Core Insights - The domestic innovative drug ecosystem is still immature, and the "pricing of innovative drugs" remains a critical factor for sustainable investment in pharmaceutical innovation [1][8] - Recent favorable policies and market signals have emerged for innovative drug companies, including supportive measures from various government departments [2][3] Policy and Market Developments - The National Healthcare Security Administration and the National Health Commission released measures to support high-quality development of innovative drugs, encouraging commercial health insurance to expand investment in innovative drugs [1][10] - The opening of the application window for the "National Science and Technology Major Project for Innovative Drug Research and Development" marks a significant policy shift, with a central government funding scale of 1.75 billion yuan [1][4] Industry Trends - The pharmaceutical industry has shown signs of recovery in the capital market after nearly four years of adjustment, driven by local pharmaceutical companies achieving market realization and breakthroughs in overseas sales [2] - Despite the increase in the number of approved innovative drugs, challenges such as low return rates on R&D and resource misallocation remain [2][8] Support Mechanisms - The government aims to reduce resource misallocation and encourage innovation driven by clinical needs, with a focus on major infectious diseases, chronic diseases, and rare diseases [3][6] - The National Science and Technology Major Project for Innovative Drug Research and Development is expected to integrate national innovation teams and enhance collaboration among enterprises, research institutions, and medical organizations [6][8] Commercial Health Insurance Role - The commercial health insurance sector is encouraged to expand its investment in innovative drugs through various means, including investment funds [6][10] - The newly established commercial health insurance innovative drug directory aims to support high-value innovative drugs that exceed basic medical insurance coverage [10][12] Pricing and Market Access - The measures include provisions for price negotiations and adjustments for innovative drugs, allowing for more flexible pricing strategies [10][11] - The integration of real-world research results with drug directory access and reimbursement adjustments is emphasized to enhance the value-based purchasing approach [11][12]