经济观察报·2025-10-27 11:25Core Viewpoint - The key to the pharmaceutical industry's leap lies in improving market mechanisms, as highlighted by the comparison with successful companies like Huawei and BYD [2]. Group 1: Market Mechanism and International Comparison - The U.S. has successfully attracted significant investments from major pharmaceutical companies by establishing price benchmarks and tariff threats, leading to 60% of their profits coming from the U.S. market [2]. - In contrast, Europe’s social welfare policies have led to a "decentralization" of the pharmaceutical industry, with major companies like Roche and Novartis choosing to launch new drugs in the U.S. due to its larger and more attractive market [2][3]. - China's per capita spending on innovative drugs is significantly lower than that of Japan, with Japan's per capita spending being 24.4 times higher despite having a GDP 3.9 times that of China [3]. Group 2: Challenges in China's Pharmaceutical Industry - China excels in the invention and transformation stages of the pharmaceutical chain but struggles in the commercialization phase, often acting merely as a "project provider" [4]. - The current pricing negotiation process for innovative drugs in China begins with price reductions, unlike the U.S., where there is a stable pricing period post-launch [3]. Group 3: Recommendations for Improvement - The first recommendation is to reform the approval and evaluation mechanisms for innovative drug reimbursement, suggesting a direct connection between drug approval and insurance coverage [5]. - A proposed solution includes allowing innovative drugs to enter the insurance system at the price of similar existing drugs, with subsequent evaluations based on real-world data to adjust reimbursement prices accordingly [6]. - The second recommendation emphasizes the development of commercial health insurance, which could potentially raise significant funds if the middle class participates [6][7]. Group 4: Financial Implications and Social Equity - If 350 million middle-class individuals in China each spend 800 yuan monthly on commercial insurance, it could generate over 3.4 trillion yuan annually, surpassing current health insurance funding [7]. - Concerns about commercial insurance benefiting only the wealthy are addressed by comparing it to private cars versus public transport, suggesting that it could enhance basic medical coverage for those in greater need [7]. - Achieving reimbursement levels similar to Japan could position the pharmaceutical industry as a true economic pillar, allowing companies to contribute more in taxes and better support public welfare [7].