医保目录首设“双通道”，创新药反攻号或将奏响？

Core Viewpoint - The recent National Medical Insurance negotiation has introduced a dual-directory system for innovative drugs, which is expected to reshape the ecosystem for innovative pharmaceuticals in China, enhancing accessibility and affordability for high-value drugs [3][4]. Group 1: Impact of National Medical Insurance Negotiation - The introduction of the commercial insurance innovative drug directory aims to include high-innovation, clinically valuable drugs that cannot yet be included in the basic directory, thus optimizing payment capabilities for innovative products [3]. - The new directory is expected to open market space for high-priced or rare disease medications, addressing accessibility and affordability issues [4]. - The policy support for innovation has been progressively released, with nearly 90% of innovative drugs successfully negotiated for inclusion in the medical insurance directory within two years of approval from 2021 to 2024, a significant increase from 43% in 2019 and 57% in 2020 [4]. Group 2: Future Catalysts for Innovative Drugs - The trend of Chinese innovative drugs going global continues to break records in terms of both the number and value of licensing deals, with expectations for increased overseas clinical trials and market entry [6]. - The implementation of AI in pharmaceutical research is anticipated to accelerate development, with the smart pharmaceutical market projected to exceed 500 billion yuan by 2030, maintaining a compound annual growth rate of over 15% [6][7]. - An improved external financing environment, driven by lower global funding costs due to U.S. interest rate cuts, is expected to provide critical liquidity for the high-investment, long-cycle nature of the pharmaceutical industry [6].