新药周观点：商保创新药目录有望落地，创新药支付端改善值得期待-20250629

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [7] Core Insights - The recent adjustment of the commercial health insurance innovative drug directory by the National Medical Insurance Administration is expected to improve the payment situation for high-value innovative drugs, providing an additional payment pathway beyond basic medical insurance [2][20] - The report identifies a list of drugs likely to be included in the commercial health insurance innovative drug directory, which may help break the previous sales ceiling for these products [2][20] Weekly New Drug Market Review - From June 23 to June 27, 2025, the top five companies in the new drug sector by stock price increase were: - Zai Lab (30.45%) - Maiwei Biotech (17.44%) - Yunding New Medicine (16.62%) - Microchip Biotech (12.19%) - Nossland (11.30%) - The top five companies by stock price decrease were: - Beihai Kangcheng-B (-15.15%) - Laika Pharmaceuticals-B (-13.67%) - Jako Pharmaceuticals-B (-13.32%) - Yiming Oncology-B (-12.22%) - Gilead Sciences-B (-10.50%) [1][16][17] New Drug Approval and Acceptance Status - No new drug or new indication applications were approved this week - Five new drug or new indication applications were accepted, including: - Recombinant human follicle-stimulating hormone injection by Chengdu Jingze - AbbVie’s botulinum toxin type A injection - Xinda Biopharmaceutical's sintilimab injection - Kexing Life Science's Shurike Aolun injection - Hainan Huluwawa's brivaracetam oral film [3][22] Clinical Application Approval and Acceptance Status - This week, 15 new drug clinical applications were approved, and 41 new drug clinical applications were accepted [4][24]