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 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 the Dual-Directory System - The introduction of the commercial insurance innovative drug directory aims to include high-value innovative drugs that cannot be covered by the basic medical insurance, thus promoting a multi-tiered medical security system [3]. - This dual-directory system is expected to optimize payment capabilities for innovative products, balancing basic coverage and support for innovation, which could lead to a significant expansion of the domestic market for pharmaceuticals [3][4]. - The policy is anticipated to open market opportunities for high-priced or rare disease medications, addressing accessibility and affordability issues [4]. Group 2: Growth Catalysts for Innovative Drugs - The ongoing support from medical insurance policies is expected to continue benefiting innovative drugs, with nearly 90% of successful negotiations from 2021 to 2024 resulting in these drugs entering the insurance directory within two years of approval, a significant increase from previous years [4]. - The trend of Chinese innovative drugs going global is gaining momentum, with a record number of licensing deals and transaction values, enhancing the certainty of overseas listings and valuations [6]. - The integration of AI in pharmaceutical research is projected to drive rapid growth in the smart pharmaceutical industry, with market size expected to exceed 500 billion yuan by 2030, maintaining a compound annual growth rate of over 15% [7]. - Improved external financing conditions, driven by lower global funding costs, are crucial for the high-investment, long-cycle nature of the pharmaceutical industry, particularly for innovative drugs [7].