新版《国家基本医疗保险、生育保险和工伤保险药品目录(2025年)》(以下简称"基本医保目录")和首版 《商业健康保险创新药品目录(2025年)》(以下简称"商保创新药目录")2026年1月1日起在全国范围内正 式实施。作为首版医保"双目录"，此次基本医保目录成功新增114种药品，商保创新药目录成功纳入19 种药品。 专家在接受经济日报记者采访时表示，国家医保目录的调整始终坚持"真支持创新、支持真创新、支持 差异化创新"的原则，此次"双目录"的协同发布，将有助于满足人民群众多元化、多层次用药需求，破 解高值创新药的可及性难题，为医药企业的研发创新注入强劲动力。 重点领域用药保障扩容 进入医保的114种药品中，有36种肿瘤用药、12种糖尿病等慢性病用药、13种抗感染类药品、10种罕见 病用药等，29种临床用不上或有更好替代的药品被调出目录。本次调整后，国家医保药品目录内药品总 数增至3253种，其中西药1857种、中成药1396种。 "从肿瘤到代谢性疾病，从自体免疫性疾病到罕见病，此次医保目录在病种涵盖方面非常全面。"空军军 医大学唐都医院主任药师刘琳娜表示，创新药特效药的快速落地，化解不少临床痛点，比如以前三阴 ...

新版《国家基本医疗保险、生育保险和工伤保险药品目录（2025年）》（以下简称"基本医保目 录"）和首版《商业健康保险创新药品目录（2025年）》（以下简称"商保创新药目录"）2026年1月1日 起在全国范围内正式实施。作为首版医保"双目录"，此次基本医保目录成功新增114种药品，商保创新 药目录成功纳入19种药品。 专家在接受经济日报记者采访时表示，国家医保目录的调整始终坚持"真支持创新、支持真创新、 支持差异化创新"的原则，此次"双目录"的协同发布，将有助于满足人民群众多元化、多层次用药需 求，破解高值创新药的可及性难题，为医药企业的研发创新注入强劲动力。 重点领域用药保障扩容 进入医保的114种药品中，有36种肿瘤用药、12种糖尿病等慢性病用药、13种抗感染类药品、10种 罕见病用药等，29种临床用不上或有更好替代的药品被调出目录。本次调整后，国家医保药品目录内药 品总数增至3253种，其中西药1857种、中成药1396种。 "从肿瘤到代谢性疾病，从自体免疫性疾病到罕见病，此次医保目录在病种涵盖方面非常全面。"空 军军医大学唐都医院主任药师刘琳娜表示，创新药特效药的快速落地，化解不少临床痛点，比如以前三 ...

国家医保局党组书记、局长章轲介绍，国家医保局已连续8年调整了医保药品目录，包括2025年在内累 计调入949种新药，医保基金为协议期内的谈判药支出超过4600亿元，拉动销售超过6000亿元，有力推 动医药市场"腾笼换鸟"迭代升级。 药品进入医保目录后，什么时候才能在医院开到？针对"进得了目录却进不了医院"这个公众关注的老大 难问题，此次政策打出了一套组合拳。一方面，要求所有定点医疗机构原则上在2026年2月底前召开药 事会，及时将新增药品纳入院内采购目录，必要时设立临时绿色通道；另一方面，再次重申谈判药品不 受"一品两规"、药占比、医保总额等行政性限制影响。此外，政策对使用高值创新药且不适合按病种打 包付费的病例，允许医疗机构申报"特例单议"。 高价值创新药加快落地 新版《国家基本医疗保险、生育保险和工伤保险药品目录（2025年）》（以下简称"基本医保目录"）和 首版《商业健康保险创新药品目录（2025年）》（以下简称"商保创新药目录"）2026年1月1日起在全国 范围内正式实施。作为首版医保"双目录"，此次基本医保目录成功新增114种药品，商保创新药目录成 功纳入19种药品。 专家在接受经济日报记者采访时表 ...

新版《国家基本医疗保险、生育保险和工伤保险药品目录（2025年）》（以下简称"基本医保目录"）和 首版《商业健康保险创新药品目录（2025年）》（以下简称"商保创新药目录"）2026年1月1日起在全国 范围内正式实施。作为首版医保"双目录"，此次基本医保目录成功新增114种药品，商保创新药目录成 功纳入19种药品。 专家在接受经济日报记者采访时表示，国家医保目录的调整始终坚持"真支持创新、支持真创新、支持 差异化创新"的原则，此次"双目录"的协同发布，将有助于满足人民群众多元化、多层次用药需求，破 解高值创新药的可及性难题，为医药企业的研发创新注入强劲动力。 重点领域用药保障扩容 进入医保的114种药品中，有36种肿瘤用药、12种糖尿病等慢性病用药、13种抗感染类药品、10种罕见 病用药等，29种临床用不上或有更好替代的药品被调出目录。本次调整后，国家医保药品目录内药品总 数增至3253种，其中西药1857种、中成药1396种。 "从肿瘤到代谢性疾病，从自体免疫性疾病到罕见病，此次医保目录在病种涵盖方面非常全面。"空军军 医大学唐都医院主任药师刘琳娜表示，创新药特效药的快速落地，化解不少临床痛点，比如以前三阴 ...

Core Points - The 2025 National Medical Insurance Directory has added 114 new drugs, including 50 innovative drugs, which will significantly enhance patient access to essential medications [1][3][6] - The introduction of the Commercial Health Insurance Innovative Drug Directory marks a pivotal moment for innovative drug accessibility, allowing companies to explore new payment channels beyond traditional insurance [12][13] - The overall number of drugs in the National Medical Insurance Directory has increased to 3,253, with a notable focus on critical areas such as oncology, chronic diseases, and rare diseases [6][11] Group 1: National Medical Insurance Directory - The 2025 National Medical Insurance Directory includes 114 new drugs, with 50 classified as innovative drugs, such as Tislelizumab and domestic ADCs [1][3] - The directory aims to bridge gaps in basic medical insurance coverage for major diseases like triple-negative breast cancer and lung cancer [3][4] - The total number of drugs in the National Medical Insurance Directory has risen to 3,253, enhancing coverage for key disease areas [6] Group 2: Commercial Health Insurance Innovative Drug Directory - The Commercial Health Insurance Innovative Drug Directory includes five CAR-T cell therapies and two Alzheimer's disease drugs, addressing previously limited access due to high costs [1][7] - The directory allows innovative drug companies to seek new payment avenues, enhancing the affordability and accessibility of high-value drugs [12][13] - The introduction of this directory is seen as a significant milestone in improving patient access to innovative therapies [8][9] Group 3: Industry Impact and Future Outlook - The past decade has seen a surge in China's innovative drug development, with the 2025 directory marking a new phase in business development for the industry [11] - The dual-track payment framework of basic insurance and commercial insurance is expected to stimulate the market for innovative drugs [13] - Companies are encouraged to collaborate with insurance providers to enhance patient coverage and awareness of health insurance options [12][13]

Core Insights - The 2025 National Medical Insurance Directory has added 114 new drugs, including 50 innovative drugs, which will significantly enhance patient access to essential medications [1][3][6] - The introduction of the Commercial Health Insurance Innovative Drug Directory marks a pivotal moment for the pharmaceutical industry, allowing for new payment channels beyond traditional insurance [11][12] Summary by Sections National Medical Insurance Directory - The 2025 National Medical Insurance Directory includes 114 new drugs, with 50 classified as innovative drugs, such as Tislelizumab and domestic ADCs [1][3] - The total number of drugs in the National Medical Insurance Directory has increased to 3,253, with significant improvements in coverage for critical areas like oncology and rare diseases [6] Commercial Health Insurance Innovative Drug Directory - The Commercial Health Insurance Innovative Drug Directory features five CAR-T cell therapies and two imported Alzheimer's drugs, addressing previously limited access due to high costs [1][7] - The directory aims to enhance the accessibility of high-value innovative drugs, with a focus on improving patient affordability [9][10] Industry Impact - The inclusion of innovative drugs in the National Medical Insurance Directory is expected to accelerate the transition from laboratory to patient access, providing crucial support for sustainable investment in pharmaceutical R&D [2][4] - The launch of the Commercial Health Insurance Innovative Drug Directory allows pharmaceutical companies to explore new payment avenues, fostering a dual-track pricing system that recognizes the value of innovative therapies [12] Company Responses - Companies like WuXi AppTec and CanSino Biologics have expressed optimism about the new directories, highlighting the government's support for domestic innovation and the potential for improved patient outcomes [4][5][11] - The introduction of the directories has prompted companies to collaborate closely with insurance providers to ensure effective implementation and patient access [12]

Market Performance - A-shares opened higher with the Shanghai Composite Index rising by 1.18% to 3996.94 points, Shenzhen Component up 1.51%, and ChiNext Index up 1.98%[1] - Hong Kong's Hang Seng Index closed up 1.05% at 26433.7 points, with the Hang Seng Tech Index increasing by 1.83% and the Hang Seng China Enterprises Index up 1.1%[1] - The total market turnover reached 2670.772 million HKD[1] Economic Developments - The People's Bank of China announced the resumption of government bond trading operations, with analysts expecting a quick restart to stabilize bond supply and demand[1][12] - The EU and China are set to discuss temporary allowances for semiconductor exports, particularly concerning Nexperia's operations in China[12] Sector Highlights - Lithium battery and semiconductor sectors led the gains in the A-share market[1] - The semiconductor sector showed a strong rebound, while non-ferrous metals also strengthened[1] International Market Trends - US stock indices all closed higher, with the Dow Jones up 0.71%, S&P 500 up 1.23%, and Nasdaq up 1.86%[1] - European stock indices also saw slight increases, reflecting a positive sentiment in global markets[1]

Policy Developments - The National Medical Products Administration (NMPA) held a meeting on May 28 to discuss the "Clearing Source" action in the drug distribution sector, emphasizing strict enforcement of regulations and collaboration across departments to ensure drug quality and safety [2]. Drug and Device Approvals - Novartis announced on May 28 that its anti-VEGF monoclonal antibody, Brolucizumab, has been approved by the NMPA for the treatment of diabetic macular edema (DME), allowing for injections every three months after the loading phase [4]. - On the same day, the NMPA accepted the new drug application (NDA) for Rocbrutinib, a fourth-generation BTK inhibitor developed by LuPeng Pharmaceutical, which is intended for adult patients with mantle cell lymphoma (MCL) who have previously received BTK inhibitor treatment [5]. Capital Market Activities - Zhenmai Bio completed a C+ round financing of 280 million yuan on May 28, with participation from multiple investors, aiming to focus on "commercial ecosystem construction" and "global expansion" [7]. Industry Events - On May 27, Anmai Bio announced a global licensing agreement with Juri Biosciences for the development of KLK2 and CD3 T-cell engaging molecules for metastatic prostate cancer, with potential payments up to 210 million USD [9]. - Eli Lilly announced on May 27 that it will acquire SiteOne Therapeutics, a startup focused on developing sodium channel inhibitors for pain management, with a total deal value of up to 1 billion USD [10]. Regulatory and Compliance Issues - ST Longjin announced on May 28 that it received a decision from the Shenzhen Stock Exchange to terminate its stock listing, effective June 27, 2025, due to non-compliance with listing rules [12]. - ST Jiyuan's stock will be delisted on May 29, 2025, after failing to maintain a closing price above 1 yuan for 20 consecutive trading days [14]. - ST Suwu reported on May 28 that it is under investigation by the China Securities Regulatory Commission (CSRC) for information disclosure violations, but its daily operations remain normal [15]. - Jiaying Pharmaceutical announced on May 28 that it is under investigation by the CSRC for suspected information disclosure violations and will cooperate with the regulatory body [16].