医药生物行业点评报告：2024年医保目录发布，医保支持创新

Investment Rating - The industry investment rating is "Increase" [5] Core Viewpoints - The 2024 National Medical Insurance Drug List was released, adding 91 new drugs, with 90 being launched within the last five years and 38 classified as "global new" innovative drugs. The negotiation success rate for innovative drugs exceeded 90%, which is 16 percentage points higher than the overall success rate, indicating strong support for innovative drugs from the medical insurance directory [3] - The average price reduction for drugs that successfully negotiated was 63%, slightly higher than the previous year's average, while the success rate decreased to 76% from 84.6% in 2023 [3] - Over 70% of the newly added drugs are from domestic companies, including significant entries in the dual-target and ADC fields, showcasing the ongoing support for domestic innovative drugs [3] - The National Medical Insurance Bureau has significantly shortened the time from drug launch to inclusion in the insurance list, with sales revenue exceeding 500 billion from 2018 to 2023, and insurance fund expenditure reaching 350 billion [3] Summary by Relevant Sections Investment Suggestions - The report suggests focusing on companies with products newly included in the 2024 Drug List or those with new indications for core products, such as Heng Rui Medicine, Kangfang Biology, Dizhe Medicine, Shanghai Yizhong, and Innovent Biologics [4] Industry Comparison - The pharmaceutical industry has outperformed the CSI 300 index over the past year, with a 30% increase compared to a 16% increase in the index [5]