来源：中国医疗保险 随着新版国家医保药品目录和商保创新药品目录于2026年1月1日在全国正式实施，替妥尤单抗N01注射 液、芦康沙妥珠单抗、替尔泊肽注射液等多款新纳入医保的创新药已在各地医院开出首张医保处方，新 版药品目录的惠民效应开始显现。 此次调整中，新版国家医保药品目录共新增114种药品，商保创新药品目录纳入19种药品，进一步优化 了群众用药保障水平。 多款创新药在医院开出"医保首方" 近日，罹患三阴性乳腺癌的张女士，在恩施土家族苗族自治州中心医院药房窗口拿到了湖北首盒医保报 销后的注射用芦康沙妥珠单抗。首都医科大学附属北京同仁医院眼整形科李冬梅教授为深受甲状腺眼病 困扰的患者张先生（化名），开具了替妥尤单抗N01注射液（商品名：信必敏）纳入医保后的北京市首 张处方。替尔泊肽注射液在上海地区的首张2型糖尿病处方在上海市第十人民医院内分泌代谢科开出， 为广大2型糖尿病患者高效达到血糖管理目标带来新的希望…… 新调整后的国家医保药品目录和商保创新药品目录已在各省市陆续落地实施，浙江、江苏、陕西、山 东、河北、北京、上海等省市发布通知，正式执行《国家基本医疗保险、生育保险和工伤保险药品目录 （2025年）》， ...

Core Insights - Hutchison China MediTech Limited (HCM) announced the renewal of its medical insurance agreements with the National Healthcare Security Administration (NHSA) for several of its drugs, effective from January 1, 2026 [1][2] - The inclusion of ELUNATE® (fruquintinib), ORPATHYS® (savolitinib), and SULANDA® (surufatinib) in the updated National Medical Insurance Drug List signifies continued support for innovative cancer treatments in China [1][2] - TAZVERIK® (tazemetostat) has been added to the inaugural Commercial Health Insurance Innovative Drug List, enhancing access to advanced therapies for patients with specific conditions [1][2] Drug-Specific Summaries - ELUNATE® is approved for use in combination with the anti-PD-1 therapy, sintilimab, for treating advanced endometrial cancer patients who have failed prior systemic anti-tumor therapy and are not suitable for curative surgery or radiotherapy [1] - ELUNATE® is also renewed for treating metastatic colorectal cancer patients who have previously received fluorouracil, oxaliplatin, and irinotecan-based chemotherapy, as well as those who have received or are unsuitable for VEGF and EGFR-targeted therapies [1] - ORPATHYS® is included for treating adults with locally advanced or metastatic non-small cell lung cancer harboring MET exon 14 alterations [1][2] - SULANDA® is renewed for treating unresectable locally advanced or metastatic, progressive, non-functional, well-differentiated (G1, G2) neuroendocrine tumors of pancreatic and non-pancreatic origin [2] - TAZVERIK® is included in the Commercial Health Insurance Innovative Drug List for adult patients with EZH2 mutation-positive relapsed or refractory follicular lymphoma who have received at least two prior systemic therapies [2] Policy and Market Implications - The NHSA's announcement of the 2025 adjustment plan for the National Medical Insurance Drug List and the Commercial Health Insurance Innovative Drug List highlights a focus on high-innovation, clinically valuable drugs that exceed the basic insurance coverage [2] - The establishment of the Commercial Health Insurance Innovative Drug List aims to enhance patient access to breakthrough therapies and supports the sustainable development of China's innovative pharmaceutical industry [2]

Core Viewpoint - The announcement by the company indicates that its drug, Enze Shu (Suvorexant injection), has been officially included in the National Medical Insurance Catalog for 2025, effective from January 1, 2026, which is a significant milestone for the company and its product offerings [1] Group 1: Drug Approvals and Listings - Enze Shu has been approved for the treatment of adult patients with recurrent ovarian cancer, fallopian tube cancer, or primary peritoneal cancer who have received no more than one prior systemic therapy [1] - The drug was granted market approval in China on June 30, 2025, marking its entry into the market [1] - The company’s other drug, Endu (recombinant human vascular endothelial growth factor inhibitor injection), has successfully completed the renewal process for inclusion in the National Reimbursement Drug List (NRDL) [1] Group 2: Market Position and Significance - Enze Shu is a next-generation recombinant humanized monoclonal antibody targeting VEGF, which positions it as a novel treatment option in the oncology space [1] - Endu is recognized as China's first anti-angiogenesis targeted drug and the only endothelial inhibitor approved for sale globally, establishing it as a cornerstone treatment for advanced non-small cell lung cancer since its inclusion in the NRDL in 2017 [1]

Core Insights - The first version of the commercial insurance innovative drug directory has been released, including 19 new drugs from 18 innovative pharmaceutical companies, with a roughly equal share of domestic and imported drugs [1][2] - The directory focuses heavily on oncology drugs, which account for 70% of the list, including five CAR-T products, and also includes rare disease medications and Alzheimer's treatments [1][11] Summary by Category Drug Inclusion - A total of 121 drug generic names passed the review for the commercial insurance innovative drug directory, with only 19 drugs ultimately selected, resulting in an acceptance rate of approximately 16% [6] - The directory includes a variety of drugs, with a significant number targeting rare diseases and high-cost innovative treatments [12][14] Market Dynamics - The commercial insurance innovative drug directory is expected to enhance the payment space for rare disease treatments and provide policy advantages for hospital access [1][11] - The directory's limited number of drugs aims to facilitate implementation, as having too many drugs could complicate market entry [8][11] Drug Characteristics - The drugs in the directory generally have a small patient base or clear indications, minimizing the risk of clinical misuse, and are often high-value innovative drugs that fill clinical gaps [11][12] - The directory includes multiple oncology treatments, particularly those for rare or difficult-to-treat cancers, which are expected to have a significant market impact [12][13] Commercial Insurance Implications - The commercial insurance innovative drug directory serves as a reference for various commercial insurance entities, allowing them to negotiate with innovative drug companies without the need for exclusive selections [14] - The directory is anticipated to support the development of multi-tiered medical insurance systems, encouraging commercial insurance companies to design new products based on the directory [16]

Core Insights - 康方生物's five approved drugs have been successfully included in the latest National Medical Insurance Drug List (2025) by the National Healthcare Security Administration of China, effective from January 1, 2026 [1][2][3] Group 1: Drug Approvals and Indications - 开坦尼 (卡度尼利, PD-1/CTLA-4) has renewed its existing indication for recurrent or metastatic cervical cancer and added new indications for first-line treatment of locally advanced unresectable or metastatic gastric or gastroesophageal junction cancer, as well as first-line treatment for persistent, recurrent, or metastatic cervical cancer [1] - 依达方 (依沃西, PD-1/VEGF) has renewed its existing indication for locally advanced or metastatic non-squamous non-small cell lung cancer (NSCLC) after progression on EGFR TKI treatment and added a new indication for first-line treatment of PD-L1 positive (TPS≥1%) locally advanced or metastatic NSCLC [1] - 安尼可 (派安普利, PD-1) is included for the treatment of second-line and above classical Hodgkin lymphoma, first-line locally advanced or metastatic squamous NSCLC, second-line or above nasopharyngeal carcinoma, and first-line nasopharyngeal carcinoma [2] - 伊喜宁 (伊努西, PCSK9) is included for the treatment of primary hypercholesterolemia and mixed hyperlipidemia, as well as heterozygous familial hypercholesterolemia [2] - 爱达罗 (依若奇, IL-12/IL-23) is included for the treatment of moderate to severe plaque psoriasis [3] Group 2: Company Commitment and Future Plans - The company is dedicated to providing more globally innovative and best-in-class treatment options, continuously improving patient accessibility and affordability [3] - The company aims to deepen its focus in various disease areas and promote more innovative drugs and new indications to be included in the National Medical Insurance Drug List, benefiting more patients [3]

Core Points - The 2025 National Medical Insurance Drug List and the first version of the Commercial Insurance Innovative Drug List were released on December 7 in Guangzhou [3] - A total of 114 new drugs were added to the National Medical Insurance Drug List, with 50 being first-class innovative drugs, achieving an overall success rate of 88%, a significant increase from 76% in 2024 [3] - The new drug list includes medications for major diseases such as triple-negative breast cancer, pancreatic cancer, and lung cancer, as well as treatments for rare diseases and chronic conditions [3] Group 1 - The National Medical Insurance Drug List now includes a total of 3,253 drugs, comprising 1,857 Western medicines and 1,396 traditional Chinese medicines [3] - The inclusion of drugs in the Commercial Insurance Innovative Drug List includes 19 medications, such as CAR-T for cancer treatment and drugs for rare diseases like neuroblastoma and Gaucher disease [3] - The adjustment significantly enhances the coverage for key areas such as cancer, chronic diseases, mental health, rare diseases, and pediatric medications [3]