医药生物行业周报：医保大力支持“真创新”好药，商业化放量可期

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Viewpoints - The 2024 National Medical Insurance Drug List has been successfully adjusted, adding 91 new drugs, including 26 for cancer treatment and 15 for chronic diseases, significantly enhancing the coverage for critical areas [2][3] - The adjustment emphasizes support for innovative drugs, with 90 out of the 91 new drugs launched within the last five years, and 38 classified as "global new" innovative drugs, marking a record high [3][4] - The negotiation success rate for innovative drugs exceeds 90%, which is 16 percentage points higher than the overall success rate, indicating strong support for genuine innovation [3][10] Summary by Sections National Medical Insurance Drug List Adjustment - The 2024 adjustment includes 91 new drugs, raising the total to 3,159, with significant additions in oncology, chronic diseases, and rare diseases [2] - The negotiation process saw 117 drugs participate, with a success rate of 76% and an average price reduction of 63%, resulting in an estimated patient cost reduction of over 50 billion yuan by 2025 [2] Support for Drug Innovation - The focus is on new drugs, with a substantial proportion of new additions being innovative, which has stimulated the pharmaceutical sector's R&D activities [3][4] - The establishment of a drug innovation value assessment mechanism aims to objectively evaluate the clinical value of drugs, enhancing the support for genuine innovation [4] Market Accessibility and Implementation - Measures are being taken to ensure the effective implementation of the new drug list, including monitoring drug availability and promoting the integration of commercial health insurance with basic medical insurance [7] - The successful inclusion of several innovative drugs in the insurance list is expected to lead to rapid commercialization and market returns for pharmaceutical companies [10][11] Investment Recommendations - Companies to watch include Kangfang Biopharma, Ascentage Pharma, Elysium Therapeutics, Kelun-Biotech, Hutchison China MediTech, Yundong New Drug, and DiZhe Pharma, as they are positioned to benefit from the new drug list [11]