12月7日，国家医保局公布了2025年版《国家基本医疗保险、生育保险和工伤保险药品目录》和首版 《商业健康保险创新药品目录》。新公布的医保药品目录有什么新变化？又如何更好地满足大家的用药 需求呢？ 本次目录调整新增114种药品，其中50种为一类创新药，同时调出了29种临床没有供应或可被其他药物 更好替代的药品。本次调整后，目录内药品总数增至3253种，其中西药1857种、中成药1396种，肿瘤、 慢性病、精神疾病、罕见病、儿童用药等重点领域的保障水平得到明显提升。新版目录将于2026年1月1 日在全国范围内正式实施。 今年的药品目录调整与此前有哪些不同？ 公布新增纳入目录的114种药品，是非小细胞肺癌、宫颈癌、罕见病的患者在等待的创新药、救命药。 比如说今年有一款药，打一针可维持半年有效的降血脂的效果，上市不久就能纳入医保，患者可以以非 常合理的价格控制血脂，这对患者来说，就是民生。 而人们对于健康的不懈追求，一方面推动着药品日新月异的发展，同时也要求政策的调整，要跟得上行 业的变化。所以医保局成立以来，每年一次药品目录的调整，都是对民生需求的回应。 不断纳入新药 医保基金能承受吗？ 八年八次调整，每次都新增 ...

Core Insights - Hutchison China MediTech Limited (HCM) announced the renewal of its medical insurance agreements with the National Healthcare Security Administration (NHSA) for several of its drugs, effective from January 1, 2026 [1][2] - The inclusion of ELUNATE® (fruquintinib), ORPATHYS® (savolitinib), and SULANDA® (surufatinib) in the updated National Medical Insurance Drug List signifies continued support for innovative cancer treatments in China [1][2] - TAZVERIK® (tazemetostat) has been added to the inaugural Commercial Health Insurance Innovative Drug List, enhancing access to advanced therapies for patients with specific conditions [1][2] Drug-Specific Summaries - ELUNATE® is approved for use in combination with the anti-PD-1 therapy, sintilimab, for treating advanced endometrial cancer patients who have failed prior systemic anti-tumor therapy and are not suitable for curative surgery or radiotherapy [1] - ELUNATE® is also renewed for treating metastatic colorectal cancer patients who have previously received fluorouracil, oxaliplatin, and irinotecan-based chemotherapy, as well as those who have received or are unsuitable for VEGF and EGFR-targeted therapies [1] - ORPATHYS® is included for treating adults with locally advanced or metastatic non-small cell lung cancer harboring MET exon 14 alterations [1][2] - SULANDA® is renewed for treating unresectable locally advanced or metastatic, progressive, non-functional, well-differentiated (G1, G2) neuroendocrine tumors of pancreatic and non-pancreatic origin [2] - TAZVERIK® is included in the Commercial Health Insurance Innovative Drug List for adult patients with EZH2 mutation-positive relapsed or refractory follicular lymphoma who have received at least two prior systemic therapies [2] Policy and Market Implications - The NHSA's announcement of the 2025 adjustment plan for the National Medical Insurance Drug List and the Commercial Health Insurance Innovative Drug List highlights a focus on high-innovation, clinically valuable drugs that exceed the basic insurance coverage [2] - The establishment of the Commercial Health Insurance Innovative Drug List aims to enhance patient access to breakthrough therapies and supports the sustainable development of China's innovative pharmaceutical industry [2]

Group 1: National Medical Insurance and Commercial Health Insurance - The National Healthcare Security Administration has released the latest version of the National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog, which includes 114 new drugs, of which 50 are first-class innovative drugs, achieving a success rate of 88%, an increase from 76% in 2024 [1] - The updated National Medical Insurance Drug Catalog will be implemented starting January 1, 2026, marking the eighth adjustment since the establishment of the National Healthcare Security Administration and the first introduction of a commercial health insurance innovative drug catalog [1] Group 2: Haiwang Bio - Haiwang Bio announced that its stock price had deviated significantly, with a cumulative increase of over 100% from November 26 to December 5, 2025, indicating severe abnormal trading [2] - The company reported a price-to-book ratio of 7.64, which differs from industry peers, suggesting potential risks of market overheating and irrational speculation [2] Group 3: Shengxiang Bio - Shengxiang Bio disclosed that 20.72 million shares (3.58% of total shares) owned by shareholder Chen Wenyin are subject to judicial freezing, with a provision allowing for the sale of up to 4 million shares under specific conditions [3] - The judicial freeze may exert short-term pressure on the stock price, but the set minimum price for the sale provides some stability [3] Group 4: Kang En Bei Management Changes - Kang En Bei announced the resignation of Chairman Jiang Yi and board member Jiang Qian due to work adjustments, raising concerns about potential governance structure changes [4] - The departure of key executives may lead to market apprehension, but if there are no significant changes in business strategy, growth potential remains [4]

Core Insights - The first version of the commercial insurance innovative drug directory has been released, including 19 new drugs from 18 innovative pharmaceutical companies, with a roughly equal share of domestic and imported drugs [1][2] - Approximately 70% of the drugs included are oncology treatments, featuring five high-cost CAR-T products, indicating a significant focus on cancer therapies [1][8] - The inclusion of rare disease medications and Alzheimer's treatments in the directory is expected to enhance commercial insurance payment opportunities and favorable policies for hospital access [1][10] Summary by Category Drug Inclusion - A total of 19 drugs have been included in the first commercial insurance innovative drug directory, with a selection rate of about 16%, aligning with industry expectations [4][6] - The directory features a mix of oncology drugs, rare disease treatments, and Alzheimer's medications, with a notable emphasis on high-priced innovative drugs [1][8] Market Dynamics - The directory's limited number of drugs (around 20) is seen as a strategic move to facilitate implementation and avoid complications in local insurance products [6][10] - The commercial insurance market is expected to leverage the directory to enhance patient access to high-value drugs, particularly in the oncology sector [9][11] Regulatory and Policy Framework - The National Healthcare Security Administration (NHSA) encourages local insurance departments to support the integration of the commercial insurance innovative drug directory into retail pharmacies and monitor pricing [7][14] - The directory aims to provide a reference for various commercial insurance entities, allowing them to negotiate with innovative drug companies without the need for exclusive selections [11][14] Patient Impact - The drugs listed in the directory are characterized by a small patient base or specific indications, minimizing the risk of clinical misuse and aligning with commercial insurance risk management strategies [8][13] - The directory includes several drugs for rare diseases, which are expected to fill clinical gaps and provide essential treatments previously unavailable in China [12][13]

Core Insights - The first version of the commercial health insurance innovative drug directory has been released, including 19 new drugs from 18 innovative pharmaceutical companies, with a roughly equal share of domestic and imported drugs [3][4] - Approximately 70% of the drugs included are oncology treatments, featuring five high-cost CAR-T products, indicating a significant focus on cancer therapies [3][4] - The inclusion of rare disease medications and Alzheimer's treatments in the directory is expected to enhance commercial insurance payment options and facilitate hospital access [3] Summary by Sections Inclusion Criteria - A total of 121 drug names passed the review for the commercial health insurance innovative drug directory, with only 19 ultimately included, resulting in an acceptance rate of about 16% [6] - The directory aims to balance the number of drugs included to ensure effective implementation and avoid overwhelming the system [8] Drug Characteristics - The drugs in the directory generally have a small patient base or clear indications, minimizing the risk of clinical misuse [10] - High innovation and the ability to fill clinical gaps are common traits among the selected drugs, particularly in rare diseases and pediatric treatments [11] - The directory includes a significant number of oncology drugs, with 14 out of 19 being cancer treatments, primarily targeting niche patient populations [11][12] Market Dynamics - The CAR-T products included represent over half of the CAR-T therapies available in China, highlighting their importance in the market [12] - The directory's structure allows for multiple similar drugs to coexist, enhancing patient choice and supporting real-world evidence accumulation [13][14] - The focus on rare disease treatments is evident, with at least five rare diseases represented in the directory, including neuroblastoma and Gaucher disease [14] Future Implications - The directory is expected to influence local health insurance products, prompting adjustments to existing special drug lists in various regions [16][17] - The commercial health insurance sector is encouraged to design new products and adjust reimbursement strategies based on the directory to better meet patient needs [17]

Core Insights - The first national commercial insurance innovation drug directory for 2025 was released in Guangzhou, including 19 high-value innovative drugs targeting key treatment areas such as oncology, rare diseases, and neurodegenerative diseases [1][3] - Shenzhen's "Hui Min Bao" has incorporated all 19 innovative drugs into its coverage for the 2025 fiscal year, enhancing access to these medications for local residents [1][3] Group 1: Drug Coverage - The 19 drugs included in the directory cover significant therapeutic areas, including CAR-T therapies for cancer, treatments for Gaucher disease, and Alzheimer's disease medications [3] - Specific drugs listed include "Daratumumab injection," "Naxitamab injection," and "Aducanumab injection," among others, from various pharmaceutical companies [2] Group 2: Insurance Benefits - All insured residents of Shenzhen using the listed innovative drugs can claim reimbursements, effectively reducing out-of-pocket expenses and improving access to these medications [3][4] - "Hui Min Bao" provides a crucial supplement to basic medical insurance, focusing on high-innovation drugs that offer significant clinical value and patient benefits beyond standard coverage [3] Group 3: Claims and Impact - Real-life claims demonstrate the effectiveness of the coverage, such as a case where a 5-year-old patient with malignant tumor received over 730,000 yuan in compensation for drug costs [3][4] - The insurance plan also supports "one-stop settlement" services, alleviating the financial burden on patients, including those with pre-existing conditions [4] Group 4: Growth and Accessibility - Since its launch three years ago, "Hui Min Bao" has maintained a public welfare characteristic, with no restrictions on age, occupation, or health status, allowing for a low annual premium of 88 yuan for over 4 million yuan in coverage [4] - As of 2025, the number of insured individuals has surpassed 6.15 million, with a total of over 18 million insured instances in three years [4]

Core Insights - The first version of the commercial insurance innovative drug directory has been released, including 19 new drugs from 18 innovative pharmaceutical companies, with a roughly equal share of domestic and imported drugs [1][2] - The directory focuses heavily on oncology drugs, which account for 70% of the list, including five CAR-T products, and also includes rare disease medications and Alzheimer's treatments [1][11] Summary by Category Drug Inclusion - A total of 121 drug generic names passed the review for the commercial insurance innovative drug directory, with only 19 drugs ultimately selected, resulting in an acceptance rate of approximately 16% [6] - The directory includes a variety of drugs, with a significant number targeting rare diseases and high-cost innovative treatments [12][14] Market Dynamics - The commercial insurance innovative drug directory is expected to enhance the payment space for rare disease treatments and provide policy advantages for hospital access [1][11] - The directory's limited number of drugs aims to facilitate implementation, as having too many drugs could complicate market entry [8][11] Drug Characteristics - The drugs in the directory generally have a small patient base or clear indications, minimizing the risk of clinical misuse, and are often high-value innovative drugs that fill clinical gaps [11][12] - The directory includes multiple oncology treatments, particularly those for rare or difficult-to-treat cancers, which are expected to have a significant market impact [12][13] Commercial Insurance Implications - The commercial insurance innovative drug directory serves as a reference for various commercial insurance entities, allowing them to negotiate with innovative drug companies without the need for exclusive selections [14] - The directory is anticipated to support the development of multi-tiered medical insurance systems, encouraging commercial insurance companies to design new products based on the directory [16]

Core Insights - The Chinese medical insurance directory will undergo its largest expansion of innovative drugs in history starting January 1, 2026, adding 114 new drugs, including 50 class 1 innovative drugs, while removing 29 drugs that are either unavailable or can be replaced by better alternatives [1][2] - The total number of drugs in the directory will increase to 3,253, significantly enhancing coverage for key areas such as oncology, chronic diseases, mental health, rare diseases, and pediatric medications [1][2] - The inclusion of innovative drugs in the medical insurance directory reflects a strong commitment to support genuine innovation and differentiated innovation in the healthcare sector [1][2] Medical Insurance Directory Expansion - The new directory will include 114 drugs, with nearly 44% being class 1 innovative drugs, indicating a growing emphasis on innovative treatments [1][2] - The directory will enhance the insurance coverage for critical areas, improving access to necessary medications for patients [1][2] Innovative Drug Market Dynamics - The entry of innovative drugs into the medical insurance directory is a key driver for market growth, with those included typically experiencing rapid sales growth within a year [4] - Companies like Heng Rui Medicine and Innovent Biologics have successfully included multiple innovative products in the new directory, indicating a trend towards increased market access for innovative therapies [4][5] Clinical Needs and Treatment Options - The new directory addresses significant clinical needs, particularly in oncology, with new drugs targeting various types of cancers, thereby expanding treatment options for patients [9][10] - The inclusion of targeted therapies for conditions like severe asthma and breast cancer provides patients with more accessible and effective treatment options [6][10] Commercial Insurance Directory - The introduction of a commercial insurance directory for innovative drugs aims to balance clinical value, corporate profits, and the sustainability of insurance funds [2][12] - The commercial insurance directory includes 19 innovative drugs, highlighting a focus on high-value treatments that exceed basic insurance coverage [12][15] Policy and Regulatory Environment - Recent reforms in drug approval and medical insurance payment systems have created a conducive environment for the development of innovative drugs in China [17][18] - The acceleration of drug approvals and the establishment of a more rigorous evaluation system for innovative drugs are reshaping the landscape for pharmaceutical companies [17][18] Future Outlook - The ongoing expansion of the medical insurance directory signifies a shift towards making innovative drugs more accessible and affordable for the general population, enhancing overall healthcare outcomes [20][21] - The collaboration between policy, industry, and capital markets is essential for fostering high-quality development in the innovative drug sector [19][20]

（原标题：吴清发表重要讲话；美联储将举行议息会议｜周末要闻速递） 要闻速递 国常会：研究进一步做好节能降碳工作 国务院总理李强12月5日主持召开国务院常务会议，研究进一步做好节能降碳工作，听取规范涉企行政 执法专项行动情况汇报并审议通过《行政执法监督条例（草案）》，讨论《中华人民共和国国家消防救 援人员法（草案）》，部署全链条打击涉烟违法活动有关举措。 李强将与全球主要国际经济组织负责人举行"1+10"对话会 外交部发言人宣布，国务院总理李强将于12月9日上午在北京同新开发银行行长罗塞芙、世界银行行长 彭安杰、国际货币基金组织总裁格奥尔基耶娃、世界贸易组织总干事伊维拉、联合国贸易和发展会议秘 书长格林斯潘、国际劳工组织总干事洪博、经济合作与发展组织秘书长科尔曼、国际清算银行总经理卡 斯滕斯、金融稳定理事会主席诺特和亚洲基础设施投资银行行长金立群等10家国际经济组织负责人举 行"1+10"对话会。 险企投资股票风险因子再度下调 沪深300、科创板等将受益 12月5日，国家金融监管总局发布《关于调整保险公司相关业务风险因子的通知》，在下调险企业务风 险因子的同时明确相关监管要求。一是对长期持仓的沪深300等指数成 ...

记者今天（7日）从国家医保局获悉，2025年国家医保药品目录及首版商保创新药目录在广东广州发 布。2025年国家医保药品目录成功新增114种药品，有50种是一类创新药，总体成功率88%，较2024年 的76%明显提高。19种药品纳入首版商保创新药目录。 此次调整后，国家医保药品目录内药品总数增至3253种，其中西药1857种、中成药1396种，肿瘤、慢性 病、精神疾病、罕见病、儿童用药等重点领域的保障水平得到明显提升。 国家医保局、人力资源社会保障部印发《国家基本医疗保险、生育保险和工伤保险药品目录》以及《商 业健康保险创新药品目录》（2025年）。其中提出，积极推动商保创新药目录纳入商业健康保险保障范 围。 各地医保部门要会同有关部门推动多层次医疗保障体系建设，积极支持普惠型商业健康保险发展，商保 创新药目录推荐商业健康保险、医疗互助等多层次医疗保障体系参考使用。支持商保机构根据商保创新 药目录设计新产品、更新赔付范围、调整赔付方式，更好满足患者用药需求，切实减轻患者医疗费用负 担。鼓励有条件的地区探索开展医保、工伤保险与商保"一站式"结算。 文章来源：央视新闻 2025年国家医保药品目录纳入了一些弥补基本 ...