Group 1 - The new National Medical Insurance Drug List includes 114 new drugs, increasing the total number of drugs to 3,253, with 1,857 Western medicines and 1,396 traditional Chinese medicines [1] - The inclusion of 50 innovative drugs marks a historical high, featuring several "global first" and "first domestic" products, enhancing access to breakthrough therapies for patients [1] - Notable multinational pharmaceutical companies like Novartis and Johnson & Johnson have successfully included multiple new products and indications in the updated insurance list, benefiting a large number of patients [1][2] Group 2 - Domestic pharmaceutical company Heng Rui has 11 anti-tumor products included in the new insurance list, showcasing significant innovations and new indications [2] - Innovative drugs filling gaps in basic medical insurance coverage include Sanofi's anti-CD38 monoclonal antibody and Hansoh Pharmaceutical's third-generation EGFR-targeted drug, both of which offer new treatment standards for critical diseases [3] - Since the establishment of the National Medical Insurance Bureau in 2018, a total of 949 new drugs have been added to the insurance list, significantly boosting the pharmaceutical market and enhancing the clinical medication level in China [4]

Core Insights - The National Healthcare Security Administration (NHSA) held a conference on December 9, 2023, to discuss the 2025 Medical Insurance Drug List, attracting significant interest from various stakeholders, including over 23,000 online viewers [1][6]. Group 1: Drug List Adjustments - The basic medical insurance fund, exceeding 3 trillion yuan, is directly linked to the annual release of the National Medical Insurance Drug List [6]. - In 2025, 114 new drugs were added to the basic medical insurance list, with 111 being new drugs launched within the last five years, marking a record high in both proportion and quantity [7]. - The adjustment process for the drug list has become clearer, with specific phases for preparation, application, review, and negotiation [7]. Group 2: Misunderstandings in Drug Pricing - There are misconceptions regarding the negotiation process, particularly the belief that all drugs must reduce prices upon renewal; only 30 out of 178 drugs negotiated for renewal experienced an average price drop of 13.8% [8]. - The average price reduction for the 15 drugs that were renewed was only 8.4% [8]. Group 3: Commercial Health Insurance Innovations - The NHSA introduced the first Commercial Health Insurance Innovative Drug List, which involves a more complex review process, including a re-evaluation by a specialized expert group [9]. - Certain drugs, while deemed valuable by basic medical insurance experts, were not included in the commercial insurance list due to concerns over their insurability and management difficulties [10]. Group 4: Challenges in Implementation - The NHSA aims to leverage the "three exclusions" policy to facilitate drug inclusion in hospitals and encourage the design of insurance products targeting the innovative drug list [11]. - There are significant challenges in aligning commercial insurance products with the innovative drug list, including low efficiency in claims processing and insufficient coverage [12]. Group 5: Differentiated Innovation in Pharmaceuticals - The NHSA emphasizes the need for differentiated innovation in pharmaceuticals, urging companies to provide robust evidence, such as head-to-head clinical trial data, to support claims of being "best in class" [15][16]. - The selection of reference drugs for economic evaluation is crucial, requiring a comprehensive approach that considers multiple dimensions of comparison [16][17].

近年来，医保目录调整支持"真创新"力度增加，针对一些未通过专家评审的药品，黄心宇解释，原因有 多种。 例如，"4不改"药品(不改主成分、不改适应症、不改给药途径、不改临床价值)；创新程度不高、同治 疗领域内目录药品保障已经比较充分且没有特色的药品；"微创新"药品(一些复方制剂，改比例、成分 比较容易)，都较难通过评审。 黄心宇还强调，在定价方面，一些比较贵、超出保基本功能定位的药品，或者定价离谱、价格与价值不 匹配的药品也不能通过评审，"所谓的'头戴三尺帽，不怕砍三刀'的药品，如果没有特别的临床价值， 专家一般不会考虑。" 此外，一些必要性不强、特别容易滥用的药品也不能通过专家评审。 解读还透露，截至2025年10月底，医保基金为协议期内谈判药品支付累计超过4600亿元，惠及患者超10 亿人次，带动相关销售超6700亿元。(完) 9日，国家医保局在线播出2025年医保药品目录解读。国家医保局医药服务管理司司长黄心宇透露， 2025版目录新增111种5年内新上市药品，50种为1类新药，无论是比例还是数量都创历年新高。"4不 改"药品、定价离谱的一些药品则难以通过专家评审。 近日，医保商保"双目录"对外公布引发关 ...

Core Points - The article discusses the inclusion of 19 new drugs in the commercial health insurance innovation drug directory, highlighting their significance in the pharmaceutical market [10] - It emphasizes the advancements in CAR-T therapies and their impact on treating various cancers, particularly multiple myeloma and acute lymphoblastic leukemia [11][14][17] - The article also mentions the introduction of innovative drugs targeting Alzheimer's disease, showcasing their potential to change treatment paradigms [25][28] Group 1: New Drug Listings - A total of 19 new drugs have been added to the commercial health insurance innovation drug directory, including notable entries like Bristol-Myers Squibb's ipilimumab injection and Green Leaf Pharmaceutical's albituzumab injection [10] - The list includes various companies such as Pfizer, Novartis, and Jiangsu Hengrui Medicine, indicating a diverse range of pharmaceutical players involved [2][3][4] Group 2: CAR-T Therapies - The article highlights the global first approval of fully human CAR-T therapies, specifically targeting BCMA for treating relapsed or refractory multiple myeloma, with a five-year overall survival rate of 76.9% [12] - It mentions the efficacy of the CAR-T drug targeting GD2 for high-risk neuroblastoma, which has shown a real-world effectiveness rate exceeding 90% [14] - The introduction of dual-targeting CAR-T therapies, such as the one from Pfizer, is noted for significantly extending progression-free survival and overall survival in patients [15] Group 3: Alzheimer's Disease Treatments - The article discusses the launch of the first targeted drug for Alzheimer's disease in China, which aims to modify the disease's progression rather than just alleviate symptoms [25] - It highlights the significance of drugs like donanemab, which is the first to receive breakthrough therapy designation for Alzheimer's treatment, emphasizing its unique mechanism of action [28]

Core Insights - The new national basic medical insurance directory has included 114 new drugs, covering various fields such as oncology, anti-infection, and chronic diseases [3][4] - The introduction of the commercial health insurance innovative drug directory aims to address the payment challenges of high-priced innovative drugs, marking a significant development in the healthcare sector [6][10] Group 1: New Drug Inclusion - The new drugs added to the medical insurance directory include significant innovations such as GLP-1 diabetes medication Tirzepatide and long-acting growth hormone product Ipeglutide [3][4] - Notable drugs include the anti-allergy drug Dupilumab and the new flu medication Maribavir, which have also been accepted into the insurance coverage [3] Group 2: Pricing and Discounts - Although the average price reduction was not disclosed, it is estimated to be similar to previous years' reductions of 50%-60%, with some drugs like Ipeglutide seeing a price drop of nearly 50% [5] - The commercial health insurance directory includes 19 products with price reductions ranging from 15% to 50%, slightly higher than the industry expectation of a 30% cap [6][7] Group 3: Commercial Health Insurance Directory - The commercial health insurance directory has strict entry requirements, focusing on high innovation, significant clinical value, and the inability to be replaced by the basic medical insurance directory [7] - CAR-T therapies, which have been historically expensive, now have a national reimbursement pathway, allowing for more streamlined negotiations for pharmaceutical companies [8][11] Group 4: Implications for Pharmaceutical Companies - The inclusion of drugs in the commercial health insurance directory allows pharmaceutical companies to negotiate discounts directly with insurers, potentially reducing their costs significantly [10][11] - The directory's establishment is seen as a critical step for CAR-T companies to improve their market access and sales volume [11][12] Group 5: Future Outlook - The commercial health insurance directory is expected to enhance the service capabilities of existing health insurance products, such as "Hui Min Bao," and improve patient experiences [15][16] - Recent initiatives in various provinces indicate a trend towards integrating the commercial health insurance directory with local health insurance systems, enhancing coverage for innovative drugs [16]

Core Viewpoint - China Resources Double Crane (华润双鹤) has announced that its controlled company, Henan Zhongshuai Pharmaceutical Co., Ltd., has successfully included its drug, Methylphenidate Hydrochloride Extended-Release Capsules, in the National Medical Insurance Directory, which is expected to enhance product promotion and sales, although it is not anticipated to have a significant impact on the company's 2025 financial performance [1]. Group 1 - As of December 9, 2025, China Resources Double Crane's stock closed at 18.63 yuan, down 0.59% from the previous trading day, with a total market capitalization of 19.352 billion yuan [1]. - The stock opened at 18.74 yuan, reached a high of 18.79 yuan, and a low of 18.61 yuan, with a trading volume of 82.2435 million yuan and a turnover rate of 0.43% [1]. - The newly included drug is indicated for Attention Deficit Hyperactivity Disorder (ADHD) in patients aged 6 and above, with the agreement effective from January 1, 2026, to December 31, 2027 [1]. Group 2 - The drug was approved for market launch on January 8, 2025, and generated sales revenue of 12.4 million yuan in the first three quarters of 2025, accounting for approximately 0.15% of the company's total revenue during the same period [1]. - Inclusion in the medical insurance directory is expected to facilitate product promotion and sales, although it is projected to have no major impact on the company's operating performance for 2025 [1].

1、药品名称：注射用重组人脑利钠肽（商品名：新活素）。 2、适应症或功能主治：适用于患有休息或轻微活动时呼吸困难的急性失代偿心力衰竭患者的静脉治 疗。按NYHA分级〉II级。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 2025年12月7日，国家医保局、人力资源社会保障部发布了《国家基本医疗保险、生育保险和工伤保险 药品目录（2025年）》，我公司全资子公司成都诺迪康生物制药有限公司生产的注射用重组人脑利钠肽 （商品名：新活素）持续被纳入医保目录，并被调整至常规目录，具体情况如下： ■ 一、产品情况介绍 新活素系我公司自主研发的国家生物制品一类新药，作为治疗急性心衰的基因工程药物，能快速改善心 衰患者的心衰症状和体征，提高患者的生存质量，并降低患者的心衰住院治疗费用和缩短住院时间。同 时，该药品技术指标国际领先，对公司在基因工程药物领域研发、生产具有较强指导意义。 二、对公司的影响 新活素于2017年起被持续纳入《国家基本医疗保险、工伤保险和生育保险药品目录》乙类范围，本次被 调整至常规目录，将于2026年1月1日起正式实 ...

Core Viewpoint - The inclusion of the product Methylphenidate Hydrochloride Extended-Release Capsules in the National Medical Insurance Directory is expected to positively impact the company's market promotion and sales performance [3]. Group 1: Product Inclusion in Medical Insurance - The product Methylphenidate Hydrochloride Extended-Release Capsules has been included in the National Medical Insurance Directory for 2025, with the agreement period allowing for Class B payment [1]. - The application price for the product remains confidential, and the payment standard is marked as * [1]. Group 2: Sales Performance - The product received approval from the National Medical Products Administration on January 8, 2025, and generated sales revenue of RMB 12.4 million in the first three quarters of 2025 [2]. - Following the acquisition of a 53.28% stake in Henan Zhongshuai Pharmaceutical Technology Co., Ltd. in August 2025, the sales revenue from this product accounted for approximately 0.15% of the company's total revenue for the same period [2]. Group 3: Impact on Company Performance - The inclusion of the product in the National Medical Insurance Directory is anticipated to enhance market promotion and sales, positively affecting the company's operational performance [3]. - The implementation of the National Medical Insurance Directory is set for January 1, 2026, and is not expected to have a significant impact on the current year's operational performance [3].

Core Insights - The National Healthcare Security Administration and the Ministry of Human Resources and Social Security have released the new National Medical Insurance Directory and the first Commercial Health Insurance Innovative Drug Directory, set to be implemented nationwide from January 1, 2026 [1][2] Summary by Sections National Medical Insurance Directory - A total of 114 new drugs have been added to the National Medical Insurance Directory, with 111 of them being new products launched within the last five years, representing 97.3% of the new additions [2] - Among the new drugs, 50 are classified as Category 1 innovative drugs, with a success rate of 88%, an increase from 76% in 2024 [2] - The total number of drugs in the directory has increased to 3,253, including 1,857 Western medicines and 1,396 traditional Chinese medicines [2] Company Announcements - Several listed companies, including Heng Rui Medicine, Fosun Pharma, and Hai Si Ke, announced new drug inclusions or renewals in the updated National Medical Insurance Directory [3] - Heng Rui Medicine reported that 20 products/indications were included, with significant coverage across various diseases such as tumors and cardiovascular conditions [3][4] - Hai Si Ke's two Category 1 innovative drugs were included, with one being a new addition and the other a renewal [4] Commercial Health Insurance Innovative Drug Directory - The first Commercial Health Insurance Innovative Drug Directory includes 19 new drugs from 18 innovative pharmaceutical companies, with 9 being Category 1 innovative drugs [7] - Notably, five CAR-T products were included, representing over half of the CAR-T products available in China, which previously faced challenges in entering the insurance market due to high pricing [7][8] - The directory also includes treatments for rare diseases and high-profile conditions such as Alzheimer's disease, enhancing the complementarity with the basic medical insurance [7][10] Notable Drug Inclusions - The directory includes drugs for significant diseases such as triple-negative breast cancer and pancreatic cancer, as well as treatments for rare diseases like Gaucher disease [5][9] - In the diabetes sector, several domestic drugs were newly included, such as a long-acting GLP-1 receptor agonist [6] - Companies like Bei Hai Kang Cheng and Bai Ji Shen Zhou have also successfully included their innovative drugs in the Commercial Health Insurance Directory [9]

Group 1 - The company announced that some of its products have been included in the 2025 National Medical Insurance Directory, which is expected to enhance market expansion and product sales [1][2] - The innovative drug Aibegersitin α injection and the imported product Dihyaluronic Acid Sodium Injection have been renewed for inclusion, while the compound Huangdai Tablets have been adjusted to the regular national medical insurance directory [1] - The 2025 National Medical Insurance Directory will be officially implemented on January 1, 2026, with specific reimbursement standards and details to be announced by relevant government departments [2] Group 2 - The company’s subsidiary Hefei Xinzhu Biotechnology has received approval for clinical trials of the innovative macromolecule drug N-3C01 injection, targeting advanced solid tumors and non-muscle invasive bladder cancer [4][5] - N-3C01 is a recombinant IL-15/IL-15Rα fusion protein designed to activate immune cells for tumor destruction, showing promising preclinical results in activating NK cells and CD8+ T cells [6] - The approval for clinical trials indicates that the drug meets the necessary requirements for drug registration, although further steps are needed before it can be marketed [5][6]