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 (NHSA) 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]. - The new drug list will be implemented nationwide starting January 1, 2025, with 91 new drugs added to the National Medical Insurance Drug List, of which 89 were included through negotiation or bidding [2][4]. - The adjustment this year primarily focuses on new drugs, with 90 out of the 91 new drugs being launched within the last five years, indicating a strong support for innovative drugs [2][4]. Summary by Sections New Drug Situation - The negotiation and bidding process is the main pathway for new drugs to quickly enter the medical insurance system. This year, 89 drugs entered through negotiation or bidding, a decrease from 121 last year [2][4]. - Among the 91 new drugs, 38 are classified as "global new" innovative drugs, marking a historical high in both proportion and absolute numbers [2][4]. Investment Insights - The report suggests that through seven rounds of adjustments, the quality and structure of drugs within the directory have significantly improved, indicating strong policy support for innovative drugs. The market share of innovative drugs within medical insurance is expected to continue expanding [4]. - Attention is drawn to innovative drug companies that possess commercial potential and can benefit from policy support [4]. Policy and Market Dynamics - The dual-channel management and prescription flow are expected to strengthen further, with effective integration of commercial health insurance and basic medical insurance likely to enhance the level of coverage provided by the directory [4].