医药生物行业周报：医保“丙类”目录有望为创新药商保支付提供支持

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index in the next 6-12 months [30]. Core Viewpoints - The first version of the "Category C" directory for medical insurance is expected to be released in 2025, which will support the reimbursement of innovative drugs by commercial insurance. This directory will serve as a supplement to the basic medical insurance drug list, focusing on innovative drugs with significant clinical value that are currently not included in the insurance directory [20][23]. - The combination of "medical insurance + commercial insurance" is anticipated to alleviate payment pressures, providing new market opportunities for innovative drugs and encouraging pharmaceutical companies to develop high-value, innovative medications [22][23]. Summary by Sections Industry Performance - The Shenwan Pharmaceutical and Biological Index rose by 2.67% from January 13 to January 17, 2025, outperforming the CSI 300 Index by 0.53 percentage points during the same period [11]. - All sub-sectors within the pharmaceutical and biological industry saw an increase, with notable performances in biological products, medical devices, chemical pharmaceuticals, and medical services [12]. Supporting Points for Rating - The "Category C" directory is expected to enhance the reimbursement scope and rates for commercial insurance, addressing the previous challenges of information asymmetry in pricing and product design for innovative drugs [20][22]. - The directory will provide a buffer for innovative drugs entering the market, reducing the economic burden on patients and facilitating quicker acceptance and usage of these drugs [23]. Investment Recommendations - Focus on sectors with stable growth, such as medical devices and pharmaceuticals, which have already experienced price adjustments and have a relatively stable competitive landscape. Recommended companies include Sanyou Medical, Aikang Medical, and Heng Rui Pharmaceutical [23]. - The CXO sector and medical equipment sector are expected to see a turnaround in 2025 due to favorable domestic financing and fiscal policies. Recommended companies include Yangguang Nuohuo and Mindray Medical [23]. - In the innovative field, attention should be given to companies that are entering the market or experiencing sales growth, such as Innovent Biologics and Betta Pharmaceuticals [23].