医药行业点评报告：医保改革将加速医保服务升级与行业变革

Investment Rating - The report maintains an "overweight" rating for the Chinese healthcare industry [2][3]. Core Insights - The healthcare reform aims to empower the pharmaceutical industry chain and promote healthy industry development [3]. - The implementation of healthcare reform will further improve the medical security system, enhancing the efficiency and quality of healthcare services [3]. - Key reforms include instant settlement between medical insurance and designated medical institutions, direct settlement for collected drugs and medical supplies, and a unified national review process for drug listings [1][2]. Summary by Sections Instant Settlement - The push for instant settlement between medical insurance and designated medical institutions is a significant step towards improving service efficiency. By the end of 2025, approximately 80% of coordinated areas nationwide are expected to achieve this service [1]. - The realization of instant settlement relies on the construction of healthcare information platforms and the improvement of data sharing mechanisms, which will significantly shorten the payment cycle of healthcare funds [1]. Direct Settlement - The direct settlement policy for collected drugs and medical supplies will accelerate the cash flow for pharmaceutical companies and reduce operational costs [2]. - This policy is a key measure for optimizing the business environment in the healthcare sector [2]. National Review Process - The establishment of a unified national portal for drug listing applications will simplify the process, allowing companies to submit materials once for verification across multiple provinces, thus reducing administrative costs and speeding up market access for new products [2]. - This initiative is expected to enhance the market competitiveness of pharmaceutical products and promote innovation to meet patient demands for new and specialty drugs [2].