为保障政策落地见效，日前省医保局联合省人社厅印发通知，明确全省定点医疗机构应在2026年2 月底前召开专题药事会，优先配备谈判药品且不受"一品两规"限制，严禁以总额控制、药占比等为由限 制合理用药。 结合特药管理实际，陕西同步联动调整特药管理范围，新增59种、调出6种后，特药管理品种增至 337种。同时，通过强化特药外配处方流转监管，让特药保障更规范、更高效。 作为此次政策的一大创新，国家医保局首设的商保创新药品目录备受关注。该目录纳入的19种药物 均为超出基本医保保障定位、暂未纳入医保目录，但创新程度高、临床价值突出、患者获益明显的创新 药物，推荐商业健康保险、医疗互助等多层次保障体系参考使用。这一举措丰富了保障供给，推动商保 与基本医保错位发展，为构建全方位医疗保障体系奠定基础。 "我们将加强政策培训与宣传解读，主动回应社会关切，确保新版'双目录'平稳落地，让政策红利 真正直达患者，切实减轻群众就医负担。"省医保局相关负责人说。（记者：李旭佳） 1月4日，记者从省医保局获悉：日前，《国家基本医疗保险、生育保险和工伤保险药品目录（2025 年）》以及《商业健康保险创新药品目录（2025年）》已在陕西落地执行 ...

就在这一词汇引发热议之际，英国媒体注意到一个与之呼应的现象——美国民众对本国医疗体系的悲观 情绪正攀升至历史高点。 据《卫报》12月31日报道，专注于美国医疗系统研究的非营利性机构West Health-Gallup Center on Healthcare近期开展的民调显示，29%的受访者将"医疗成本"列为美国当前"最亟待解决"的医疗难题。这 一数据不仅创下2004年以来的新高，也是1987年该调查启动以来的最高纪录之一；相对的是，仅16%的 受访者对美国医疗成本表示满意，这一比例同步跌至历史最低。 【文/观察者网 阮佳琪】 "斩杀线"一词，精准揭示了美国社会长期存在的残酷现实：对普通民众而言，一次失业、一场重病，都 可能成为压垮生活的最后一根稻草，使其陷入破产、沦为流浪汉的绝境，再无翻身之机。 本"已超过"医疗服务可及性"和"肥胖症"，成为美国民众认为的首要健康问题。报告截图 与此同时，仅24%的美国民众对全国医疗保障状况持积极评价，这一数值同样刷新了该机构二十年调查 以来的最低纪录。 美国民众对医疗成本的担忧加剧，叠加对医疗保障体系的评价走低，进一步推高了对医疗体系的负面认 知：认为本国医疗体系"已陷入 ...

Core Viewpoint - The "2025 Social Security and Pension Finance International Summit Forum" held in Shanghai emphasizes the importance of advancing the Healthy China strategy and achieving high-quality development in social security as critical issues for national welfare and social stability [1][2]. Group 1: Current Challenges in Social Security - China's aging population is accelerating, leading to a growing demand for quality health services and a reinforcement of traditional family caregiving roles, highlighting a mismatch between the increasing health security needs of the elderly and the existing social security system's adaptability [2]. - The current pension system faces three major bottlenecks: significant disparities in basic pension benefits across regions and urban-rural areas, a narrow coverage of enterprise annuities, and low participation in third-pillar pension financial products [2][5]. Group 2: Proposed Solutions and Innovations - Financial technology is suggested as a means to reconstruct the pension ecosystem, utilizing AI and big data for dynamic analysis of user needs and personalized asset allocation [3]. - A unified national health information platform is recommended to manage health throughout the life cycle, supported by wearable devices and cloud technology [3]. - The need for a dual approach to address the challenges of the aging population is emphasized, focusing on both supply-side technological innovations and demand-side consumption upgrades [6]. Group 3: International Perspectives and Economic Implications - The silver economy is viewed as a potential driver for global growth, with China's approach to aging governance providing valuable insights for other countries [2]. - The aging population impacts the economy through reduced labor supply, lower savings and investment rates, and diminished innovation capacity [6]. Group 4: Research and Policy Developments - The establishment of a comprehensive evaluation index system for the "Healthy China" initiative aims to enhance health levels and promote a healthy lifestyle [6]. - The release of the "Shanghai Social Security Reform and Development Report (2025)" outlines innovative practices and policy recommendations in social security and pension finance [6].

Core Viewpoint - The draft of the "Medical Security Law" aims to establish a legal framework for multi-level medical security systems and the development of commercial health insurance, providing clearer direction and expectations for the industry [1][2][5]. Summary by Sections Legislative Focus - The draft emphasizes the financing mechanism, responsibilities, and fund supervision of basic medical insurance, viewing commercial health insurance as a supplementary system rather than a core component [2][4]. - Experts argue that without a clear definition of the multi-level medical security system, the law may merely be a collection of various systems, lacking the ability to integrate effectively [2][6]. Multi-Level Medical Security Framework - Experts highlight that the multi-level medical security framework is not adequately represented in the draft, which could lead to disjointed development between public and commercial insurance [3][4]. - The draft outlines a three-tier structure of "basic medical insurance + supplementary insurance + medical assistance," focusing primarily on the integration of basic medical insurance functions [4][5]. Challenges in Current System - The lack of a comprehensive law in the medical insurance sector has led to challenges in the coordination between different systems, limiting the effectiveness of supplementary insurance [4][6]. - The draft's second chapter primarily addresses the basic medical insurance system, with minimal focus on the roles of commercial health insurance and other supplementary systems [4][7]. Regulatory and Legislative Recommendations - Experts suggest that the law should clearly define the roles and functions of various systems within the medical security framework to avoid a piecemeal approach [6][8]. - There is a call for the draft to include specific provisions for commercial health insurance, particularly regarding its regulatory oversight and integration with basic medical insurance [9]. Future Directions - The draft is seen as a foundational step for future legislation that could provide clearer guidelines for the development of commercial health insurance within the broader medical security system [5][9]. - Recommendations include establishing a "medical insurance-commercial insurance mismatch list" to guide the development of commercial health insurance products that complement basic medical insurance [9].

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Views - The medical consumables sector saw a 3.77% increase last week, outperforming the CSI 300 index by 2.1 percentage points, indicating a positive trend in the sector [4][12] - The current PE ratio for the medical consumables sector is 32.6X, with a PB ratio of 2.37X, reflecting a slight increase in valuation metrics [5][18] - Recent favorable policies in the pharmaceutical sector are expected to boost market confidence and support the recovery of the medical consumables industry, particularly high-value consumables affected by national procurement policies [6][24] Summary by Sections Industry Performance - The medical consumables sector reported a 3.77% increase, with the overall medical sector also trending upwards [4][12] - The sector's PE ratio has increased by 1.24 percentage points compared to the previous week, with a one-year range of 28.42X to 41.66X [5][17] Industry Dynamics and Key Announcements - The National Healthcare Security Administration issued guidelines for the adjustment of the 2025 basic medical insurance directory, emphasizing the role of commercial health insurance in the multi-tiered medical security system [20][21] - The adjustment of the medical insurance directory is expected to enhance the market entry of innovative drugs, which is a significant step for commercial health insurance [20][21] Investment Recommendations - The report suggests focusing on two main lines for investment: 1. Opportunities for performance recovery post-collection pressure, particularly in orthopedic consumables [24] 2. Increased penetration of innovative products in high-value consumables, such as electrophysiology and interventional devices [24] - The recommendation to maintain an "Overweight" rating on the medical consumables sector highlights the potential for growth in companies with improving performance metrics and innovative product lines [24]

Investment Rating - The report maintains a rating of "stronger than the market" for the industry [6] Core Viewpoints - The draft of the Medical Security Law focuses on financing mechanisms, the division of responsibilities among stakeholders, and management supervision, indicating a clearer boundary of responsibilities in future medical insurance operations [5] - The overall number of articles in the draft has been reduced from 70 to 50, with significant changes in expression, deletions, and additions [3][4] Summary by Sections Changes in Expression - Article 2 removes content related to price management, bidding procurement, and medical services - Article 12 adds that the standards for basic medical insurance benefits should support the development of a hierarchical diagnosis and treatment system - Article 15 encourages employers to establish supplementary medical insurance for employees - Article 20 introduces principles of balancing income and expenditure, timely adjustments to financing or benefit policies in case of payment difficulties, and promotes provincial coordination of basic medical insurance [4] Deletions - Several articles related to commercial health insurance, charitable medical assistance, long-term care insurance, and drug collection functions have been removed [5] Additions - New articles emphasize the responsibility of citizens for their health, the establishment of a long-term mechanism for insurance participation, and the need for evidence-based medicine and economic evaluations for drugs in the insurance catalog [5]