格隆汇8月13日｜再鼎医药(ZLAB.US)盘前涨3.44%，报35.49美元。中金发研报指，国家医保局发布基 本医疗保险、生育保险和工伤保险药品目录以及商保创新药目录调整初步形式审查公告，534个药品通 过初步形式审查，预期当局启动双目录机制，可为医保形成清晰分工，基本医保目录覆盖临床必需的基 础药品，而商保创新目录则重点纳入未被医保覆盖、但具有重大临床价值的高价值药品。 中金指，医保托底加上商保扩容，预料将鼓励商业保险公司通过创新药投资基金等多种方式，为创新药 研发提供稳定的长期投资，培育支持创新药的耐心资本，有利于具创新性和临床价值的高价值创新药落 地，创新药料将商保应用积累数据、增加临床渗透及提升潜在市场价值空间。该行建议关注再鼎医药等 股票。(格隆汇) | ZLAB 再鼎医药 | | 03 | | --- | --- | --- | | 34.310 ↓ -0.350 -1.01% | | 收盘价 08/12 16:00 美东 | | 35.490 ↑ 1.180 +3.44% | | 盘前价 08/13 04:24 美乐 | | 雪 5 24 华 S 9 8 目 ♥ | | ● 快捷交易 | | ...

Core Viewpoint - The National Healthcare Security Administration (NHSA) has announced the preliminary review results for the 2025 National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance drug catalog, with 534 drugs passing the initial review, indicating a significant step towards a dual catalog mechanism that promotes both basic insurance and innovative commercial insurance [1][2]. Group 1: Drug Catalog Overview - A total of 534 drugs were reviewed, with 310 drugs excluded from the catalog and 224 drugs included. The commercial insurance innovative drug catalog includes 121 drugs, with 12 drugs under non-exclusive agreements still in negotiation [2]. - The NHSA will continue to advance the basic catalog adjustments and the commercial insurance innovative drug catalog, including expert reviews in August-September, price negotiations in September-October, and results announcement in October-November [2]. Group 2: Dual Catalog Mechanism - The dual catalog mechanism establishes a clear division of responsibilities, where the basic medical insurance catalog covers essential clinical drugs, while the commercial insurance innovative catalog focuses on high-value drugs not covered by basic insurance but with significant clinical value [3]. - The framework encourages commercial insurance companies to invest in innovative drug development through various means, such as investment funds, to provide stable long-term funding for innovative drug research [3]. Group 3: Implications for Drug Development - The commercial insurance innovative drug catalog is a crucial step in developing a multi-tiered medication security system, addressing diverse medication needs of the population. It is believed that supplementing commercial insurance on top of basic insurance will facilitate the introduction of high-priced innovative drugs [4]. - Innovative drugs can accumulate real-world data and enhance clinical penetration through commercial insurance applications, thereby increasing their potential market value [4]. Group 4: Investment Recommendations - Companies to watch include BeiGene, Kelun-Biotech, CanSino Biologics, Innovent Biologics, and Zai Lab, along with other relevant companies such as CSPC Pharmaceutical Group, China National Pharmaceutical Group, and Hengrui Medicine [5].