6月16日，记者从省医保局获悉：《国家医疗保障局医药服务管理司医保数据发布简明工作手册》 近日发布，全力推动各地医保数据发布工作从"亮家底"向"强赋能"转型升级。 "我们将持续巩固并强化医保数据工作组工作机制和数据发布成果的作用，通过医保、医疗、医药 三方的信息共享和协同合作，常态化、及时、准确、全面地向定点医疗机构公开医保相关数据，推动数 据发布更加精准高效。"省医保局支付方式改革办负责人刘慧芳说。（记者：李旭佳） 医保数据作为医保、医疗、医药事业发展的核心资源，既紧密关联参保群众的切身利益，又深刻影 响"三医"协同发展与治理效能。过去，由于数据公开的范围有限，一些定点医疗机构对医保预算管理不 理解。医保部门主要依据法律法规公开宏观层面的基金运行数据，发布频率多为一年一次，形式单一且 缺乏系统性工作机制。 省医保局积极响应国家要求，全省12个统筹区提前完成首次数据发布工作，在发布范围、发布内 容、指标分析等方面亮点频出，为推动医保、医疗和医药协同治理打下坚实基础；结合统筹区实际与医 疗机构需求，在国家规定框架下细化完善指标体系，形成全省统一的数据发布模板。各地在此基础上创 新探索，发布内容不仅涵盖基金收支结 ...

Oscar Health, Inc. (OSCR) shares soared 7.8% in the last trading session to close at $16.11. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 14.7% loss over the past four weeks.The surge was likely driven by reports that lawmakers are proposing a measure allowing individuals and employers to voluntarily enroll in a revamped version of Medicare.Oscar noted about 12% of household income is spent on employer-sponsored health plans, ...

经历了三年多的低谷后，港股创新药迎来了价值重估的机会。 据记者观察，今年以来，创新药的中后期融资中，产业资本成为重要的投资方，此外，还有跨国药企与 PE机构合作设立创新药领域投资基金，比如，赛诺菲与凯辉基金一同设立了赛诺菲凯辉医药创新基 金，专注于该赛道的投资。 尽管数据上来看，今年创新药的投资量同比去年未见明显涨幅，但基于市场环境变化，该领域的投资预 期已发生变化，通俗点说，就是企业有了更强的盈利预期，资本才有更大的投资动力。 2025年初至今，港股创新药板块涨幅显著，超30家药企股价翻倍，如三生制药市值突破500亿港元，信 达生物市值超1200亿港元。与此同时，年初至今，已有十余家创新药企向港交所递交上市申请，仅6月 前半月就有7家，刷新历史纪录。 港股创新药板块持续走高，能否带动一级市场创新药投资情绪升温？一级市场在该领域的投资逻辑发生 了哪些变化？专注于生物医药行业投资的业内人士在接受证券时报记者采访时指出，一级市场生物医药 领域投资的真正回暖，不仅需要二级市场长周期行情的带动，更需要产业链各环节在研发、商业化、政 策支持等方面形成良性循环。当耐心资本与创新实力深度结合，中国生物医药的"黄金时代"或许 ...

Group 1 - The innovative drug sector has become a focal point in the capital market since 2025, with Hong Kong's innovative drug index showing strong performance, increasing over 60% year-to-date and achieving record trading volumes [1] - Policy incentives and improvements in the industry fundamentals are driving this performance, including accelerated drug approvals and optimization of the medical insurance payment system [2] - The collaboration between domestic companies and international firms, such as the $60.5 billion partnership between 3SBio and Pfizer, highlights the growing international competitiveness of Chinese innovative drugs [2] Group 2 - Despite the long-term positive outlook, short-term volatility risks are present, with some stocks experiencing high price-to-sales ratios and potential profit-taking pressures [3] - The trading congestion in the innovative drug sector reached 3.9% as of June 13, indicating a high level of market activity and potential for significant corrections [3] - Uncertainties in drug development, geopolitical tensions, and currency fluctuations could impact the sector, with risks of clinical trial failures and regulatory changes affecting company valuations [3] Group 3 - The innovative drug index is expected to experience increased differentiation, with leading companies likely to maintain their advantages while weaker firms may lag behind [4] - Investors should focus on performance verification periods and policy developments, such as improvements in the medical insurance payment mechanism and the expansion of the Hong Kong 18A listing [4] - The innovative drug sector is positioned at the intersection of industry cycles and policy benefits, with long-term growth potential driven by international expansion and technological advancements [4]

Core Insights - The recent share reduction by Sun Jieping, a senior executive at Heng Rui Medicine, raises concerns about the company's future despite its current performance recovery and innovation drug growth [1][2][6] - The significant drop in operating cash flow, despite increased revenue and net profit, indicates potential underlying issues within the company's financial health [3][7] Group 1: Executive Actions - Sun Jieping, a veteran with 27 years at Heng Rui, reduced his holdings by 476,700 shares, valued at over 25 million yuan, which is 25% of his personal shares [1][2] - This is not the first time Sun has sold shares, as he has repeatedly cited "personal financial needs" since 2018, suggesting a pattern that may reflect his cautious outlook on the company's future [2] Group 2: Financial Performance - In Q1 2025, Heng Rui reported a revenue of 7.206 billion yuan, a year-on-year increase of 20.14%, and a net profit of 1.874 billion yuan, up 36.90% [3] - However, the operating cash flow plummeted by 55.75% to 555 million yuan, raising questions about the sustainability of the company's profitability [3] Group 3: Innovation Drug Dependency - Heng Rui's innovative drug revenue reached 13.892 billion yuan in 2024, accounting for over half of its total revenue, with a growth rate of 30.60% [4] - The company faces challenges due to its heavy reliance on medical insurance negotiations, with key products not included in the insurance list, limiting market expansion [4] Group 4: International Expansion Challenges - Heng Rui's ambitions for international expansion have faced setbacks, particularly with the FDA rejecting its liver cancer treatment due to compliance issues at its Suzhou facility [5] - This marks the second failure for the same treatment due to similar production deficiencies, highlighting significant gaps in meeting international regulatory standards [5] Group 5: Market Sentiment - Sun Jieping's share reduction coincides with Heng Rui's A+H dual listing, prompting the market to reassess the company's long-term stability [6] - The company's stock price has rebounded from its 2022 lows but remains significantly below its historical highs from 2021, indicating ongoing market skepticism [6][7]

没过半年，"DeepSeek时刻"就从AI行业转移到了创新药。最近券商策略会上，AI会场门可罗雀，听会 者寥寥，创新药分会场人山人海，不少人被挤到门外。有细心的药企董秘观察到，会场出现了TMT基金 经理。 平安基金经理周思聪长期重仓创新药，她拉出自己净值发现， 从月度来看和AI是同向的。但从周度来看 和AI是反向的，他好我就一定不好。 早先没行情的日子，周思聪调研创新药企业，很难碰到医药基金经理，碰到的都是更懂风险资产的TMT 基金经理。在她看来， 很长一段时间创新药都是在和AI争夺边际资金[1]。 从最近资金偏好来看，AI有种被贬甘露寺的孤怜，倒是创新药赢得了宠爱。 今年以来，南向资金加仓创新药551.4亿，比加仓新消费3倍还多。高盛报告里医药保健板块占港股成交 额，由一年前的5%不到提升至15%。ETF前十名，清一色港股通创新药ETF。记忆里，创新药好久没有 那么长脸的时候。 创新药的疯狂令老外都有些许危机感。2024年，全球大型药企专利采购中有31%的分子来自中国， ADC，GLP-1频现大额License out订单。哈佛的报告焦虑中国生物技术有望超越美国， 德国制药巨头 BioNTech创始人Ugu ...

Core Viewpoint - The National Medical Insurance Administration, in collaboration with various government departments, is conducting a nationwide special rectification campaign to address prominent issues in medical insurance fund management, focusing on the illegal trade of "returned drugs" [1][2]. Group 1: Regulatory Actions - A special rectification campaign has been launched to investigate the illegal sale of "returned drugs" through the use of drug traceability codes as a key tool [1]. - The campaign has already completed its first phase of verification, resulting in the identification and prosecution of several cases involving the illegal trade of "returned drugs" [1]. - Starting from July 1, 2023, designated medical institutions are required to scan drugs before settling medical insurance fund payments [2]. Group 2: Drug Safety Concerns - The illegal trade of "returned drugs" not only jeopardizes the safety of medical insurance funds but also poses significant risks to public health, as some of these drugs may be expired or improperly stored [2]. - The National Medical Insurance Administration emphasizes that pharmacies have a responsibility to rigorously verify the sources of the drugs they purchase [2]. Group 3: Traceability and Compliance - As of now, a total of 39.885 billion drug traceability codes have been collected since the nationwide implementation of drug traceability code collection began in 2024 [1]. - The public consensus on "verifying codes before buying drugs and scanning codes before selling drugs" has largely been established, with approximately 5 million people checking drug authenticity daily [1]. - Pharmacies are encouraged to use the National Medical Insurance Service Platform App to verify the legitimacy of drugs and avoid engaging in the trade of "returned drugs" [3].

2025年以来，伴随国产创新药板块迎来AI赋能、商保建立、扭亏为盈、出海破纪录等多重产业趋势，吸引了较多市场关注。相关机构表 明，2025年可能是创新药行业"三大元年"的起点，或标志着整个产业从技术积累迈向价值全面兑现的关键阶段。 一、长期：三大元年三重共振 （1）收入放量元年：通过医保谈判纳入医保目录的创新药，或更容易通过进院销售叠加医保支持销售放量。经过2024年医保谈判，76%的 创新药产品获批进入加速销售通道，医保覆盖范围扩大让更多患者用得起新药。同时，国内创新药新品审批速度创下纪录——仅5月29日就 批准了11款全新药物上市，政策绿灯让药企研发成果更快转化为真金白银的收入。 图：历次医保目录谈判梳理 （信息来源：申万宏源；截至20241231） （2）盈利跨越元年：创新药行业存在研发投入大、研发周期长的特点，相关机构梳理一款创新药从研发到上市需要经历8-10年。因此，一 家创新药企成立初期盈利需要承受较大压力。然而，中国创新药行业自2015年起步以来，过去十年持续投入研发的企业开始批量跨过盈亏 平衡点。 创新药企盈利的背后是双重助力：一方面是"开源"，对外授权带来高额首付款（2025年一季度交易额已 ...

全省提高了职工医保普通门诊待遇，在职人员和退休人员普通门诊年度最高支付限额分别提高到了 2500元和3000元。从6月1日起，生育津贴实行"即申即享"，可以直接发放给参保人。澄迈县长期护理保 险试运行也稳步推进，已经有123名失能人员享受护理服务待遇。 海南日报海口6月17日讯（海南日报全媒体记者 马珂）记者从6月17日举行的"共享医保惠民新政 筑牢基金安全防线"新闻发布会上了解到，截至今年6月13日，全省基本医保参保人数达952.37万人，其 中职工278.86万人、居民673.51万人，综合参保率稳定在95%左右。 据悉，今年1月至5月，全省基本医疗保险（含生育保险）基金总收入82.63亿元，总支出64.51亿 元，累计结余459.29亿元。全省医保基金运行总体平稳，统筹基金实现合理结余，有力保障了参保人的 基本医疗需求。 我省全面取消在就业地参保户籍限制，完善参保激励约束机制，对连续参保和当年度零报销人员提 高大病保险最高支付限额；充分利用"一人一档"全民参保数据库和个人账户家庭共济的激励作用，聚焦 大学生、新就业形态人员、断保人员等群体，精准发动参保。 在便民方面，我省试点上线"惠琼保"2025版"一 ...

弘则消费｜ 2025 年下半年国内药品有哪些需要关注的政 策？20250617 摘要 丙类目录或商保目录预计下半年推出，标志着国家在公平与效率之间向 效率倾斜，通过商保满足中高端需求，有利于创新药定价和商保发展， 创新药进院和市场化销售将享受与乙类目录相同的待遇。 国家集采政策优化方案正在制定中，预计下半年推出，可能先实施中间 方案再进行优化后的正式方案。第十一批国家集采规则预计将比第十批 更加友好，确认国内医药政策向好趋势。 生物类似药集采试点存在争议，部分企业预计下半年可能落地，但产业 研究专家认为两年内不太会推行，若实施，价格降幅可能较大，但不会 像化学药那么极端。 2025 年医保谈判持续进行，肿瘤类创新产品和慢病自免类药物谈判符 合预期，但个别品种降价超预期，大品种价格仍值得关注，谈判时间与 往年相似。 国家及地方政府出台多项政策支持创新药发展，审评审批时间缩短至 30 天等措施提高研发效率，国家对制药行业重视度提升，未来可能通过出 口政策支持国内优质产品。 Q&A 今年（2025 年）上半年医药政策的推进情况如何？ 下半年有哪些重要医药政策值得关注？ 下半年预计将有多项重要医药政策落地，包括医保谈 ...