医药生物行业周报：医药生物行业双周报2025年第3期总第126期多地取消医院用药数量限制，为新药引进开辟顺畅通道

Investment Rating - The investment rating for the industry is "Positive" and the rating has been maintained [1] Core Insights - The pharmaceutical and biotechnology industry index increased by 0.07% during the reporting period, ranking 11th among 31 primary industries, underperforming the CSI 300 index which rose by 0.12% [4][14] - The cancellation of medication quantity restrictions in various regions, including Xinjiang, has opened up pathways for the introduction of new drugs, significantly promoting their clinical use and enhancing patient access to quality treatment options [8][9] - The international collaboration in the innovative drug sector is thriving, with several companies achieving significant partnerships for overseas expansion, with potential project values reaching up to $1 billion [9] Industry Performance - The sub-industries of blood products and medical research outsourcing showed the highest gains, with increases of 2.74% and 2.00% respectively, while vaccines and traditional Chinese medicine experienced declines of 1.91% and 1.68% [4][14] - As of January 27, 2025, the overall PE (TTM) for the pharmaceutical and biotechnology industry was 25.41x, slightly up from 25.31x in the previous period, indicating a valuation increase that remains below the average and one standard deviation below the mean [5][17] Important Industry News - The National Healthcare Security Administration and the Ministry of Finance are advancing the inclusion of inter-provincial hospitalization costs into disease-based payment management, aiming for a unified and efficient payment mechanism by the end of 2025 [19][20] - The State Council's Anti-Monopoly Committee has issued guidelines to prevent monopolistic practices in the pharmaceutical sector, detailing enforcement principles and behaviors that constitute monopolistic agreements [22][23] - Vertex Pharmaceuticals' selective NaV1.8 inhibitor "Journavx" has received FDA approval, marking a significant advancement in non-opioid pain management [28][29] - Novo Nordisk's "Ozempic" has been approved for a new indication to reduce the risk of kidney disease progression and death in adults with type 2 diabetes and chronic kidney disease, demonstrating a 24% risk reduction [33][34]