【医药】医药集采反内卷推动价值重估，支持创新长逻辑坚挺——国务院新闻办新闻发布会点评（20250724）（王明瑞）

Core Viewpoint - The article discusses the ongoing reforms in China's medical insurance system during the "14th Five-Year Plan" period, emphasizing the shift from price competition to value competition in the pharmaceutical industry, driven by new policies and regulations [2][3][5]. Group 1: Medical Insurance Reform - The National Medical Insurance Administration has successfully completed various reform tasks, focusing on fairness, legal construction, fund security, technological empowerment, and collaborative development [2]. - The recent press conference addressed concerns regarding the improvement of the pharmaceutical industry ecosystem, guiding medical institutions to shift from "scale expansion" to "quality improvement" [2]. Group 2: Industry Restructuring - The deepening of centralized drug procurement aims to eliminate unhealthy price competition, transitioning the industry from a "price war" to a "value war" [3]. - The 11th batch of procurement rules has been optimized, allowing medical institutions to choose recognized brands and requiring lowest-priced companies to justify their pricing [3]. - The initiative to explore direct settlement of procurement and national negotiation drug companies by the medical insurance fund is expected to shorten the payment cycle for pharmaceutical companies from six months to under 30 days, improving cash flow and operational efficiency [3]. Group 3: Support for Innovative Drugs - The support for innovative drugs under the medical insurance policy is characterized by a "full-chain, high-intensity" approach, with 402 new drugs included in the insurance directory since the beginning of the "14th Five-Year Plan" [4]. - The expenditure on innovative drugs is projected to reach 3.9 times that of 2020 by 2024, with an annual growth rate of 40%, indicating rapid acceptance of clinically valuable innovations by the insurance fund [4]. - The establishment of a commercial health insurance directory for innovative drugs will provide supplementary payment channels for drugs not included in the national insurance directory, accelerating the commercialization of innovative results [4]. Group 4: Overall Industry Impact - The precise regulation of medical insurance policies is reshaping the pharmaceutical industry ecosystem by clearing out low-quality production capacity and creating market space for high-quality enterprises [5]. - The shift from "price war" to "value war" and the supportive policies for innovative drugs are expected to unlock growth potential for companies with strong innovation capabilities [5].