Core Viewpoint - The National Healthcare Security Administration (NHSA) has officially launched the Commercial Health Insurance Innovative Drug Directory, marking a significant step in integrating commercial insurance with basic medical insurance negotiations for 2025 [1][2]. Group 1: Launch of the Innovative Drug Directory - The NHSA released the adjustment work plan for the 2025 National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Directory, along with the Commercial Health Insurance Innovative Drug Directory [1]. - This year’s negotiations will be the first to synchronize the basic medical insurance directory and the commercial insurance innovative drug directory, introducing a new level of complexity and uncertainty [1][2]. Group 2: Focus on Commercial Insurance Products - The initial focus of the innovative drug directory may be on inclusive insurance products like "Hui Min Bao," which have been promoted with the involvement of the NHSA [2]. - The NHSA aims to guide inclusive insurance, group insurance, and million medical insurance to support and utilize the innovative drug directory [2]. Group 3: Benefits for Insurance Companies - The innovative drug directory is expected to provide insurance companies with better drug options and lower costs, addressing the inefficiencies in current inclusive insurance products [3]. - The directory will be developed in conjunction with the 2025 national negotiations, leveraging established rules and expert resources for a more scientific selection process [3][10]. Group 4: Role of Insurance Companies in Price Negotiation - Insurance companies will play a crucial role in the price negotiation process, with the NHSA emphasizing the importance of their input while also considering the perspectives of the NHSA [11]. - The final price negotiation will involve both insurance and pharmaceutical company representatives, with the NHSA facilitating the process [11]. Group 5: Uncertainties for Pharmaceutical Companies - Pharmaceutical companies face uncertainties regarding how many insurance companies will participate and the potential market impact of the innovative drug directory [12]. - The NHSA has indicated that pharmaceutical companies can apply for both the medical insurance directory and the commercial innovative drug directory simultaneously, although only one will ultimately be accepted [12]. Group 6: Financial Implications and Market Size - The projected total payment from commercial health insurance for innovative drugs is estimated at 7.4 billion yuan in 2023 and 12.4 billion yuan in 2024, indicating limited financial capacity compared to the national negotiations [13]. - The rapid growth phase of inclusive insurance appears to have passed, with expectations that the premium scale will struggle to exceed 20 billion yuan, limiting the available funds for innovative drug payments [14].