2024年版医保目录调整政策点评：新增创新药数量创新高，医保持续支持创新药械发展

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry [2] Core Insights - The 2024 version of the National Medical Insurance Drug List has introduced a record number of innovative drugs, increasing the total number of drugs in the list to 3,159, with 1,765 Western medicines and 1,394 traditional Chinese medicines [2] - A total of 117 drugs outside the list participated in negotiations, with 89 successfully negotiated, achieving a success rate of 76% and an average price reduction of 63%, alleviating the financial burden on patients [2] - Among the newly added 91 drugs, 38 are globally innovative drugs, marking a historical high in both proportion and absolute number, with over 70% being products from domestic companies [2] - The adjustment of the drug list has led to a more clinically focused product structure, with 11 new traditional Chinese medicine drugs entering the negotiation list, achieving a negotiation success rate of 55% and price reductions ranging from 49.7% to 84.6% [2] - The medical insurance fund has significantly supported the development of innovative drugs, with payments for negotiated drugs reaching approximately 92 billion yuan in the first ten months of the year, 21 times that of the same period in 2019 [2] Summary by Sections Drug List Adjustments - The 2024 drug list includes 3,159 drugs, with a focus on enhancing drug supply security and promoting effective integration of commercial health insurance with basic medical insurance [2] - The number of traditional Chinese medicines in the regular list has decreased, while the number of negotiated drugs has steadily increased, with Western medicines dominating [6][10] Payment and Support for Innovative Drugs - The medical insurance fund's payments for negotiated drugs have increased annually, benefiting 830 million patients and reducing their financial burden by over 880 billion yuan [2] - The report suggests focusing on leading companies with genuine innovation capabilities, such as Heng Rui Medicine, Innovent Biologics, Mindray Medical, and others [2]