医药生物行业快评报告：2024版医保目录发布，向创新倾斜

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2][7] Core Viewpoints - The National Healthcare Security Administration officially released the 2024 National Medical Insurance Drug List, which includes 117 drugs from outside the directory, with 89 successfully negotiated or bid, achieving a success rate of 76% and an average price reduction of 63%, which is generally consistent with 2023 [2][4] - A total of 91 new drugs have been added to the National Medical Insurance Drug List, with 89 of them included through negotiation or bidding, indicating a focus on new drugs in this year's adjustments [2][4] - The negotiation success rate for innovative drugs exceeds 90%, which is 16 percentage points higher than the overall success rate, highlighting strong support for innovative drugs [2][4] Summary by Relevant Sections New Drug Situation - The new drug situation shows that 91 new drugs added to the 2024 list are primarily new drugs launched within the last five years, with 82 of them approved in the last three years (2022-2024), accounting for over 90% of the new additions [2][4] - Among the newly added drugs, 38 are "global new" innovative drugs, marking a historical high in both proportion and absolute numbers [2][4] Investment Suggestions - The report suggests that through seven rounds of adjustments, the quality and structure of drugs in the directory have significantly improved, indicating a policy tilt towards innovative drugs, which is expected to continue expanding their share in medical insurance [4] - Attention is drawn to innovative drug companies with commercial potential that benefit from policy support, as well as the expected strengthening of dual-channel management and the effective connection between commercial health insurance and basic medical insurance [4]