中国基金报记者 王思文 【 导读 】 114种药品新增进入2025年国家医保药品目录，19种药品进入商保创新药目录 12月7日， 2025年药品目录谈判协商结果在广州发布，市场关注的新版基本医保药品目录和 首版《商业健康保险创新药品目录》正式公布。今年是国家医保药品目录连续第八年进行调 整。 新版药品目录自2026年1月1日起正式执行，《国家基本医疗保险、工伤保险和生育保险药品 目录（2024年）》（医保发〔2024〕33号）同时废止。 2025年版国家医保+商保药品目录正式发布 根据国家医保局对外发布的 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 显示，2025年国家医保药品目录成功新增114种药品，19种药 品被纳入首版商保创新药目录。 在本次目录调整的新增药品中，有50种是一类创新药，总体成功率为88%，较2024年的 76%明显提高。 同时，一些弥补基本医保保障空白的药品被纳入2025年国家医保药品目录，如三阴性乳腺 癌、胰腺癌、肺癌等重大疾病用药；朗格汉斯细胞组织细胞增生症、螯合剂不耐受的地中海 贫血症等罕见病用药；糖尿病、高胆固醇血症、自身免疫性疾病等 ...

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。 来源：央视新闻 （文章来源：证券时报） 2025年国家医保药品目录及首版商保创新药目录在广州发布。 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。 2025年国家医保药品目录纳入了一些弥补基本医保保障空白的药品，如三阴乳腺癌、胰腺癌、肺癌等重 大疾病用药；朗格汉斯细胞组织细胞增生症、螯合剂不耐受的地中海贫血症等罕见病用药；糖尿病、高 胆固醇血症、自身免疫性疾病等慢性病用药。 纳入首版商保创新药目录的19种药品中，既有CAR-T等肿瘤治疗药品，也有神经母细胞瘤、戈谢病等罕 见病治疗药品，还有阿尔茨海默病治疗药品等。 ...

Core Insights - The National Healthcare Security Administration (NHSA) has announced the 2025 version of the National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog, along with the first edition of the Commercial Health Insurance Innovative Drug Catalog. This marks the eighth consecutive year of adjustments to the drug catalog, which can be interpreted from three perspectives: new drugs, new partners, and new mechanisms [1] Group 1: New Drugs - A total of 114 new drugs have been added to the catalog, enhancing the coverage for critical areas such as cancer and chronic diseases. Among these, 111 are new products launched within the last five years, accounting for 97.3% of the additions [2] - The new drugs address clinical treatment gaps, including innovative therapies for major diseases like breast cancer, pancreatic cancer, and lung cancer, as well as medications for rare diseases and chronic conditions such as diabetes and high cholesterol [2][3] Group 2: New Partners - The recent innovative drug high-quality development conference included a diverse range of participants, such as investors, fund managers, and representatives from commercial insurance institutions, alongside traditional stakeholders like the NHSA and pharmaceutical companies. This indicates a growing recognition of the importance of innovation in healthcare [4] - The involvement of new partners reflects the understanding that healthcare is both a public welfare issue and an industry, highlighting the ongoing interest and investment from the capital market in pharmaceutical innovation [4] Group 3: New Mechanisms - The commercial insurance innovative drug catalog was released simultaneously with the basic medical insurance drug catalog. This addresses the ongoing debate regarding the inclusion of high-cost drugs in basic insurance coverage [5] - A total of 121 drugs met the criteria for the commercial insurance innovative drug catalog, with 19 ultimately included. This catalog features advanced treatment methods such as CAR-T and T-cell therapies, as well as medications for rare diseases and Alzheimer's, complementing the basic insurance offerings [5]

北京商报讯（记者 李秀梅）12月7日，新华社消息，2025年国家医保药品目录及首版商保创新药目录在 广州发布。纳入首版商保创新药目录的19种药品中，既有CAR-T等肿瘤治疗药品，也有神经母细胞瘤、 戈谢病等罕见病治疗药品，还有阿尔茨海默病治疗药品等。 ...

Core Points - The 2025 National Medical Insurance Drug List and the first version of the Commercial Insurance Innovative Drug List were released on December 7 in Guangzhou [3] - A total of 114 new drugs were added to the National Medical Insurance Drug List, with 50 being first-class innovative drugs, achieving an overall success rate of 88%, a significant increase from 76% in 2024 [3] - The new drug list includes medications for major diseases such as triple-negative breast cancer, pancreatic cancer, and lung cancer, as well as treatments for rare diseases and chronic conditions [3] Group 1 - The National Medical Insurance Drug List now includes a total of 3,253 drugs, comprising 1,857 Western medicines and 1,396 traditional Chinese medicines [3] - The inclusion of drugs in the Commercial Insurance Innovative Drug List includes 19 medications, such as CAR-T for cancer treatment and drugs for rare diseases like neuroblastoma and Gaucher disease [3] - The adjustment significantly enhances the coverage for key areas such as cancer, chronic diseases, mental health, rare diseases, and pediatric medications [3]

新华社记者12月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。 来源丨新华社 编辑丨刘雪莹 百万一针抗癌神药有望降至10万以下 Space X冲击5.7万亿估值，马斯克深夜回应 芯片重要并购终止，双方均有小米系参股 SFC 2 1君荐读 2025年国家医保药品目录纳入了一些弥补基本医保保障空白的药品， 如三阴乳腺癌、胰腺癌、肺癌等重大疾病用药；朗格汉斯细胞 组织细胞增生症、螯合剂不耐受的地中海贫血症等罕见病用药；糖尿病、高胆固醇血症、自身免疫性疾病等慢性病用药。 纳入首版商保创新药目录的19种药品中，既有CAR-T等肿瘤治疗药品，也有神经母细胞瘤、戈谢病等罕见病治疗药品，还有阿尔茨 海默病治疗药品等。 ...

今日（12.4），港药四连跌后强势反弹，创新药纯度100%的港股通创新药ETF(159570)四连跌后首次反弹涨1.5%，成交额快速突破12亿元！资金面上，此前 三日连续回调吸金，近5日累计净流入超1.8亿元！截至12月3日，港股通创新药ETF(159570)最新规模超232亿元，同类持续领先！ 消息面上，12月3日，信立泰发布公告，公司收到药监局核准签发的《临床试验批准通知书》，同意公司自主研发的创新小分子药物SAL0140片开展治疗慢 性肾脏病（CKD）的临床试验。 港股通创新药ETF(159570)标的指数权重股多数飘红：康方生物、科伦博泰生物-B、金斯瑞生物科技涨超3%，信达生物涨超2%，百济神州涨近2%，三生制 药涨近1%，中国生物制药微涨。 | 序号 | 代码 | 名称 | 估算权重 | 涨跌幅 | 成交额 | | --- | --- | --- | --- | --- | --- | | 1 | 6160 | 百济神州 | 11.90% | 2.19% | 2.99亿 | | 2 | 1801 | 信达生物 | 11.38% | 2.02% | 2.28亿 | | 3 | 9926 | 康方生物 ...

Core Insights - The article discusses the recent developments in the Hong Kong pharmaceutical sector, particularly focusing on the innovative drug industry, which is experiencing a shift from traditional financing to becoming a showcase for new economy enterprises [3][4][5] - The article emphasizes the importance of external factors such as U.S. Federal Reserve monetary policy, international trade environment, and competition dynamics in influencing the performance of the Hong Kong pharmaceutical sector [6][7][8] Industry Overview - The Hong Kong stock market is transitioning to showcase high-quality companies in sectors like technology, innovative drugs, and new consumption, attracting global capital [3] - Recent adjustments in the Hong Kong pharmaceutical sector are attributed to short-term market sentiment fluctuations and profit-taking, rather than fundamental changes in the industry [4][5] Market Dynamics - The Hang Seng Healthcare Index and the Hong Kong Stock Connect Innovative Drug Select Index are highlighted for their differing coverage and focus, with the former being broader and the latter concentrating on high R&D investment and liquidity companies [2][20] - The innovative drug sector is seeing a significant increase in attention from investors, driven by strong performance in CXO and life sciences services, with profits in these areas growing over 50% year-on-year [19] Policy Environment - Domestic policies are shifting towards supporting genuine innovation, with measures like the establishment of a new drug pricing mechanism and the integration of commercial insurance with the medical insurance directory [7][8] - The article notes that the regulatory environment is improving, which is expected to stabilize profit expectations for pharmaceutical companies [7][8] Investment Strategies - The article advocates for ETF investments in the innovative drug sector due to their diversification, low entry barriers, cost advantages, and high liquidity [21][22] - Suggested investment strategies include dollar-cost averaging and phased investments to manage volatility in the high-risk pharmaceutical sector [24][25] Future Outlook - The long-term growth of the innovative drug sector is supported by a combination of favorable policies, improving industry fundamentals, and the ongoing internationalization of Chinese pharmaceutical companies [15][16] - The article concludes that the current market adjustments provide an opportunity for investors to reassess the long-term value of companies in the innovative drug sector [15][16]

Core Viewpoint - The 76th AASLD conference showcased significant advancements in China's innovative drug sector, particularly in hepatitis B treatment, indicating a positive outlook for the industry moving forward [1][4][5]. Group 1: Performance of Chinese Innovative Drug Companies - Chinese research teams made notable contributions at the AASLD 2025 conference, presenting findings on hepatitis B and other liver diseases, with several experts receiving prestigious awards [4]. - Breakthrough drugs and clinical data were highlighted, including HepaPrax combined with interferon achieving "sterilizing cure" for hepatitis B, and AHB-137 showing a 39% sustained clearance rate post-treatment [4][5]. Group 2: Future Outlook for the Innovative Drug Sector - The innovative drug sector is benefiting from several positive industry trends, including a sustained "going global" momentum, with overseas licensing deals reaching $104.2 billion and upfront payments totaling $8.1 billion by October 2025 [8]. - The pharmaceutical sector reported a net profit of 40.51 billion yuan in Q3 2025, a 7.67% year-on-year increase, with expectations for continued growth in innovative drug commercialization and overseas deals [8]. - Ongoing policy support is anticipated, with upcoming insurance negotiations expected to enhance the accessibility and affordability of high-priced innovative drugs [8]. - The innovative drug sector has experienced a three-month adjustment period, which is viewed as healthy, with expectations for a new round of growth as market dynamics shift [8].

Group 1 - The core focus of the news is the introduction of the commercial insurance innovative drug directory, which aims to bridge the gap between basic medical insurance and high-end demand for innovative drugs, providing a policy advantage for group health insurance [2][3] - A total of 121 drugs have passed the formal review, with CAR-T drugs being a notable example that may enter the commercial insurance innovative drug directory [2] - The first version of the commercial insurance innovative drug directory is set to be officially released in early December 2025 and will be implemented starting January 1, 2026 [2] Group 2 - The commercial insurance directory is seen as a key tool to break the payment deadlock for innovative drugs, focusing on drugs that exceed the basic insurance coverage but have significant clinical value [3] - The current commercial insurance market is still in its infancy regarding innovative drug payments, with commercial health insurance contributing only 7.7% to the overall payment structure, while over 90% is covered by medical insurance funds and personal cash payments [3][4] - The low coverage ratio of commercial health insurance payments presents an opportunity for industry growth, as there is a mismatch between the supply of insurance products and the diverse needs of customers, particularly in high-cost medical areas [4][6] Group 3 - The growth of individual health insurance has slowed, making group health insurance a potential key to expanding the innovative drug market [5][6] - Group health insurance can effectively reduce adverse selection risks and improve funding efficiency through collective participation by enterprises [6][7] - In mature markets, group health insurance typically accounts for 70%-80% of premium income, highlighting its importance in innovative drug payments [7] Group 4 - The dual incentives of policy support and market demand are driving insurance institutions to accelerate innovation in group insurance products [8][10] - The future competition in group insurance will focus on service ecosystem integration, shifting from passive compensation to proactive health management [11] - Despite promising prospects, the group insurance market faces multiple challenges that need to be addressed through policy tools like tax incentives and subsidies to encourage collective participation [11][12]