Core Viewpoint - The National Medical Security Work Conference held in December 2025 emphasizes the optimization of centralized procurement policies, the development of maternity and long-term care insurance, and the strategic purchasing role of medical insurance to support the innovative drug industry [1][2]. Group 1: Support for Commercial Health Insurance - The National Medical Security Bureau will support the integration and complementary development of commercial health insurance with basic medical insurance, encouraging the inclusion of more reasonable medical expenses outside the basic medical insurance catalog into the coverage of commercial health insurance [2]. - There will be an encouragement for commercial health insurance institutions to expand their investment in innovative drugs, promoting research and development in this area [2]. - A one-stop settlement service combining "medical insurance + commercial insurance" will be provided for eligible commercial health insurance products, aimed at improving claims efficiency [2]. Group 2: Development of Maternity and Long-term Care Insurance - The National Medical Security Bureau aims to include flexible employment personnel, migrant workers, and new employment forms in the coverage of maternity insurance [2]. - The goal is to achieve "no out-of-pocket" expenses for childbirth within the policy scope nationwide, with enhancements to prenatal examination medical expense coverage [2]. - The long-term care insurance system will be comprehensively promoted, with encouragement for commercial insurance institutions to develop commercial long-term care insurance products [2]. Group 3: Support for Pharmaceutical Industry Innovation - The National Medical Security Bureau will guide the pharmaceutical industry towards healthy competition and differentiated innovation, implementing measures to support the high-quality development of innovative drugs [3]. - New rounds of national centralized procurement for drugs and high-value medical consumables will be conducted, with a focus on improving the efficiency of enterprise returns [3]. - The multi-price discovery function of the Chinese drug price registration system will be leveraged to assist the Chinese pharmaceutical industry in expanding internationally [3].

Investment Rating - The report assigns an "Accumulate" rating for the industry [1] Core Insights - The National Medical Security Work Conference emphasizes the continuation of optimizing centralized procurement policies in 2026, promoting the development of maternity insurance and long-term care insurance, and leveraging strategic purchasing to support the innovative drug industry [3] - The report highlights the importance of commercial health insurance in complementing basic medical insurance and encourages investment in innovative drug development [5] Summary by Sections National Medical Security Work Conference - The conference held on December 13, 2025, summarized the work during the "14th Five-Year Plan" period and outlined the tasks for 2026, including support for commercial health insurance and the establishment of a multi-tiered medical security system [5] - The National Medical Security Bureau will promote the inclusion of flexible employment workers and migrant workers in maternity insurance coverage, aiming for "no out-of-pocket" expenses for childbirth within policy limits [5] Support for Innovative Drug Development - The report discusses the strategic role of medical insurance in fostering healthy competition and differentiated innovation within the pharmaceutical industry [5] - It mentions the implementation of new rounds of national centralized procurement for drugs and high-value medical consumables, aiming to enhance the efficiency of company receivables [5]

Core Viewpoint - The National Medical Insurance Administration emphasizes the strategic role of medical insurance in supporting the innovative development of the pharmaceutical industry by 2026 [1] Group 1: Policy Initiatives - The meeting calls for the promotion of differentiated innovation and healthy competition within the pharmaceutical industry [1] - Implementation of measures to support the high-quality development of innovative drugs will be deepened, enhancing the multi-payment capabilities for innovative drugs [1] Group 2: Procurement and Pricing - New rounds of national drug procurement and high-value medical consumables procurement will be conducted [1] - Continued promotion of national alliance procurement for traditional Chinese medicine and Chinese herbal pieces is planned [1] - The goal is to achieve direct settlement for selected drugs and consumables from national procurement, with a focus on improving corporate cash flow efficiency [1] Group 3: International Expansion - The Chinese drug price registration system will be leveraged to enhance multi-price discovery functions, aiding the international expansion of the Chinese pharmaceutical industry [1]

Core Viewpoint - The national medical insurance work conference emphasizes the strategic purchasing role of medical insurance to support the innovative development of the pharmaceutical industry [1] Group 1: Support for Pharmaceutical Industry - The conference aims to guide healthy competition and differentiated innovation within the pharmaceutical industry [1] - Implementation of measures to support the high-quality development of innovative drugs will be prioritized, enhancing the multi-payment capability for innovative drugs [1] Group 2: Drug Procurement and Pricing - New rounds of national drug procurement and high-value medical consumables procurement will be conducted [1] - Continued promotion of national alliance procurement for traditional Chinese medicine and Chinese herbal pieces is planned [1] - The goal is to achieve direct settlement for selected drugs and consumables from national procurement, with a focus on improving enterprise cash flow efficiency [1] Group 3: Price Registration and International Expansion - The Chinese drug price registration system will be utilized to enhance multi-price discovery functions [1] - Efforts will be made to assist the Chinese pharmaceutical industry in expanding internationally [1]

2025年12月13日，全国医疗保障工作会议在北京召开。会议要求，2026年要发挥医保战略购买作用，支 持医药产业创新发展。支持引导医药产业良性竞争、差异化创新发展。深入落实《支持创新药高质量发 展若干措施》，提高创新药多元支付能力。开展新批次国家组织药品集采和高值医用耗材集采。继续推 进中成药、中药饮片全国联盟采购。基本实现国家组织集采中选药品耗材直接结算并积极稳妥地扩大至 其他产品，提高企业回款效率。发挥好中国药品价格登记系统多元价格发现功能，助力中国医药产 业"走出去"。 ...

Core Insights - The Shanghai Municipal Medical Security Bureau held a signing ceremony for procurement intentions of selected drugs and high-value medical consumables during the 8th China International Import Expo, with a total intended procurement amount of approximately 2.07 billion yuan [1] - The event featured speeches from representatives of major foreign pharmaceutical companies, focusing on the reform of medical service supply and the promotion of innovation in the pharmaceutical industry [1] Group 1 - The signing involved selected products from foreign enterprises in the national centralized procurement of drugs and high-value medical consumables, with companies like Sanofi and Abbott participating [1] - The National Healthcare Security Administration has conducted eleven batches of national organized drug procurement, successfully procuring 490 types of drugs [2] - Shanghai is exploring centralized procurement for high-value medical consumables, having executed results from five batches of national procurement, including coronary stents and artificial joints [2] Group 2 - The Shanghai Municipal Medical Security Bureau is actively participating in provincial alliance procurement and organizing local procurement for specific medical consumables to alleviate the financial burden on the public [2]

Group 1 - The core viewpoint of the articles highlights the rapid development and regulatory support for the medical device industry in Liaoning Province, which has led to increased investment and innovation from companies like Pengyue Technology [1][2][3] - Pengyue Technology has invested over 100 million yuan in Liaoning and anticipates an annual output value exceeding 2 billion yuan once both production bases are operational [1] - The provincial drug regulatory authority has implemented priority review and approval for innovative medical devices, resulting in an average approval time of only 12 working days, a 90% reduction in processing time [1][2] Group 2 - The province has introduced procedures to streamline the registration and production licensing of medical devices, which has led to a reduction of 262 inspections and saved 3,668 working days [2] - In the field of innovative drug development, three innovative drugs have been included in a support list, with Jinzhou Aohong Pharmaceutical's product being the first national Class 1 new drug approved this year [2] - The province has seen a significant increase in the approval of medical devices, with 10 third-class and 72 second-class medical devices approved this year, marking a year-on-year growth of 7.6% [3]

Group 1 - The pharmaceutical industry is a key emerging sector in the province, with a focus on regulatory reforms to enhance development [1] - Nine new policy documents have been issued this year to empower high-quality development in the pharmaceutical industry, including nine newly approved drug registration numbers and 19 traditional Chinese medicine formula granules [1] - A pilot program for optimizing drug supplementary application review and approval procedures will be established in Liaoning, significantly reducing technical review timelines from 200 working days to 60 [1] Group 2 - The province supports innovation in pharmaceuticals and medical devices by optimizing review and approval processes, which has led to a reduction of over 3,600 working days in enterprise inspections [2] - New policies have adjusted industry entry conditions, such as reducing the required warehouse area for new pharmaceutical wholesale enterprises by 50%, resulting in cost savings for companies [2] - The implementation of remote pharmaceutical services has helped reduce operational costs for enterprises by approximately 34 million yuan annually [2] Group 3 - The province has introduced a new safety assessment standard for ordinary cosmetics, reducing testing costs by over 60%, leading to a 950% increase in the submission of complete safety assessment materials [3] - Collaborative efforts have been made to establish medical device innovation service stations, providing comprehensive support for enterprises in policy consultation, application guidance, and training [3] - The initiative aims to enhance the local business environment and attract investment, promoting the high-quality development of the medical device industry [3]