2026年1月1日起，新版《国家基本医疗保险、生育保险和工伤保险药品目录》正式落地执行，新纳入医保的药品将统一执行最新医保支付标准，这也意味 着多款产品迎来了同步的价格下调。 其中有两款长效生长激素产品被纳入，即长春高新（000661.SZ）旗下金赛药业的金培生长激素注射液（金赛增）和特宝生物（688278.SH）的怡培生长激 素注射液（益佩生）。金赛增早在2014年就已上市，而益佩生则于2025年5月获批，为1类新药。 据国家医保局官网信息显示，益佩生不同规格的最新医保支付价位于418.11元-853.20元的区间。 | 乙 99 金培生长激素注射液 | 限内源性生长激素缺乏(GHD)所引起的 2026年1月1日至 | | | --- | --- | --- | | | 儿童生长缓慢。 | 2027年12月31日 | 金赛增则选择了价格保密，未公布中选价，但在社交平台上，**有家长晒出了9mg装的金赛增经医保谈判后的价格已降至约900元/支。 据《科创板日报》记者获悉，该价格是所有患者都能享受的降价标准，如果患者是生长激素缺乏症，还可按所在省市医保报销政策进行进一步报销，具体 报销金额以当地医疗机构的政策为 ...

医药生物 2025 年 12 月 29 日 版 行业 《本周申万医药生物指数下跌 0.1%，关注 国内药企出海动态——医药行业周报 (2025/12/15-2025/12/19)》 2025/12/22 《本周申万医药生物指数下跌 1.0%，关注 创新药对外授权动态——医药行业周报 (2025/12/08-2025/12/12) 》 2025/12/14 证券分析师 张静含 A0230522080004 zhangjh@swsresearch.com 陈田甜 A0230524080013 chentt@swsresearch.com 联系人 陈田甜 A0230524080013 chentt@swsresearch.com 申万宏源研究微信服务号 0.2%,关注对外授权及新品上 —— 医药行业周报（2025/12/22-2025/12/26） 本期投资后示 请务必仔细阅读正文之后的各项信息披露与声明 本 周 申 万 医 药 生 物 指 数 下 看好 相关研究 市场表现：本周申万医药生物指数下跌 0.2%，同期上证指数上涨 1.88%，万得全 A ● (除金融石油石化） 上涨 3.1%。本周医药生物指数在 31 ...

Investment Rating - The report indicates a cautious outlook on the pharmaceutical industry, with the overall investment rating reflecting a mixed performance in the sector [2][3]. Core Insights - The Shenwan Pharmaceutical and Biological Index decreased by 0.2% this week, while the Shanghai Composite Index rose by 1.88%, ranking the pharmaceutical index 25th among 31 Shenwan sub-industries [2][3]. - The current valuation of the pharmaceutical sector stands at 29.2 times earnings, placing it 10th among 31 Shenwan primary industries [5]. - Recent collaborations in the industry include significant licensing agreements, such as the partnership between JAKOS and AstraZeneca for the Pan-KRAS inhibitor, which could yield up to $20.15 billion in potential payments [11]. - The report highlights the ongoing challenges in the industry, including a decline in the number of retail pharmacies, which has seen a net reduction of over 8,800 stores in the last quarter alone [16]. Market Performance - The pharmaceutical sector's performance this week showed a decline of 0.2%, with various sub-sectors experiencing mixed results, such as raw materials (+2.0%) and hospitals (-2.8%) [2][5]. - The report notes that the pharmaceutical index's performance is lagging compared to other sectors, indicating a need for strategic adjustments [3][5]. Recent Developments - The sixth batch of national procurement for medical consumables has been officially launched, which may impact pricing and availability in the market [14]. - Several innovative drugs and medical devices have received approval for market entry, including Novo Nordisk's oral semaglutide, marking a significant advancement in obesity treatment [19][21]. - The report also mentions the IPO applications of several companies, including Xinnowei and Frontera, indicating a trend of new entrants seeking capital in the pharmaceutical sector [26][29].