2024年医保目录调整点评：鼓励真创新、全球新，真金白银助力医药新质生产力发展

Investment Rating - The report does not explicitly state an investment rating for the industry, but it highlights significant support for innovative drugs and a thriving pharmaceutical innovation environment, suggesting a positive outlook for investment opportunities in the sector. Core Insights - The 2024 National Reimbursement Drug List added 91 new drugs, enhancing patient access and reducing costs by over 50 billion RMB in 2025 [2][3][13]. - The focus of the adjustment is on new drugs, with 90 out of 91 added drugs launched within the last five years, indicating a strong emphasis on innovation [3][14]. - The success rate for negotiations of innovative drugs exceeded 90%, reflecting a favorable environment for pharmaceutical companies [3][14]. - Domestic enterprises accounted for 65 out of the 91 new drugs, showcasing the growth of local innovation in the pharmaceutical sector [3][14]. Summary by Sections Industry News - On November 27, 2024, the National Healthcare Security Administration released the updated drug list, which now includes 3159 drugs, improving coverage for cancer, chronic diseases, and rare diseases [2][3][12][13]. Drug Innovation Support - The adjustment supports drug innovation, with a record number of 38 innovative drugs included in the new list, marking a significant increase in domestic pharmaceutical innovation [3][4][14]. - The time for innovative drugs to be included in the reimbursement list has decreased from approximately five years to just over one year, enhancing the market entry for new drugs [4][15]. Financial Impact - The National Healthcare Security Fund has paid over 350 billion RMB for negotiated drugs, significantly boosting sales in the pharmaceutical sector [4][15]. - The report indicates that the payment for negotiated drugs in the first ten months of 2024 was about 92 billion RMB, which is 21 times higher than in 2019 [4][15]. Regulatory Improvements - The negotiation and pricing processes have become more standardized, with a success rate of 76% for the 117 drugs that participated in this year's negotiations [7][8]. - New measures have been implemented to ensure that the drug list adjustments meet clinical needs and improve patient access to necessary medications [8].