Core Insights - The Chinese medical insurance directory will undergo its largest expansion of innovative drugs in history starting January 1, 2026, adding 114 new drugs, including 50 class 1 innovative drugs, while removing 29 drugs that are either unavailable or can be replaced by better alternatives [1][2] - The total number of drugs in the directory will increase to 3,253, significantly enhancing coverage for key areas such as oncology, chronic diseases, mental health, rare diseases, and pediatric medications [1][2] - The inclusion of innovative drugs in the medical insurance directory reflects a strong commitment to support genuine innovation and differentiated innovation in the healthcare sector [1][2] Medical Insurance Directory Expansion - The new directory will include 114 drugs, with nearly 44% being class 1 innovative drugs, indicating a growing emphasis on innovative treatments [1][2] - The directory will enhance the insurance coverage for critical areas, improving access to necessary medications for patients [1][2] Innovative Drug Market Dynamics - The entry of innovative drugs into the medical insurance directory is a key driver for market growth, with those included typically experiencing rapid sales growth within a year [4] - Companies like Heng Rui Medicine and Innovent Biologics have successfully included multiple innovative products in the new directory, indicating a trend towards increased market access for innovative therapies [4][5] Clinical Needs and Treatment Options - The new directory addresses significant clinical needs, particularly in oncology, with new drugs targeting various types of cancers, thereby expanding treatment options for patients [9][10] - The inclusion of targeted therapies for conditions like severe asthma and breast cancer provides patients with more accessible and effective treatment options [6][10] Commercial Insurance Directory - The introduction of a commercial insurance directory for innovative drugs aims to balance clinical value, corporate profits, and the sustainability of insurance funds [2][12] - The commercial insurance directory includes 19 innovative drugs, highlighting a focus on high-value treatments that exceed basic insurance coverage [12][15] Policy and Regulatory Environment - Recent reforms in drug approval and medical insurance payment systems have created a conducive environment for the development of innovative drugs in China [17][18] - The acceleration of drug approvals and the establishment of a more rigorous evaluation system for innovative drugs are reshaping the landscape for pharmaceutical companies [17][18] Future Outlook - The ongoing expansion of the medical insurance directory signifies a shift towards making innovative drugs more accessible and affordable for the general population, enhancing overall healthcare outcomes [20][21] - The collaboration between policy, industry, and capital markets is essential for fostering high-quality development in the innovative drug sector [19][20]

Group 1 - Xinda Biologics reported a total product revenue exceeding 5.2 billion yuan in the first half of 2025, achieving a strong growth of over 35% year-on-year, driven by both oncology and comprehensive pipeline [1] - Eli Lilly's orforglipron demonstrated significant weight loss results in the ATTAIN-1 clinical trial, with the highest dose group (36 mg) achieving an average weight reduction of 12.4 kg, enhancing market confidence in the company's weight loss portfolio [1] Group 2 - AstraZeneca's Fasenra received approval for a new indication in China for the maintenance treatment of severe eosinophilic asthma in children aged 6 to <12 years, further solidifying its market position in respiratory diseases [2] Group 3 - Gan & Lee Pharmaceuticals reported a 57.18% increase in revenue to 2.067 billion yuan and a 101.96% increase in net profit to 604 million yuan in the first half of 2025, indicating strong business growth and enhanced profitability [3] Group 4 - Buchang Pharma announced an exclusive supply agreement with GOODFELLOW in the Philippines for the new biological drug Efparepoetin alfa, marking a significant step in the company's internationalization strategy and enhancing its brand value [4]

Core Insights - AstraZeneca (AZN.US) announced the approval of its first respiratory biologic, Fasenra (benralizumab), for a new indication in China, specifically for the maintenance treatment of severe eosinophilic asthma (SEA) in children aged 6 to under 12 years [1] Group 1: Approval and Clinical Trials - The approval is based on positive results from the global multicenter, open-label TATE Phase III clinical trial [1] - This trial was conducted in the United States and Japan to evaluate the pharmacokinetics (PK), pharmacodynamics (PD), and long-term safety of benralizumab in SEA pediatric patients aged 6-11 years [1] Group 2: Sales Performance - Since its initial approval, benralizumab has shown steady sales growth, entering the $1 billion sales club in 2021 [1] - Global sales are projected to reach $1.689 billion in 2024, reflecting an 8.76% year-over-year growth [1] - According to the semi-annual report disclosed for 2025, the drug's sales for the first half of the year reached $920 million, marking an 18% year-over-year increase [1]

Core Viewpoint - AstraZeneca has received approval for its respiratory biologic Fasenra (benralizumab injection) for a new indication in China, specifically for the maintenance treatment of severe eosinophilic asthma (SEA) in children aged 6 to under 12 years [1] Group 1: Approval and Clinical Trials - The approval is based on positive results from the global multicenter, open-label TATE Phase III clinical trial [1] - This trial was conducted in the United States and Japan to evaluate the pharmacokinetics (PK), pharmacodynamics (PD), and long-term safety of benralizumab in SEA pediatric patients aged 6-11 years [1] Group 2: Sales Performance - Since its initial approval, benralizumab has shown steady sales growth, entering the $1 billion sales club in 2021 [1] - Global sales are projected to reach $1.689 billion in 2024, reflecting an 8.76% year-over-year growth [1] - According to the semi-annual report disclosed for 2025, the drug's sales for the first half of the year reached $920 million, representing an 18% year-over-year increase [1]

Core Viewpoint - AstraZeneca (AZN.US) has received approval for its first respiratory biologic, Fasenra® (benralizumab injection), for a new indication in China, specifically for the maintenance treatment of severe eosinophilic asthma (SEA) in children aged 6 to under 12 years [1] Group 1: Approval and Clinical Trials - The approval is based on positive results from the global multicenter, open-label TATE Phase III clinical trial [1] - This trial was conducted in the United States and Japan to evaluate the pharmacokinetics (PK), pharmacodynamics (PD), and long-term safety of benralizumab in SEA pediatric patients aged 6-11 years [1] Group 2: Sales Performance - Since its initial approval, benralizumab has shown steady sales growth, entering the $1 billion sales club in 2021 [1] - Global sales are projected to reach $1.689 billion in 2024, reflecting an 8.76% year-on-year growth [1] - According to the semi-annual report disclosed for 2025, the drug's sales for the first half of the year reached $920 million, representing an 18% year-on-year increase [1]