Group 1 - The National Healthcare Security Administration and the Ministry of Human Resources and Social Security have issued the "National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog" and the "Commercial Health Insurance Innovative Drug Catalog" to promote a multi-level medical security system and support the development of inclusive commercial health insurance [3][11] - In 2025, the National Medical Insurance Drug Catalog successfully added 114 new drugs, with 50 being Class I innovative drugs, achieving an overall success rate of 88%, an increase from 76% in 2024 [3][11] - The first version of the commercial health insurance innovative drug catalog includes 19 drugs, such as CAR-T for cancer treatment, drugs for neuroblastoma, Gaucher disease, and Alzheimer's disease [3][11] Group 2 - As of the end of November, China's foreign exchange reserves stood at $33,464 billion, an increase of $30 billion from the end of October, representing a growth rate of 0.09% [3][11] - China's gold reserves increased by 30,000 ounces to 74.12 million ounces, marking the People's Bank of China’s 13th consecutive month of gold accumulation [3][11] Group 3 - Baidu Group announced it is evaluating the potential spin-off and independent listing of its subsidiary Kunlun Chip (Beijing) Technology Co., amid market speculation [9][12]

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][9] - The new directory will increase the total number of drugs to 3,253, significantly enhancing coverage for key areas such as oncology, chronic diseases, mental health, rare diseases, and pediatric medications [1][9] - 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][9] Medical Insurance Directory Expansion - The new medical insurance directory will include 114 new drugs, with nearly 44% being class 1 innovative drugs, indicating a growing emphasis on innovative treatments [1][2] - The directory aims to balance the clinical value of innovative drugs, corporate profits, and the sustainability of the insurance fund, with a new commercial insurance directory established for high-cost innovative drugs [2][15] - The entry of innovative drugs into the medical insurance directory is seen as a critical step in making these treatments accessible to patients, thereby reducing their economic burden [13][23] Market Dynamics and Trends - The inclusion of innovative drugs in the medical insurance directory is expected to accelerate sales growth for these products, reshaping the business models of Chinese innovative drug companies [4][20] - Companies like Hengrui Medicine and Innovent Biologics have successfully included multiple innovative products in the new directory, indicating a trend of increasing market access for innovative therapies [4][5] - The commercial insurance directory, which includes 19 innovative drugs, aims to provide additional support for high-cost treatments, potentially lowering patient treatment costs significantly [15][18] Focus on Key Therapeutic Areas - The new directory emphasizes significant clinical value and urgent patient needs, particularly in oncology, with new drugs targeting various types of cancers being added [10][11] - The inclusion of drugs for rare diseases and conditions like severe asthma highlights a commitment to addressing critical healthcare challenges faced by patients [16][17] - The directory also includes innovative treatments for chronic conditions such as diabetes, further expanding access to essential therapies for a large patient population [8][12] 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 [19][20] - The acceleration of drug review processes and the establishment of a more rigorous value assessment framework are expected to enhance the accessibility of innovative treatments [19][22] - The collaboration between policy and capital markets is crucial for fostering innovation and ensuring the sustainability of the healthcare system [21][22] Future Outlook - The successful implementation of the new medical insurance directory is anticipated to restore investor confidence in the innovative drug market, which has seen a slowdown in investment interest recently [18][21] - The ongoing development of commercial insurance options for innovative drugs is expected to play a significant role in expanding patient access and improving treatment outcomes [18][19] - The transition from merely making innovative drugs available to ensuring they are affordable and effective represents a significant shift in the Chinese healthcare landscape [23][24]

国家医保局表示，2025年国家基本医疗保险、生育保险和工伤保险药品目录是国家医保局成立以来的第 8次调整，已形成常态化、规范化、科学化的调整机制。本次调整在坚持"保基本""尽力而为、量力而 行"的基础上，按照"补齐短板、鼓励创新、优化结构"的调整思路，发挥体制优势、政策优势、市场优 势，扎实推进"战略购买""价值购买"，突出对"真创新""差异化创新"的支持，努力实现保障能力和水平 更加提升、参保患者对新药更加可及、引导医药产业更加注重创新的目标。 推动多层次医疗保障体系建设 据悉，首版商保创新药目录重点纳入创新程度高、临床价值大、患者获益显著且超出基本医保保障范围 的创新药。经过自主申报、专家评审、商保专家复审、测算和价格协商等环节，最终18家创新药企业的 19个药品成功纳入，涉及肿瘤、罕见病等治疗领域，其中包括9个1类新药。 据介绍，商保创新药目录突出体现3个特点：一是体现支持创新的导向，纳入目录的药品均是近年来医 药技术进步的优秀成果，包括CAR-T、TCE疗法、双特异性抗体等热门靶点药物；二是体现对重点领域 的关注，既有阿尔兹海默症等适应人口老龄化趋势的药品，也有戈谢病、神经母细胞瘤等多发于儿童的 罕见 ...

Core Insights - The release of the "dual directories" marks a significant step in building a multi-tiered medical insurance system and supporting the development of innovative drug industries in China [1] Group 1: Medical Insurance Coverage - The adjusted national medical insurance drug directory now includes a total of 3,253 drugs, comprising 1,857 Western medicines and 1,396 traditional Chinese medicines [2] - The 2025 national medical insurance drug directory includes drugs that fill gaps in basic medical insurance coverage, addressing major diseases such as triple-negative breast cancer, pancreatic cancer, and lung cancer, as well as rare diseases and chronic conditions [2] - Notable companies like Innovent Biologics and Jiangsu Hengrui Medicine have multiple products included in the 2025 national medical insurance drug directory, covering various therapeutic areas [2] Group 2: Commercial Health Insurance - The first edition of the "Commercial Health Insurance Innovative Drug Directory" focuses on high-innovation drugs that provide significant clinical value but are currently too expensive for basic medical insurance coverage [2][3] - A total of 19 drugs have been included in this directory, including cutting-edge treatments for cancer and rare diseases, as well as Alzheimer's disease [3] Group 3: Policy and Capital Resonance - Recent policies have optimized medical insurance spending and structure, increasing support for innovative drugs and medical devices [4] - Over the past seven years, 835 drugs have been newly included in the medical insurance payment scope, with 149 of them being innovative drugs [4] - The introduction of the commercial health insurance innovative drug directory is seen as a crucial measure to address payment challenges and promote the development of truly clinically valuable drugs [4] Group 4: Industry Outlook - The pharmaceutical industry is expected to enter a new phase of policy stabilization, industrial upgrading, and internationalization over the next five years [5] - The convergence of demand, policy, and supply is anticipated to enhance the prosperity of the pharmaceutical sector [5]

Core Insights - The National Healthcare Security Administration has added a commercial health insurance innovative drug directory, including 19 new drugs, supplementing the traditional medical insurance drug list [1][3]. Group 1: Commercial Health Insurance Innovative Drug Directory - The commercial health insurance innovative drug directory serves as an effective supplement to basic medical insurance, allowing patients access to innovative drugs not covered by basic insurance [3]. - The drugs included in the commercial health insurance innovative drug directory do not affect the self-pay rate of basic medical insurance and are not included in centralized procurement monitoring indicators or disease-based payment ranges [5]. - The directory focuses on highly innovative drugs with significant clinical value and benefits for patients that exceed the coverage of basic medical insurance [7]. Group 2: Specific Drugs and Conditions - The 19 drugs encompass CAR-T therapies and immunotherapy drugs for liver cancer, which is prevalent in China, providing more treatment options for cancer [9]. - The directory also includes drugs for rare diseases such as Gaucher's disease and short bowel syndrome, as well as treatments for Alzheimer's disease, marking their first inclusion in the commercial insurance directory [9]. Group 3: Market Impact and Growth - In 2024, the original insurance premium income for commercial health insurance in China is projected to reach 977.3 billion yuan, reflecting an 8.2% year-on-year growth, nearing the total funding level of resident medical insurance for that year [11]. - The backing of the state for commercial health insurance through the innovative drug directory is expected to attract more participants, effectively reducing customer acquisition costs for commercial health insurance [13]. - The innovative drug directory allows basic medical insurance to maintain a universal coverage baseline while commercial insurance takes on high-value innovative drugs, encouraging companies to focus more on clinical innovation [15].

Core Insights - The 2025 National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog was released, adding 114 new drugs, including 50 innovative drugs, with an overall success rate of 88%, significantly up from 76% in 2024 [1][2] - The first version of the Commercial Health Insurance Innovative Drug Catalog was also published, including 19 drugs, such as CAR-T therapies and treatments for rare diseases, complementing the basic medical insurance [4][5] Group 1: National Basic Medical Insurance Catalog - The 2025 National Basic Medical Insurance Catalog is the 8th adjustment since the establishment of the National Medical Insurance Bureau, increasing the total number of drugs to 3,253, with 1,857 Western medicines and 1,396 traditional Chinese medicines [2][3] - The new catalog includes drugs that fill gaps in basic medical insurance coverage for major diseases like triple-negative breast cancer and pancreatic cancer, as well as treatments for chronic diseases such as diabetes and autoimmune diseases [2][3] - The adjustment also removed 29 drugs that are either not clinically available or can be replaced by better alternatives [2] Group 2: Commercial Health Insurance Innovative Drug Catalog - The first version of the Commercial Health Insurance Innovative Drug Catalog will be implemented on January 1, 2025, focusing on innovative and cutting-edge drugs, including CAR-T and TCE therapies [4][6] - The catalog aims to clarify the boundary of basic medical insurance coverage and promote the development of a multi-tiered medical insurance system [4][7] - The National Medical Insurance Bureau emphasizes the importance of supporting innovative drugs while maintaining the basic insurance's focus on essential and reliable treatments [6][7] Group 3: Support for Innovation and Market Dynamics - The National Medical Insurance Bureau has been actively supporting innovative drugs, holding multiple meetings to discuss the integration of innovative drugs into insurance coverage [3][6] - The commercial health insurance market has been growing rapidly, with a premium income of 977.3 billion yuan in 2024, reflecting an 8.2% year-on-year increase [7] - The establishment of the Commercial Health Insurance Innovative Drug Catalog is expected to provide a stable outlet for innovative drugs, enhancing their accessibility [7][8]

12月7日上午，2025创新药高质量发展大会在广州召开。会上，2025年《国家基本医疗保险、生育保险 和工伤保险药品目录》和首部《商业健康保险创新药品目录》（简称"商保创新药目录"）同步发布。 其中，首次亮相的"商保创新药目录"一举纳入19款前沿药品，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、阿尔茨海默病治疗药品。 南都N视频记者注意到，会场内外的讨论十分热烈，而支付端的变革则是其中的关键词。"这不仅仅是 增加一个目录，更是一种根本性的支付创新。"一位参与大会的创新药企代表道出行业心声。 双目录同步发布 2025年国家基本医疗保险、生育保险和工伤保险药品目录是国家医保局成立以来的第8次调整，已形成 常态化、规范化、科学化的调整机制。 樊琳指出，对于企业而言，参与目录虽意味着提供一定价格折让，但也能借助商保渠道提升药品可及 性。"随着企业自主研发进程推进，如成本较低的国产慢病毒载体即将投入使用，未来药品成本有望大 幅下降，降价空间将进一步惠及患者。" 强生创新制药代表在登台发言时也难掩心情激动。她谈到，"首个商保创新药目录对于行业是非常关键 性的举措。它能够让具有突破性创新、高临 ...

多款CAR-T药入选 12月7日，首版商保创新药目录正式公布，18家创新药企的19个药品成功纳入。 在近半年的行业探讨和等待中，《商业健康保险创新药品目录》（以下简称"商保创新药目录"）终于揭开面纱。12月7日，在2025创新药高质量发展大会 上，行业首版商保创新药目录正式发布。纳入商保创新药目录的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。 创新药支付难一直是我国生物医药产业发展的症结。在业内看来，商保创新药目录无论是对创新药企还是保险机构都是一个能多方共赢、协同发展的契 机。对于创新药企来说，商保创新药目录如同创建了一条"第二支付通道"。对于保险机构来说，通过聚焦高值创新药，保险产品可更精准对接未被基本医 保覆盖的临床需求，提升产品差异化竞争力，加强与医药产业协同。 其中，最受关注的是5款CAR-T细胞药物成功进入商保创新药目录，分别是阿基仑赛注射液、瑞基奥仑赛注射液、纳基奥仑赛注射液、伊基奥仑赛注射 液、泽沃基奥仑赛注射液。这些动辄百万的药品在国家医保目录的谈判桌上多次落选，如今终于有了新的突破口。 此外，商保创新药目录名单上，还有 ...

Core Viewpoint - The recent adjustments to the national basic medical insurance directory and the introduction of the commercial insurance innovative drug directory mark significant steps towards enhancing access to innovative treatments in China, particularly for high-cost therapies like CAR-T drugs [2][6]. Summary by Sections National Basic Medical Insurance Directory Adjustments - A total of 114 new drugs were added to the basic medical insurance directory, including 50 first-class innovative drugs [2]. - The total number of drugs in the basic medical insurance directory has increased to 3,253, comprising 1,857 Western medicines and 1,396 traditional Chinese medicines [3]. - New inclusions cover various fields such as oncology, chronic diseases, mental health, and pediatric medications, with several rare disease treatments also added [3]. Commercial Insurance Innovative Drug Directory - The commercial insurance innovative drug directory aims to include high-innovation drugs that exceed the basic insurance scope but offer significant clinical value and patient benefits [6]. - A total of 121 drugs underwent formal review for the commercial insurance directory, with 24 entering price negotiation, ultimately resulting in 19 drugs from 18 companies being included [6]. - Notable inclusions are five CAR-T therapies, which previously cost over one million yuan per injection, making them unaffordable for many patients [6]. Performance of Pharmaceutical Companies - Several leading pharmaceutical companies have reported their successes in the 2025 national medical insurance negotiations, with Heng Rui Pharmaceutical having 20 drugs included, contributing 7.554 billion yuan to their total revenue [5]. - Innovent Biologics announced that 7 of its new drugs were included in the updated national medical insurance directory, with 12 of its 17 innovative drugs now covered [5]. Specific Drug Inclusions - The directory includes drugs for Alzheimer's disease, such as the monoclonal antibodies from Eisai and Eli Lilly, and several rare disease treatments [7]. - Some high-profile drugs, like Novo Nordisk's semaglutide and Bristol-Myers Squibb's nivolumab, were not included despite passing the formal review [8]. Implementation Timeline - The new directory is set to be officially implemented nationwide on January 1, 2026 [9].

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 ...