12月7日，国家医保局、人力资源社会保障部印发《国家基本医疗保险、生育保险和工伤保险药品目 录》（以下简称"新版医保目录"）以及《商业健康保险创新药品目录》（2025年）。新版医保目录新增 114种药品，超过了去年（91种），其中50种为一类新药，总体成功率为88%，较2024年的76%也有了 明显提升。 多个"全球新""全国新"进目录 新版医保目录调整后，目录内药品总数增至3253种，肿瘤、慢性病等重点领域的保障水平得到明显提 升。2024年版医保目录新增全球创新药38个，当时为历年来最高数量，今年新版医保目录新增一类创新 药达50种，再创历史新高，其中更是囊括了多款"全球首创""首个国产"类新药。 百事美施贵宝旗下全球首个且目前唯一获批红细胞成熟剂注射用罗特西普此次被纳入了新版医保目录， 用于治疗较低危骨髓增生异常综合征（MDS），这是继成人β-地中海贫血后，罗特西普在中国纳入医 保的第二个适应症。该药今年6月新获批上市，是近20年来首个用于治疗较低危MDS的创新药。天津医 科大学总医院副院长、血液病中心主任付蓉教授表示，罗特西普通过创新作用机制促进红细胞成熟，改 善无效造血，在减轻输血负担、改善贫血和提 ...

Core Insights - Laekai Pharmaceutical has entered a key commercialization phase by signing an exclusive licensing agreement with Qilu Pharmaceutical for LAE002, with a total agreement value of up to 2.045 billion yuan [1][2] - The company has accumulated losses exceeding 700 million yuan since its listing, with no products yet commercialized, highlighting the urgency of this partnership to enhance its market position [1][4] - LAE002, an AKT inhibitor, is facing competition from AstraZeneca's Capivasertib, which has already been approved for similar indications, emphasizing the need for Laekai to accelerate its commercialization efforts [3][4] Company Overview - Laekai Pharmaceutical's core focus is on oncology drugs, primarily those licensed from Novartis, with LAE002 and LAE001 being the most advanced in its pipeline [2] - LAE002 is positioned for multiple indications, with the HR+/HER2- breast cancer indication progressing to Phase III clinical trials set to start in 2024 [2][4] - The company is also developing LAE102, a monoclonal antibody for obesity treatment, which has shown promising results in early clinical trials [4][5] Financial Performance - Laekai Pharmaceutical reported net losses of 369 million yuan in 2023, 254 million yuan in 2024, and 130 million yuan in the first half of 2025, totaling over 700 million yuan in losses [4] - Research and development expenses for the same periods were 230 million yuan, 215 million yuan, and 105 million yuan, indicating a significant investment in R&D despite ongoing losses [4] Strategic Partnerships - The collaboration with Qilu Pharmaceutical aims to leverage their commercialization experience to expedite LAE002's market entry and alleviate financial pressures during clinical development [3][6] - Laekai has also partnered with Eli Lilly for the global development of LAE102, with plans to submit an IND amendment to the FDA in 2025 [5][6] Future Outlook - The success of Laekai Pharmaceutical in overcoming its current challenges will depend on the effectiveness of its external partnerships and the progress of its internal R&D pipeline [6]

Core Viewpoint - The 2025 National Medical Insurance Negotiation has commenced, with significant price reductions expected, exceeding initial estimates by 40%-50% for many companies [1][6]. Group 1: Negotiation Overview - The negotiation began on October 30, 2023, and is expected to last 4-5 days, starting with basic medical insurance directory negotiations followed by commercial insurance innovative drug price discussions [2][3]. - This marks the 8th adjustment of the medical insurance directory since the establishment of the National Medical Insurance Bureau, involving a five-step process: preparation, application, expert review, negotiation, and result announcement [5]. Group 2: Participants and Dynamics - Numerous representatives from major pharmaceutical companies, including domestic and international firms like Shiyao Group, Green Leaf Pharmaceutical, and Pfizer, participated in the negotiations [9]. - The pace of negotiations appeared faster than in previous years, with representatives exiting the venue more frequently without prolonged discussions [9]. Group 3: Key Changes in Negotiation Structure - A significant change this year is the introduction of a commercial insurance innovative drug directory, aimed at integrating basic medical insurance and commercial insurance, enhancing the multi-tiered medication security system [13][14]. - There are 79 drugs that applied for both the basic medical insurance directory and the commercial insurance innovative drug directory, with a sequential negotiation process established [16]. Group 4: Future Implications - The commercial insurance innovative drug directory may serve as a transitional model for innovative drug payments, allowing drugs to first enter the commercial directory before potentially being included in the basic medical insurance directory after gathering real-world data [17].

Core Points - The 2025 National Medical Insurance Negotiation (referred to as "Guo Tan") commenced on October 30, 2023, in Beijing, with negotiations expected to last 4-5 days [2][3] - This marks the 8th adjustment of the medical insurance catalog since the establishment of the National Medical Insurance Bureau, involving five stages: preparation, application, expert review, negotiation, and announcement of results [3] - A total of 644 drugs passed the formal review for the 2025 catalog, with 534 approved for the basic medical insurance catalog and 121 for the commercial insurance innovative drug catalog [3] Group 1 - The first day of negotiations focused primarily on common drugs, including those for infections, anesthesia, and diabetes, while innovative drugs are scheduled for discussion on the second and third days [3] - Some representatives expressed that the price reductions proposed by the National Medical Insurance Bureau were significantly lower than expected, with estimates being 40%-50% below the most pessimistic forecasts [3][5] - The pace of negotiations appeared to be faster than in previous years, with representatives exiting the venue every few minutes, contrasting with the lengthy discussions seen in past negotiations [5] Group 2 - The introduction of the commercial insurance innovative drug catalog is a significant change this year, aimed at integrating basic medical insurance and commercial insurance to better meet diverse medication needs [8][9] - Negotiations for the commercial insurance innovative drug catalog are expected to take place on November 1 and 2, 2023 [9] - A total of 79 drugs applied for both the basic medical insurance and commercial insurance innovative drug catalogs, with a priority given to those that successfully pass the basic medical insurance negotiations first [9][10] Group 3 - The commercial insurance innovative drug catalog will allow for greater participation from commercial insurance companies in the decision-making process regarding drug inclusion and pricing negotiations [9] - Five high-cost CAR-T products are confirmed to be included in the final negotiation list for the commercial insurance innovative drug catalog [10] - Future payment models for innovative drugs may involve initially placing them in the commercial insurance catalog before transitioning to the basic medical insurance catalog after gathering real-world data [10]

Core Insights - The National Healthcare Security Administration (NHSA) has published the preliminary review results for the 2025 medical insurance and commercial insurance innovative drug directory, with significant changes in the approval status of six drugs compared to the previous version [1][2]. Summary by Categories Drug Approval Changes - Six drugs have had their approval status changed, with two drugs (Injectable Risperidone Microspheres and Injectable Triptorelin Acetate) being disapproved, while two others (Levodopa Injection and Calcium Gluconate Sodium Chloride Injection) have been approved [1][3]. - The oral suspension of Ursodeoxycholic Acid remains approved, but the conditions for approval have been adjusted [1][3]. Application Statistics - For the 2025 directory adjustment, the NHSA received 718 applications, involving 633 drug generic names, with 535 passing the preliminary review [1][2]. - The approval rate has increased significantly, reaching 84.52% this year, compared to 68.42% in 2023 and 76.66% in 2024 [2]. Notable Drugs - Levodopa Injection, used for Parkinson's disease, has been approved and is not an exclusive product, indicating its potential for broader market access [4]. - Injectable Ceftriaxone Sodium Sulbactam, another approved drug, is noted for its broad antibacterial spectrum and safety profile [4]. - The oral suspension of Ursodeoxycholic Acid has had its approval conditions modified to include rare disease categories [6]. Innovative Drug Directory - The commercial insurance innovative drug directory has been introduced alongside the basic medical insurance directory, with 141 applications received, of which 121 passed the preliminary review [2]. - A significant number of drugs in both directories are new, with 303 in the basic medical insurance directory meeting specific conditions for approval [7]. Rare Disease Drugs - The directories include a total of 37 rare disease drugs in the basic medical insurance directory and 35 in the commercial insurance innovative drug directory, with 19 drugs approved in both [10][11]. - Notable rare disease drugs include those from Merck and other companies, which have gained attention for their potential market impact [11][12]. Market Trends - The introduction of the commercial insurance innovative drug directory is expected to enhance market access for several high-profile drugs, including CAR-T therapies that have previously struggled to gain approval [9][12]. - The performance of rare disease drug companies has seen significant stock price increases, indicating strong market interest and potential for growth [13].

Core Viewpoint - The National Healthcare Security Administration (NHSA) has officially announced the preliminary review results for the adjustment of the 2025 medical insurance and commercial insurance innovative drug catalog, indicating an increase in the number of drugs passing the review and the overall approval rate compared to previous years [1][2]. Summary by Relevant Sections Drug Review Changes - Six drugs underwent changes in their review status, with two drugs, injectable risperidone microspheres and injectable triptorelin, being disapproved, while injectable levodopa and calcium gluconate sodium injection were approved [1][5][6]. - The injectable risperidone microspheres, an exclusive product of Shengzhao Pharmaceuticals, was first launched in mainland China in February 2025 for treating mental disorders [6][7]. - The injectable triptorelin, also an exclusive product, was launched in 2023 for treating prostate cancer and precocious puberty [7]. Approval Statistics - A total of 718 applications were received for the 2025 catalog adjustment, involving 633 drug generic names, with 535 passing the preliminary review, resulting in an approval rate of 84.52% [1][2]. - The approval rates have shown a significant increase over the past three years, with 68.42% in 2023, 76.66% in 2024, and 84.52% in 2025 [2]. Innovative Drug Catalog - The commercial insurance innovative drug catalog was introduced for the first time, with 141 applications received, involving 141 drug generic names, and 121 passing the review [3]. - Among the drugs, 79 were submitted for both the basic medical insurance catalog and the commercial insurance innovative drug catalog [3]. Notable Products - Several notable products are highlighted, including CAR-T products that have previously failed to enter the medical insurance catalog but are now included in the commercial insurance innovative drug catalog [11][12]. - Unique products such as the first and only AKT inhibitor and the only Trop-2 ADC for breast cancer treatment are also included in the catalogs, indicating a focus on innovative therapies [13][14]. Rare Disease Medications - The review process has also included rare disease medications, with 37 drugs in the basic medical insurance catalog and 35 in the commercial insurance innovative drug catalog, of which 19 are approved in both [15][16]. - The approval of rare disease drugs is seen as a significant development, with companies like Beihai Kangcheng gaining attention for their innovative products [20].

Core Viewpoint - The annual adjustment of the national basic medical insurance (BMI) drug list has begun, with a significant increase in the number of drugs passing the preliminary review, indicating intensified competition for inclusion in the insurance coverage [3][5]. Summary by Sections Drug Approval and Competition - A total of 310 drug names passed the preliminary review this year, up from 249 in 2024, reflecting a growing number of innovative drugs approved [3][5]. - The number of first-class innovative drugs approved in China has shown a clear upward trend, with 48 approved in 2024, more than five times the number in 2018 [5]. Impact on Patients and Accessibility - The inclusion of innovative drugs in the BMI list significantly improves patient access, with over 70 anti-tumor drugs added from 2018 to 2024, addressing the issue of patients lacking available treatments [5][6]. - The pricing of new drugs is crucial for patient affordability, as high costs can limit access despite the availability of innovative treatments [7][8]. Pricing Negotiations and Challenges - The negotiation process for drug pricing involves expert evaluations and discussions with companies to establish mutually acceptable reimbursement standards [7][10]. - Balancing the need for affordable pricing with the necessity for companies to recoup R&D costs presents a significant challenge in the negotiation process [8][11]. Policy Directions and Innovation Support - The 2025 adjustment plan emphasizes maintaining fund security while encouraging innovation and optimizing the drug list structure [10][11]. - The focus is on supporting genuine innovation and ensuring that new drugs provide real clinical benefits, with a comprehensive evaluation of their value [10][12]. Real-World Data and Evaluation - The importance of real-world data in assessing drug effectiveness and safety is highlighted, as it provides insights beyond controlled clinical trials [14][15]. - The need for a robust drug value assessment system is increasingly urgent, as it informs decisions on funding and resource allocation [13][16].

Core Points - The annual adjustment of the national basic medical insurance catalog has begun, with the National Medical Insurance Administration announcing a list of drugs that have passed preliminary review, indicating increased competition for drug inclusion in the insurance catalog this year [1][3] - A total of 310 generic drugs passed the preliminary review, significantly up from 249 in 2024, reflecting a substantial increase in the number of innovative drugs approved [1][3] - The adjustment process involves expert evaluation, negotiation, and price consultation, with a focus on balancing drug pricing and patient accessibility [1][6] Group 1: Drug Approval and Inclusion - The National Medical Insurance Administration has been adjusting the drug catalog since its establishment in 2018, with 530 drugs added through negotiations, enhancing the accessibility of innovative drugs [3] - Over 70 anti-tumor drugs have entered the insurance catalog from 2018 to 2024, addressing the needs of patients with various cancers [3] - The approval of innovative drugs has surged, with 48 first-class innovative drugs approved in 2024, more than five times the number in 2018 [3] Group 2: Pricing and Negotiation - The negotiation process for drug pricing is crucial, as it determines the reimbursement standards and affects the financial viability of innovative drugs [6][7] - The challenge lies in finding a balance between drug pricing and patient accessibility, as high prices can limit patient access while low prices may hinder the return on investment for pharmaceutical companies [6][9] - The adjustment of the insurance catalog is seen as a way to optimize the use of limited medical resources and improve the efficiency of the insurance fund [4][6] Group 3: Innovation and Evaluation - The 2025 adjustment plan emphasizes supporting true innovation and optimizing the structure of the drug catalog while ensuring fund security [8][9] - The need for a comprehensive drug value assessment system is highlighted, focusing on real-world data to evaluate the effectiveness and safety of drugs post-approval [10][12] - The integration of health technology assessments (HTA) in drug pricing negotiations is noted as a practice that could enhance transparency and fairness in the process [13]

Core Insights - The competition for access to the national medical insurance (NMI) directory is expected to intensify this year, with a significant increase in the number of drugs passing the preliminary review [2][4]. Group 1: NMI Directory Adjustments - The annual adjustment of the national basic medical insurance directory has commenced, with 310 drug names passing the preliminary review, up from 249 in 2024, indicating a more competitive environment for drug access [2][4]. - Since the establishment of the National Medical Insurance Administration in 2018, there have been eight rounds of adjustments to the NMI drug directory, with 530 drugs added through negotiations, enhancing the accessibility of innovative drugs [4]. - The approval of innovative drugs has surged, with the number of first-class innovative drugs approved reaching 48 in 2024, over five times that of 2018, and nearly 40 approved in the first half of this year alone [4][5]. Group 2: Pricing and Negotiation - The negotiation process for drug pricing involves expert evaluations and discussions with companies to establish mutually acceptable reimbursement standards, referred to as "soul bargaining" [7]. - The pricing of newly approved drugs is often high due to substantial R&D investments, making affordability a critical factor for patients [7][8]. - The balance between low reimbursement prices, which may hinder innovation returns, and high prices, which could strain the insurance fund, is a significant challenge in the NMI directory adjustments [7][11]. Group 3: Innovation and Evaluation - The NMI adjustments emphasize supporting true innovation and optimizing the structure of the drug directory, with a focus on filling clinical gaps and encouraging differentiated innovations [9][10]. - The establishment of a comprehensive drug value assessment system is increasingly urgent, with a need for scientific methods to guide financial decisions in the NMI [12]. - Real-world data is crucial for evaluating the effectiveness and safety of drugs post-approval, and it is essential for adjusting reimbursement standards based on actual clinical outcomes [13][14].

Investment Rating - The report maintains a positive outlook on the pharmaceutical sector, particularly on innovative drugs and their internationalization process, while suggesting a focus on blood products and scientific instruments in the short term [4][18]. Core Insights - The pharmaceutical sector has shown stable stock performance, with significant approvals for innovative drugs such as the IL-21/IL-23 dual antibody by Kangfang Biopharma and the successful phase 3 clinical trial results for Eli Lilly's orforglipron [1][2][18]. - The report emphasizes the resilience and growth potential of the pharmaceutical sector amidst changing external tariff environments, highlighting low geopolitical risks for innovative drugs and opportunities for domestic replacements in blood products and medical devices [4][18]. - The report suggests a continuous focus on innovative and semi-innovative drug companies, as well as potential recovery in the performance of generic drugs, chain pharmacies, and traditional Chinese medicine post-Q1 reports [4][20]. Summary by Sections Pharmaceutical Sector - Kangfang Biopharma's IL-21/IL-23 dual antibody has been approved for moderate to severe plaque psoriasis, marking a significant milestone as the first domestic drug of its kind [19]. - The approval of AstraZeneca's capivasertib for second-line breast cancer treatment further highlights the growing number of innovative drugs being approved in China [23][25]. - The report anticipates a surge in licensing transactions as Chinese innovative drug assets mature, leading to more predictable performance for pharmaceutical companies [2][25]. Biological Products - Eli Lilly's orforglipron has successfully completed phase 3 clinical trials, demonstrating superior A1C reduction compared to placebo, which positions it as a leading oral GLP-1 receptor agonist [26][29]. - The report encourages monitoring the progress of domestic GLP-1 small molecules, which are showing promising clinical results [33][34]. Medical Devices - Domestic companies are making significant strides in innovative research and development, with products like the LiqMagic peripheral vascular shockwave treatment system gaining traction in clinical applications [35][36]. - The report notes that the innovative technology in vascular treatment is expected to enhance patient outcomes and reduce procedural risks [35][36]. Investment Recommendations - The report recommends focusing on innovative and semi-innovative drug companies such as Kelun-Biotech, Kangfang Biopharma, and Huadong Medicine, as well as blood products and scientific instruments for potential domestic replacements [5][20]. - It also suggests paying attention to the recovery of generic drugs, chain pharmacies, and traditional Chinese medicine as the market stabilizes post-Q1 [4][20].