医药生物行业周报：首版丙类医保目录今年启动，多元支付机制利好创新药发展

Investment Rating - The industry investment rating is "Overweight," indicating that the growth level of the industry is expected to exceed that of the CSI 300 index over the next six months [32]. Core Insights - The report highlights the launch of the first version of the Class B medical insurance directory in 2025, which is expected to benefit the development of innovative drugs through a multi-payment mechanism [17][28]. - The National Medical Insurance Administration (NMPA) approved three innovative drugs for market entry, including a drug for advanced ovarian cancer and another for non-small cell lung cancer [23][27]. - The FDA approved a potential blockbuster antibody-drug conjugate (ADC) for treating metastatic breast cancer, which is expected to significantly reduce the risk of disease progression or death by 37% compared to chemotherapy [24][27]. - The report emphasizes the ongoing trend of centralized procurement of biological drugs, with expectations for a significant increase in the number of drugs subject to procurement in 2025 [26][27]. Summary by Sections Market Performance Review (01.12-01.19) - The Shanghai Composite Index closed at 3241.82, up 2.31%, while the Shenzhen 300 Index rose 2.14% to 3812.34. The pharmaceutical industry index increased by 2.67%, ranking 25th among 31 primary industry indices [27][28]. Launch of Class B Medical Insurance Directory - The Class B directory will focus on highly innovative drugs with significant clinical value that currently cannot be included in the basic medical insurance directory. This initiative aims to support commercial health insurance and enhance the multi-layered medical security system [17][28]. Important Industry News - The NMPA approved three innovative drugs for market entry, including treatments for advanced ovarian cancer and non-small cell lung cancer [23][27]. - The FDA approved the ADC Datroway for treating metastatic breast cancer, marking a significant milestone in cancer treatment [24][27]. - A national alliance for the centralized procurement of biological drugs is being established, with a projected increase in the number of drugs subject to procurement [26][27]. Long-term Investment Recommendations - The report suggests focusing on innovative drugs and their supply chains, high-end medical devices, and medical consumption sectors. Specific companies to watch include Heng Rui Medicine, En Hua Pharmaceutical, and Mindray Medical [29].