Core Viewpoint - The National Healthcare Security Administration (NHSA) has introduced a new directory for innovative drugs under commercial health insurance, supporting pharmaceutical innovation in China [1] Group 1 - The NHSA has reported that over 100 drugs have been submitted for the innovative drug directory [1] - This initiative is part of the efforts to achieve high-quality completion of the "14th Five-Year Plan" [1] - The NHSA will proceed with the necessary follow-up work according to established procedures [1]

Core Viewpoint - The National Medical Insurance Administration emphasizes the importance of enhancing the quality of medical insurance services during the "14th Five-Year Plan" period, focusing on improving access and affordability for the public [1][3]. Group 1: Medical Insurance Coverage and Expenditure - The national basic medical insurance coverage rate has remained stable at around 95%, with a cumulative expenditure of 12.13 trillion yuan, averaging an annual growth rate of 9.1% [1]. - By 2024, the number of people covered by basic medical insurance is expected to reach 1.327 billion [1]. - Nearly 200 billion medical insurance reimbursements have been enjoyed by approximately 200 million people from 2021 to 2024 [1]. Group 2: Support for Specific Demographics - Measures have been taken to enhance support for the elderly and children, including the establishment of a long-term care insurance system, with 190 million participants by the end of 2024 [2]. - The cumulative expenditure for maternity insurance has reached 438.3 billion yuan, benefiting over 96 million people [2]. Group 3: Reducing Medical Costs - Policies have reduced the financial burden on rural low-income populations by over 650 billion yuan during the "14th Five-Year Plan" [3]. - The long-term care insurance has benefited over 2 million disabled individuals, reducing care service costs by over 50 billion yuan [3]. - Direct settlement for cross-provincial medical treatment has reduced the need for out-of-pocket expenses by 590 billion yuan [3]. Group 4: Technological Advancements in Medical Insurance - A unified national medical insurance information platform has been established, significantly improving management efficiency [4]. - The number of people using medical insurance codes has exceeded 1.236 billion, facilitating direct payment for medical services [4]. - The number of direct settlements for cross-provincial medical treatment has increased from 5.37 million in 2020 to 23.8 million in 2024, a 44-fold increase [4]. Group 5: Fund Management and Security - By the end of 2024, the cumulative balance of the medical insurance fund is expected to reach 3.86 trillion yuan [5]. - The administration has recovered 104.5 billion yuan through enhanced fund management and monitoring [5]. - Innovative regulatory measures have been implemented to combat fraud, including the use of big data analysis to identify irregularities [6]. Group 6: Support for Innovative Drugs - Expenditure on innovative drugs has increased significantly, with spending in 2024 being 3.9 times that of 2020, reflecting an annual growth rate of 40% [8]. - A total of 402 new drugs have been added to the medical insurance catalog since the beginning of the "14th Five-Year Plan" [8]. - The establishment of a commercial health insurance catalog for innovative drugs has seen over 100 drugs submitted for approval [9]. Group 7: Future Directions - The National Medical Insurance Administration aims to continue managing the medical insurance fund effectively while supporting the development of the pharmaceutical industry [9]. - The focus will be on providing efficient, safe, and accessible medical products and services to the public, contributing to the overall health of the nation [9].

Group 1 - The core viewpoint of the news highlights the active trading and significant inflow of funds into the Hang Seng Innovative Drug ETF (159316), indicating a growing interest in innovative drug investments in the Hong Kong market [1][2] - As of June 26, the latest scale of the Hang Seng Innovative Drug ETF reached 367 million yuan, with a total share of 292 million, both hitting record highs since its inception [1] - The recent issuance of the "2025 Basic Medical Insurance Directory and Commercial Insurance Innovative Drug Directory Adjustment Application Guidelines" by the National Medical Insurance Administration marks a significant step in integrating commercial health insurance into the multi-level medical security system [1] Group 2 - The report from Guosen Securities suggests that the large population of chronic disease and non-standard patients in China, coupled with the reform of medical insurance payment methods, indicates a long-term unmet medical demand [1] - The changing landscape of medical insurance payments is expected to enhance the supplementary role of commercial health insurance, presenting a stable development opportunity for the commercial insurance market in the medium to long term [1] - The Hang Seng Innovative Drug ETF closely tracks the Hang Seng Innovative Drug Index, which reflects the performance of Hong Kong-listed companies involved in the research, development, and production of innovative drugs [1][2]

Core Viewpoint - The recent issuance of the "2025 Basic Medical Insurance Directory and Commercial Health Insurance Innovative Drug Directory Adjustment Application Guidelines" by the National Medical Insurance Administration marks a significant step in integrating commercial health insurance into China's multi-tiered medical security system, enhancing the role of commercial health insurance in the market for innovative drugs [1][2]. Group 1: Policy Changes - The adjustment includes the first-time incorporation of the commercial health insurance innovative drug directory into the adjustment scheme, representing a major transformation in the healthcare insurance landscape [3]. - The guidelines require applicants to register and obtain a unique account for the directory adjustment process, indicating a structured approach to the application [3]. - The government work report emphasizes the need to deepen medical insurance payment reform and support the development of innovative drug directories to better meet the public's multi-tiered medication needs [4]. Group 2: Market Opportunities - The payment reform initiated by the National Medical Insurance Administration since 2019 has aimed to control unreasonable expenditures and improve the efficiency of medical insurance fund usage, creating a favorable environment for the growth of commercial health insurance [5]. - The aging population and the slowdown in medical insurance revenue growth have increased the necessity for payment reform, leading to a diverse demand for medical services and providing broader space for the development of commercial health insurance [5]. - Industry experts believe that as healthcare demands rise, commercial insurance will play a more significant role in enhancing the multi-tiered medical security system and supporting the health of the nation [5]. Group 3: Future Prospects - The current landscape of chronic diseases and non-standard patient populations presents a substantial market for commercial health insurance, especially in light of the ongoing payment reform [6]. - The potential for steady long-term development of commercial health insurance is highlighted, with an emphasis on expanding outpatient coverage and catering to non-standard patient groups [7]. - High-end medical insurance is positioned as a core vehicle for meeting quality healthcare demands due to its broad coverage and high service integration [7].