特药保障是惠民保产品近年来的重点创新领域之一。报告统计，全国平均每款惠民保产品覆盖41种特 药，覆盖28种适应症，报告对此进行了剖析：在169款基础版传统惠民保产品中，超过80%已涵盖特药 责任，特药适应症以恶性肿瘤为核心，同时积极拓展罕见病保障。 报告认为，惠民保的未来发展仍面临挑战，如何科学厘定费率、合理设置免责条款、有效防范风险和逆 向选择，是保障产品长期稳健运行的关键。随着市场基本盘的稳定、产品创新的加速与监管政策的完 善，惠民保正迎来高质量发展的新阶段，将持续为我国多层次医疗保障体系的构建贡献重要力量。 与此同时，新上线惠民保产品呈现"双轮驱动"特点。一方面加速覆盖下沉市场，保障网络持续向更广阔 地区延伸。另一方面深耕已有市场。在惠民保已覆盖地区，推动产品持续创新和保障升级。如，广东新 增1款普惠重疾险产品。 中证报中证网讯（记者 黄一灵）10月18日，第五届复旦大学普惠保险与创新论坛在沪举办。论坛上， 《2025年城市定制型商业医疗保险（惠民保）知识图谱》（以下简称报告）发布。 报告显示，截至2025年7月末，全国累计推出313款惠民保产品，2025年前7月全国新增惠民保产品9款。 纵观惠民保十年 ...

Core Insights - The healthcare sector is experiencing a surge in IPOs, with 18 companies raising over 18 billion yuan, indicating renewed confidence in the pharmaceutical and health industry [1] - Magnesium Health, a unicorn valued at over 10 billion yuan, has submitted its IPO application to the Hong Kong Stock Exchange, drawing significant attention [1] - The company reported a revenue of 2.035 billion yuan in 2024, with a compound annual growth rate of approximately 38% from 2022 [3] Company Overview - Magnesium Health has raised over 3 billion yuan in the primary market since its establishment in 2017 and has served approximately 393 million insurance policies [1][3] - The company operates a light-asset platform model, connecting pharmaceutical companies, insurers, and patients without owning pharmacies or hospitals [4] - Its revenue is primarily derived from two segments: intelligent drug solutions and health insurance solutions, contributing 1.207 billion yuan and 731 million yuan, respectively, in 2024 [3] Competitive Landscape - Magnesium Health's business model differs significantly from competitors like Yuanxin Technology and Sipai Health, which have heavier asset models and face higher operational costs [4][5] - Yuanxin Technology has reported cumulative losses of nearly 2.5 billion yuan from 2020 to 2023, while Sipai Health's market value has plummeted from 30 billion HKD to around 4 billion HKD [6][7] - The pharmaceutical insurance sector is witnessing a shift towards a multi-layered medical security system, with the introduction of the "Class C Drug Directory" aimed at enhancing access to innovative drugs [9][10] Market Trends - The Chinese innovative drug market is projected to grow from 162 billion yuan in 2024 to 410.2 billion yuan by 2030, with a compound annual growth rate of 16.7% [8] - The commercial health insurance market is expected to expand from 977.3 billion yuan to 2.36 trillion yuan during the same period, with a compound annual growth rate of 15.8% [8] - The "flywheel effect" described in Magnesium Health's IPO documents highlights a self-reinforcing growth cycle that connects insurers, pharmaceutical companies, and patients [9] Strategic Positioning - The recent policy changes and the establishment of the "Class C Drug Directory" provide a favorable environment for companies like Magnesium Health, which are positioned at the intersection of drug services and innovative payment solutions [11][12] - The company aims to explore a "reverse insurance" strategy, enhancing its role as a key hub in a multi-faceted payment ecosystem [14] - The evolving medical payment landscape in China is moving towards integration, with platform-based companies attempting to bridge gaps in the current system [15]