Core Viewpoint - The article discusses the recent adjustments to the national medical insurance drug catalog, highlighting the introduction of a commercial health insurance (commercial insurance) innovative drug catalog, marking the eighth adjustment since the establishment of the National Medical Insurance Administration. This new catalog aims to provide alternative payment pathways for high-priced innovative drugs, including CAR-T therapies, which have previously faced challenges in entering the basic medical insurance catalog [3][6][7]. Summary by Sections Medical Insurance Catalog Adjustments - A total of 534 drugs passed the preliminary review for the basic medical insurance catalog, while 121 drug generic names were approved for the commercial insurance innovative drug catalog [3][6]. - The introduction of the commercial insurance innovative drug catalog is seen as a significant development, providing a separate application channel for high-priced innovative drugs that exceed the basic insurance coverage [6][8]. Market Dynamics and Participation - Participation in the commercial insurance innovative drug catalog is voluntary for pharmaceutical companies and insurance firms, with the potential for significant market opportunities if successful [4][6]. - The commercial insurance catalog is expected to attract foreign companies, as early participation may yield policy benefits [8][9]. Financial Support for Innovation - The National Medical Insurance Administration has emphasized financial support for innovative drugs, with over 4.1 trillion yuan spent on negotiated drugs since 2018 [11]. - The new measures aim to enhance the efficiency of commercial insurance companies and support the development of innovative drugs through data services and one-stop compensation [11][12]. Challenges and Competition - The article notes the increasing competition and homogenization within the innovative drug market, with multiple similar drugs entering the market, leading to price competition [13][14]. - The National Medical Insurance Administration aims to support true innovation and differentiated innovation, focusing on drugs that provide additional clinical benefits and meet unmet medical needs [14].

Core Points - The adjustment of the medical insurance catalog this year marks the 8th since the establishment of the National Medical Insurance Administration and introduces a commercial health insurance (commercial insurance) innovative drug catalog for the first time [1][6] - A total of 534 drugs passed the formal review for the basic medical insurance catalog, while 121 drug generic names were approved for the commercial insurance innovative drug catalog, including high-priced innovative drugs like CAR-T [1][3] - The establishment of the commercial insurance innovative drug catalog indicates a significant shift in China's pharmaceutical industry, introducing a second major buyer beyond the basic medical insurance fund [3][6] Summary by Sections Medical Insurance Catalog Adjustment - The National Medical Insurance Administration announced the preliminary review results for the 2025 medical insurance drug catalog, with 534 drugs approved for the basic insurance catalog and 121 for the commercial insurance innovative drug catalog [1][3] - The commercial insurance innovative drug catalog provides a separate application channel for high-priced innovative drugs, which have historically faced challenges in entering the basic insurance catalog [3][4] Market Dynamics and Opportunities - Participation in the commercial insurance innovative drug catalog is voluntary for pharmaceutical companies and commercial insurance firms, presenting both risks and potential first-mover advantages [2][5] - The commercial insurance catalog aims to support high-priced innovative drugs that exceed the basic insurance scope, such as CAR-T therapies and rare disease medications [3][4] Policy Support and Industry Impact - The National Medical Insurance Administration has implemented measures to support the high-quality development of innovative drugs, with a focus on integrating commercial insurance and medical insurance to create a multi-tiered payment system for innovative drugs [6][7] - The introduction of the commercial insurance innovative drug catalog is expected to enhance the market potential for innovative drugs, providing a pathway for companies to transition from commercial insurance to basic insurance as market conditions evolve [5][7] Innovation and Competition - The pharmaceutical industry is experiencing increased competition and a trend of homogenization among innovative drugs, leading to price competition and the need for differentiation in innovation [8][9] - The National Medical Insurance Administration emphasizes the importance of supporting true innovation that offers additional clinical benefits and addressing unmet medical needs [9][10]

Core Points - The National Healthcare Security Administration (NHSA) has initiated the "dual directory" reform, establishing a new commercial insurance (commercial health insurance) innovative drug directory to support pharmaceutical innovation [1][6] - This year's adjustment marks the 8th time since the NHSA's establishment and is the first time a commercial insurance innovative drug directory has been added outside the basic medical insurance directory [1] - A total of 534 drugs passed the formal review for the basic medical insurance directory, while 121 drug generic names passed for the commercial insurance innovative drug directory, including high-priced innovative drugs like CAR-T [1][3] Group 1 - The establishment of the commercial insurance innovative drug directory provides a new independent application channel for high-priced innovative drugs [3][4] - The commercial insurance innovative drug directory targets drugs that exceed the basic medical insurance scope, are highly innovative, and meet significant clinical needs, such as high-priced cancer drugs and gene therapies [3][5] - The NHSA's support for innovative drugs includes financial backing through the inclusion of more innovative drugs in the insurance directory, as well as empowering the pharmaceutical industry and commercial insurance companies through data sharing and other reforms [6][7] Group 2 - The commercial insurance innovative drug directory is seen as a potential opportunity for pharmaceutical companies, allowing them to gain a first-mover advantage in a new market [2][5] - The NHSA has received 718 applications for the basic medical insurance directory, with a significant increase in the number of drugs passing the formal review compared to previous years [3][4] - The commercial insurance innovative drug directory is expected to alleviate some of the financial burdens on the basic medical insurance system, allowing for a more diversified payment system for innovative drugs [7][9] Group 3 - The innovative drug market in China is rapidly developing, with domestic companies exploring overseas business development and partnerships to expand their market reach [8] - There is a growing concern about the homogenization of innovative drugs, leading to increased price competition and the need for differentiation in drug offerings [9] - The NHSA emphasizes the importance of supporting true innovation and differentiated innovation in the pharmaceutical industry, ensuring that new drugs provide additional clinical benefits and meet unmet medical needs [9]