医药生物行业双周报：医保谈判支持“真创新”，进一步明确创新药发展趋势

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [3]. Core Insights - The report emphasizes the support for "true innovation" in the pharmaceutical sector, particularly in the context of recent adjustments to the national medical insurance drug list, which will take effect on January 1, 2025 [4][52]. - A total of 91 new drugs have been added to the medical insurance list, including 26 cancer drugs and 15 chronic disease medications, significantly enhancing coverage for critical areas [52]. - The report highlights the increasing proportion of innovative drugs in hospital drug expenses, which reached 15.1% in 2023, reflecting a growing trend towards innovation in the industry [59]. Summary by Sections Market Performance Review (2024.11.23-2024.12.07) - The Shanghai Composite Index closed at 3404.08, up 4.19%, while the Shenzhen 300 Index rose 2.78% to 3973.14. The pharmaceutical industry index increased by 4.62%, ranking 17th among 31 primary industry indices [28][30]. - Weekly performance of various sectors within the pharmaceutical industry included: Traditional Chinese Medicine (2.96%), Pharmaceutical Commerce (3.57%), Chemical Preparations (5.69%), Biological Products (3.17%), Medical Services (7.61%), Raw Materials (4.67%), and Medical Devices (3.74%) [28][29]. Medical Insurance Directory Adjustment Results - The National Medical Insurance Bureau announced the results of the 2024 drug directory adjustment, which continues the trend of optimizing the structure of the medical insurance list [52]. - The total number of drugs in the national medical insurance directory will reach 3159, with Western medicine accounting for 55.9% and Traditional Chinese Medicine for 44.1% [52]. Important News in the Industry - Merus's HER3-targeted drug Zenocutuzumab received FDA accelerated approval for treating specific types of cancer [1]. - AstraZeneca's PD-L1 inhibitor Imfinzi was approved by the FDA for treating limited-stage small cell lung cancer [2]. - The National Health Commission is guiding enterprises to focus on major national needs in new drug development [2]. Key Observations - The report notes that the success rate for negotiations in the recent medical insurance adjustments was 76%, with an average price reduction of 63% for the drugs involved [5][53]. - The support for innovative drugs has increased, with 90 out of the 91 new drugs being introduced in the last five years, and 38 classified as "global new" innovations [6][59]. - The report indicates that the number of clinical trial applications has significantly increased, with the number of IND applications rising from 483 in 2017 to 2255 in 2023, positioning China as the second-largest region for clinical trials globally [59]. Short-term and Long-term Investment Focus - Short-term focus includes innovative drugs and their supply chains, retail pharmacies, and medical services, with specific companies highlighted for potential growth [12]. - Long-term strategies should revolve around innovative drugs, high-end medical devices, and healthcare consumption sectors, with recommendations for companies like 恒瑞医药 (Hengrui Medicine) and 迈瑞医疗 (Mindray) [12][17].