2025 年全国医疗保障工作会议点评：优化集采，支持医药产业创新发展

Investment Rating - The report assigns an "Accumulate" rating for the industry [1] Core Insights - The National Medical Security Work Conference emphasizes the continuation of optimizing centralized procurement policies in 2026, promoting the development of maternity insurance and long-term care insurance, and leveraging strategic purchasing to support the innovative drug industry [3] - The report highlights the importance of commercial health insurance in complementing basic medical insurance and encourages investment in innovative drug development [5] Summary by Sections National Medical Security Work Conference - The conference held on December 13, 2025, summarized the work during the "14th Five-Year Plan" period and outlined the tasks for 2026, including support for commercial health insurance and the establishment of a multi-tiered medical security system [5] - The National Medical Security Bureau will promote the inclusion of flexible employment workers and migrant workers in maternity insurance coverage, aiming for "no out-of-pocket" expenses for childbirth within policy limits [5] Support for Innovative Drug Development - The report discusses the strategic role of medical insurance in fostering healthy competition and differentiated innovation within the pharmaceutical industry [5] - It mentions the implementation of new rounds of national centralized procurement for drugs and high-value medical consumables, aiming to enhance the efficiency of company receivables [5]