国君医药|集采深化,创新不变

Investment Rating - The report maintains a positive outlook on the innovative drug sector, emphasizing the support from incremental policies for high-quality innovative pharmaceutical companies and those undergoing transformation [1]. Core Insights - The innovative drug sector is expected to accelerate its entry into hospitals, with the new medical insurance catalog set to be implemented in January 2025, facilitating faster inclusion of several new innovative drugs [1]. - The report highlights the normalization of drug procurement processes, with significant price reductions anticipated in the upcoming rounds of procurement for chemical drugs, traditional Chinese medicine, and biosimilars [2]. - The medical device procurement is also progressing towards normalization, with a notable recovery in the bidding for medical equipment expected in 2025 [3]. Summary by Sections Innovative Drugs - The new medical insurance catalog will be executed starting January 2025, with several innovative drugs expected to enter hospitals more rapidly due to supportive policies [1]. - The first version of the Class B medical insurance catalog is anticipated to be released in 2025, which will likely include high-innovation products that are not covered by the Class A catalog [1]. Chemical Drugs - The tenth round of chemical drug procurement results is set to be implemented in April 2025, with high competition leading to significant price reductions [2]. - The rules for traditional Chinese medicine procurement are becoming clearer, with expected acceleration in the process and broader coverage in 2025 [2]. Medical Devices - The procurement of high-value consumables is expected to commence in early 2025, with gradual improvements in the bidding process for medical devices anticipated throughout the year [3]. - The bidding scale for medical devices showed a growth rate of 37% in December 2024, indicating a recovery in the market [3].