医药生物行业快评报告：医保赋能多方合力，共促创新药高质量发展

Investment Rating - The industry investment rating is "Outperform the Market" with an expectation of over 10% relative increase in the industry index compared to the market in the next six months [5][10]. Core Insights - The new medical insurance drug list has been released, adding 50 first-class innovative drugs. A total of 114 new drugs were added, with a success rate of 88%, higher than last year's 76%. The total number of drugs in the list has increased to 3,253, including 1,857 Western medicines and 1,396 traditional Chinese medicines. This new list will be implemented starting January 1, 2026 [3]. - The first commercial health insurance innovative drug list has been published, including 19 drugs from 18 pharmaceutical companies, covering treatments for cancer, rare diseases, and Alzheimer's disease. These drugs are not included in the medical insurance fund payment scope, promoting the development of a multi-tiered medical security system and increasing accessibility to high-value innovative drugs [4]. - The collaboration between the new medical insurance drug list and the commercial health insurance innovative drug list aims to create a new payment structure for innovative drugs, addressing the affordability issue for patients and providing a sustainable return mechanism for pharmaceutical companies, thus driving high-quality development in China's innovative drug industry [4]. Summary by Sections - New Medical Insurance Drug List: 50 first-class innovative drugs added, total drugs increased to 3,253, with a record number of 69 innovative drugs approved for market entry this year [3]. - Commercial Health Insurance Drug List: 19 innovative drugs included, enhancing accessibility and complementing the basic medical insurance system [4]. - Policy Impact: The synergy between the two lists is expected to accelerate the development of China's innovative drug research and create a robust engine for high-quality growth in the industry [4].