一场在沈阳召开的肿瘤学术会议，因为保险公司的深度参与和建言，很好地成为观察行业转型、险企战 略升级的窗口。 9月20日，中国抗癌协会商保支付委员会正式成立。富德生命人寿总经理徐文渊受邀参会并出任委员会 副主任，出席了年度学术会议并做重要发言，徐文渊表示：商保支付仍有重要发展空间，要实现患者、 医院和医生、商保公司多方共赢，应从提前介入治疗、诊疗流程标准化、保险产品精准定价三方面入 手。 这一观点背后，是富德生命人寿对商业健康险发展的深度思考，通过积极的行业参与，将对保险支付的 思考带入医疗圈，推动商业保险从单纯的"支付方"向"健康伙伴"角色转型。 01： 富德生命人寿的商保支付新思考：三大关键探索从简单赔付到价值创造，实现三方共赢 据公开数据显示，中国通过商保支付的医疗支出占比仅为10%左右，与美国等发达国家至少30%的比例 相比存在明显差距。这一数据，正揭示了在"健康中国"整体发展战略下商保支付未来巨大的市场发展空 间。 在商保支付规模扩大的过程中，需在患者、医院和医生、商保公司三方实现共赢：患者能以最合理的价 格得到最合适的治疗方案，医生能将合适的治疗方案提供给患者并助其康复，商保公司能在其中实现合 理盈 ...

Core Viewpoint - The key driving factors for the innovative drug market this year can be summarized as "policy support + performance realization + risk appetite" [1] Performance Realization - The basic premise for performance realization is the surge in licensing transactions, known as BD, where innovative drug companies sell their intellectual property, creating significant potential for future performance release [1] - The supply-demand relationship is driven by the "patent cliff" faced by large pharmaceutical companies in the U.S., where the expiration of patents leads to a surge in generic drugs, causing a sharp decline in revenues for these companies [1][2] - Chinese biopharmaceutical companies have accumulated a wealth of innovative drug patents since 2016, which can be sold to U.S. companies, forming a complementary supply-demand relationship [2] - Many innovative drugs are not sold domestically due to high R&D costs and initial high prices, leading companies to sell their intellectual property to recover initial investments [2] Policy Support - Two significant policies are highlighted: the inclusion of 37 expensive innovative drugs into commercial insurance, which may eventually lead to inclusion in national insurance, and the expedited review and approval process for clinical trials, reducing the timeline to 30 working days [3] - These policies are expected to shorten the R&D cycle for pharmaceutical companies, allowing for quicker capital recovery and potentially extending the lifecycle of their products [3] Risk Appetite - The stock market has shown a "slow bull" trend since mid-June, which has positively influenced the risk appetite for the innovative drug sector [3][4] - The innovative drug index has seen a 98% increase this year, with the sustained risk appetite contributing to the continuation of this trend [4] Investment Opportunities - Current main areas for BD licensing include dual antibodies and ADC, while AI drug development and gene therapy are seen as potential hotspots [4] - Investors are advised to consider ETFs for exposure, with options for high elasticity or stable investments available [4]