Core Viewpoint - The story highlights the journey of a child with spinal muscular atrophy (SMA) and the impact of national healthcare policies on access to life-saving treatments, showcasing the importance of medical advancements and insurance negotiations in improving patient outcomes [1][14]. Group 1: Medical Condition and Treatment - The child, known as Little Stone, was diagnosed with SMA at eight months old, with initial medical advice suggesting a grim prognosis and no available treatments in China [3][5]. - A special drug, Nusinersen, was introduced in China in early 2019, but its high cost of approximately 700,000 yuan per injection posed a significant financial burden for the family [5][10]. - In 2020, the drug's price was reduced to 550,000 yuan per injection, and the company offered a buy-one-get-five-free deal, improving the child's condition through ongoing rehabilitation and treatment [8][12]. Group 2: Healthcare Policy and Insurance Negotiations - The first round of national healthcare negotiations in 2021 saw the drug's price drop dramatically from 550,000 yuan to around 30,000 yuan, making it accessible for more patients [10][12]. - The negotiations aimed to balance the interests of patients, pharmaceutical companies, and the healthcare fund, reflecting a significant shift in the availability of rare disease treatments in China [10][14]. - Following the successful negotiations, the number of patients using Nusinersen in 2022 increased significantly, with a reported 2.6 times growth in sales compared to the previous year [12]. Group 3: Social Integration and Support - Little Stone successfully enrolled in elementary school, with the institution making special accommodations to support his learning needs, demonstrating a positive societal response to children with disabilities [16][18]. - The family continues to face challenges, including ongoing rehabilitation sessions and the aging of family members who provide support [20]. - The narrative emphasizes the importance of community support, family involvement, and healthcare policies in enabling children with rare diseases to integrate into society and pursue education [21].

Group 1 - The core viewpoint of the article highlights the recent stock performance of 基石药业-B (02616), which saw an increase of nearly 5%, closing at 9.52 HKD with a trading volume of 78.05 million HKD [1] - Singapore's Government Investment Corporation (GIC Private Limited) increased its stake in 基石药业 by acquiring 80.4 million shares at an average price of 7.9 HKD per share, totaling approximately 635 million HKD, raising its ownership from 0.00% to 5.49% [1] - 基石药业 reported a significant decline in revenue for the first half of the year, amounting to 49.45 million RMB, a year-on-year decrease of 80.54%, while R&D expenses rose by 58.75% to 105 million RMB, resulting in a loss of 270 million RMB [1] Group 2 - The company announced a price adjustment for its drug 普拉替尼 in preparation for negotiations regarding the national medical insurance drug list, with expectations that inclusion in the list could lead to sales growth benefits starting in 2026, offsetting short-term revenue impacts [1] - In the first half of 2025, the company did not enter into any significant external licensing agreements, but it signed a major external licensing agreement with Gentili in July 2025, anticipating revenue from licensing fees in the second half of 2025 [1]

Group 1 - The stock of Basilea Pharmaceutica (02616) increased by nearly 5%, reaching HKD 9.52 with a trading volume of HKD 78.05 million [1] - Singapore's Government Investment Corporation (GIC Private Limited) increased its stake in Basilea by acquiring 80.4 million shares at an average price of HKD 7.9, totaling approximately HKD 635 million, raising its ownership from 0.00% to 5.49% [1] - Basilea reported a mid-year revenue of RMB 49.45 million, a year-on-year decrease of 80.54%, while R&D expenses rose by 58.75% to RMB 105 million, resulting in a loss of RMB 270 million [1] Group 2 - The company is preparing for negotiations regarding the National Medical Insurance Drug List, adjusting the price of its drug, Pralsetinib [1] - If Pralsetinib is included in the National Medical Insurance List, the expected sales growth from 2026 onwards is anticipated to offset the short-term negative impact on revenue [1] - In the first half of 2025, the company did not enter into any significant external licensing agreements, but it signed a major external licensing agreement with Gentili in July 2025, expecting to receive licensing fee income in the second half of 2025 [1]