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医药生物行业双周报2024年第24期总第122期：2024年医保谈判结果出炉 医保局谋划数据赋能商保公司
长城国瑞证券·2024-12-03 02:24

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry [3][4]. Core Insights - The 2024 National Medical Insurance Drug List has added 91 new drugs, with an average price reduction of 63% [6][42]. - The pharmaceutical and biotechnology industry index increased by 0.52%, outperforming the CSI 300 index, which decreased by 1.32% [4][29]. - The report highlights the establishment of a mechanism for rapid inclusion of innovative drugs into the medical insurance system, significantly shortening the time from market launch to insurance coverage [8][119]. Industry Review - The pharmaceutical and biotechnology industry index rose by 0.52%, ranking 14th among 31 primary industries, outperforming the CSI 300 index [4][29]. - Sub-industries such as chemical preparations and raw materials saw significant gains of 6.23% and 3.80%, respectively, while offline pharmacies and medical devices experienced declines of 0.51% and 0.17% [4][29]. - As of November 29, 2024, the industry’s PE (TTM) was 27.83x, slightly up from 27.66x, indicating a valuation increase but still below the average [4][36]. Important Industry News - The National Healthcare Security Administration is exploring the integration of medical insurance data with commercial insurance companies to enhance efficiency and reduce underwriting costs [8][119]. - The approval of new drugs such as Merck's HIF-2α inhibitor "Belzutifan" and Kelun's TROP2 ADC "Lukangshatuozhuzhong" marks significant advancements in the industry [6][67][75]. - The report emphasizes the importance of focusing on pharmaceutical companies with genuine innovative capabilities, especially in light of the recent changes in the medical insurance drug list [8][119]. Company Dynamics - The report includes investment highlights and ratings for key companies in the industry, such as Jiuzhou Pharmaceutical and Huadong Medicine, with respective ratings of "Buy" [94]. - The report notes that 23 listed companies in the pharmaceutical and biotechnology sector experienced a net reduction of 697 million yuan in shareholder holdings during the reporting period [4][113].