高盛：中国医疗保健_持续转向创新的药品政策；国家医保局将把商业保险创新药目录纳入国家医保药品目录

Investment Rating - The report maintains a positive investment stance on China's biotech and pharmaceutical sector, driven by the evolving domestic drug innovation policies and the strengthening home market [1][2]. Core Insights - China's National Healthcare Security Administration (NHSA) and National Health Commission (NHC) have introduced a new policy framework aimed at promoting drug innovation, particularly through a new category for commercial insurance innovative drugs [1][2]. - The new commercial insurance innovative drug list is designed to include drugs that demonstrate significant clinical benefits and exceed the coverage scope of basic medical insurance, with exemptions from certain existing restrictions [2][7]. - The report highlights the importance of the new policy in addressing the stagnation of basic medical insurance fund inflows, which could limit the capacity of China's single-payer system in the long run [1]. Summary by Sections Drug Policy Framework - The NHSA and NHC's new policy framework aims to establish a diversified healthcare social security system by 2030, facilitating drug innovation and addressing critical payor/access aspects [1]. - The introduction of the commercial insurance drug list is a significant step towards enhancing the ecosystem for drug innovation in China [1]. Innovative Drug List - The new category for innovative drugs will include those with highly differentiated innovation and significant clinical benefits, exempting them from certain restrictions on prescription drugs [2]. - Key aspects such as selection criteria for drugs and payment mechanisms for this category remain to be clarified [2]. R&D and Market Access - The framework encourages the provision of NHSA's national data for innovative drug R&D, which could be beneficial for pharmaceutical companies in China [3][7]. - Incremental financing is encouraged through dedicated funds from commercial insurance to invest in biotech startups, although further guidelines are awaited [7]. - The report notes that local hospitals are encouraged to expedite the decision-making process for drug formularies, particularly for innovative drugs [7].