——2025年版医保目录调整政策点评：医保和商保目录并轨，扩容与提质并重，支持创新药高质量发展

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry [1] Core Insights - The 2025 National Medical Insurance Directory has been adjusted, increasing the total number of drugs from 3,159 to 3,253, with a notable success rate of 88% for negotiations, the highest in seven years [3][4] - The first version of the Commercial Health Insurance Innovative Drug Directory includes 19 drugs, with a success rate of 79% for price negotiations, highlighting a focus on innovative treatments for critical diseases [3][5] - The adjustment emphasizes both expansion and quality improvement of the medical insurance directory, with a high renewal rate of 75% for drugs under negotiation [4] Summary by Sections Medical Insurance Directory Adjustments - The new directory includes 114 new drugs, with 29 drugs removed due to replacement or long-term supply issues [4] - A total of 535 drugs underwent formal review, with a pass rate of 41.48% for those outside the directory [4] Commercial Health Insurance Directory - The first version of the directory includes 24 drugs, focusing on high-value drugs not covered by basic insurance but with significant clinical value [5][29] - The directory supports "true innovation" and "differentiated innovation," encouraging the inclusion of innovative drugs in both basic and commercial insurance [5] Drug Categories and Success Rates - The newly added drugs primarily target cancer, infectious diseases, chronic diseases, and rare diseases, with 50 classified as first-class new drugs [3][15] - The success rate for negotiations of drugs outside the directory has significantly improved, indicating a more favorable environment for innovative drug development [6][21]