Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [1] Core Insights - The pharmaceutical index has increased by 2.95% this week, while it has decreased by 9.29% year-to-date, with an excess return of 1.63% this week and a decline of 23.43% year-to-date compared to the CSI 300 index [1] - The 2024 National Medical Insurance Drug List was released, supporting domestic innovative drugs through various measures, with a success rate of 76% for negotiations and an average price reduction of 63% [2][28] - The report highlights specific companies to focus on, including DiZhe Pharmaceutical and HengRui Medicine, due to their inclusion in the new medical insurance directory [2][19] Summary by Sections 1. Support for Domestic Innovative Drugs - The 2024 National Medical Insurance Drug List includes 91 new drugs, with a focus on oncology, chronic diseases, and rare diseases, enhancing the coverage level in these areas [28][29] - The success rate for negotiations for innovative drugs exceeds 90%, which is 16 percentage points higher than the overall success rate [2][28] 2. R&D Progress and Company Dynamics - Recent approvals include two innovative drugs from East China Pharmaceutical and a TROP2 ADC drug from Kelun Biotech [3] - AstraZeneca's AKT inhibitor has shown positive results in a Phase III study for metastatic hormone-sensitive prostate cancer [3] 3. Industry Insights and Regulatory Dynamics - The report suggests a diversified investment strategy across various sectors, including traditional Chinese medicine, CXO services, innovative drugs, high-end formulations, and medical services [19][21] 4. Market Review - The pharmaceutical index's price-to-earnings ratio is currently at 32.53, which is 6.11 lower than the historical average [1] - The chemical pharmaceutical sector saw a rise of 4.89% this week, outperforming other sub-sectors [1][5]
医药生物行业跟踪周报：医保多维度支持国产创新药，建议关注迪哲药业、恒瑞医药等
Soochow Securities·2024-12-02 01:15