医药生物行业《全国医疗保障工作会议》点评：支持引导商保发展，探索形成丙类药品目录

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the pharmaceutical and biotechnology sector [1]. Core Insights - The report emphasizes the importance of supporting commercial health insurance development to enhance the accessibility and reimbursement of innovative drugs. It highlights the need for a multi-faceted payment mechanism for innovative drugs and the establishment of a category for Class B drugs [1][1]. - The report notes that the National Medical Security Work Conference has set a goal to strengthen strategic purchasing of medical insurance, which will empower innovation in the pharmaceutical industry [1][1]. - The report identifies potential investment opportunities in innovative drug companies and medical device firms that are likely to benefit from the development of commercial health insurance [1][1]. Summary by Sections Industry Overview - The report discusses the recent National Medical Security Work Conference held on December 14, 2024, which outlined the goals for medical insurance reform in 2025, focusing on the inclusion of more innovative drugs in the medical insurance catalog [1]. - It mentions that 24 innovative drugs, including CAR-T and several PD-1/PD-L1 monoclonal antibodies, have not yet been included in the national medical insurance catalog, indicating a gap in reimbursement for these products [1]. Investment Analysis - The report suggests that the development of commercial health insurance will address payment issues for innovative drugs post-launch, improve their accessibility, and enhance their return on investment [1]. - It also highlights that the establishment of a Class B drug catalog could lead to tiered payment systems based on innovation levels, thus supporting diverse consumer needs [1]. - Recommended investment targets include innovative drug companies such as Kintor Pharmaceutical, CanSino Biologics, and innovative device companies like Aibo Medical and Xinmai Medical [1].