 [11][12]. Summary by Sections 1. Medical Insurance Negotiation Results - A total of 91 new drugs were added to the 2024 medical insurance directory, with 38 being globally new innovative drugs [29]. - The negotiation involved 127 companies and 162 drugs, achieving a success rate of 76% with an average price reduction of 63% [11][12]. 2. Industry Views and Investment Recommendations - The report emphasizes that innovation remains a crucial investment theme in the pharmaceutical sector, highlighting opportunities in overseas expansion, single product innovation, and policy catalysts [37][38]. - Key companies recommended for investment include 康方生物 (Kangfang Biologics), 迪哲医药 (Dizhe Pharmaceuticals), and 信达生物 (Innovent Biologics) [35][37]. 3. Market Performance - The biopharmaceutical sector saw a 2.99% increase in the week of November 25 to November 29, outperforming the Shanghai and Shenzhen 300 index by 1.67 percentage points [42]. - The overall valuation of the pharmaceutical sector has risen, with a premium rate of 135.08% relative to the Shanghai and Shenzhen 300 index, indicating a strengthening market position [49].