国家医保局、人力资源和社会保障部于2025年12月正式发布了新版国家基本医疗保险、生育保险和工伤 保险药品目录以及首版商业健康保险创新药品目录。据介绍，用户可进入"国家医保局"微信公众号，点 击菜单栏"微服务"，选择"国家医保药品目录查询"或"商保创新药目录查询"，进入相应查询页面。输入 药品通用名，点击搜索，即可查看该药品是否在目录内、所属分类、报销类别（医保目录）或商保创新 药目录相关信息。用户也可以根据自己的需求，按"药品分类"或"医保报销类别"进行筛选查找。 本报讯（记者孟刚）记者从国家医保局获悉，为了提供更加便捷的服务，国家医保局微信公众号于1月1 日上线新版基本医保目录和首版商保创新药目录查询功能。 （来源：中国消费者报） 国家医保局介绍说，医保药品目录内的西药和中成药分为甲、乙两类。甲类药品是指临床治疗必需、使 用广泛、疗效确切、同类药品中价格或治疗费用较低的药品。参保人使用这类药品时，可以全额纳入报 销范围，之后按规定比例报销。乙类药品是指可供临床治疗选择使用，疗效确切、同类药品中比甲类药 品价格或治疗费用略高的药品。参保人使用这类药品时，须个人先行自付一定比例，剩余部分纳入报销 范围，再按规 ...

Group 1 - The new version of the National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Directory has been implemented, adding 114 new drugs to the reimbursement list, including 50 first-class innovative drugs, while removing 29 drugs that are either not clinically available or can be replaced by better alternatives [2] - The total number of drugs in the directory has increased to 3,253, with 1,857 Western medicines and 1,396 traditional Chinese medicines, significantly enhancing coverage for key areas such as cancer, chronic diseases, mental illnesses, rare diseases, and pediatric medications [2] Group 2 - Starting today, all medical institutions are required to fully collect and upload drug traceability codes, which serve as "electronic IDs" for drugs, ensuring traceability throughout the production, circulation, usage, and insurance settlement processes [3] - The National Medical Insurance Information Platform has collected 110.369 billion traceability codes, aiding in the resolution of multiple national counterfeit drug cases and addressing 39,100 illegal institutions, with 188 cases referred to judicial authorities [3][5] Group 3 - A new policy requires kindergartens to implement a directory management system for fees, establishing two separate lists for service fees and kindergarten-specific charges, with strict public disclosure requirements [6] Group 4 - The People's Bank of China will automatically adjust credit information based on repayment conditions, with specific criteria set for overdue debts occurring between January 1, 2020, and December 31, 2025, allowing for the removal of certain overdue information from personal credit reports if conditions are met [8] - The new VAT law and its implementation regulations have come into effect, with 14 out of 18 existing tax types now having legal frameworks, covering a significant portion of tax revenue [8]

Core Insights - The National Healthcare Security Administration (NHSA) held a conference on December 9, 2023, to discuss the 2025 Medical Insurance Drug List, attracting significant interest from various stakeholders, including over 23,000 online viewers [1][6]. Group 1: Drug List Adjustments - The basic medical insurance fund, exceeding 3 trillion yuan, is directly linked to the annual release of the National Medical Insurance Drug List [6]. - In 2025, 114 new drugs were added to the basic medical insurance list, with 111 being new drugs launched within the last five years, marking a record high in both proportion and quantity [7]. - The adjustment process for the drug list has become clearer, with specific phases for preparation, application, review, and negotiation [7]. Group 2: Misunderstandings in Drug Pricing - There are misconceptions regarding the negotiation process, particularly the belief that all drugs must reduce prices upon renewal; only 30 out of 178 drugs negotiated for renewal experienced an average price drop of 13.8% [8]. - The average price reduction for the 15 drugs that were renewed was only 8.4% [8]. Group 3: Commercial Health Insurance Innovations - The NHSA introduced the first Commercial Health Insurance Innovative Drug List, which involves a more complex review process, including a re-evaluation by a specialized expert group [9]. - Certain drugs, while deemed valuable by basic medical insurance experts, were not included in the commercial insurance list due to concerns over their insurability and management difficulties [10]. Group 4: Challenges in Implementation - The NHSA aims to leverage the "three exclusions" policy to facilitate drug inclusion in hospitals and encourage the design of insurance products targeting the innovative drug list [11]. - There are significant challenges in aligning commercial insurance products with the innovative drug list, including low efficiency in claims processing and insufficient coverage [12]. Group 5: Differentiated Innovation in Pharmaceuticals - The NHSA emphasizes the need for differentiated innovation in pharmaceuticals, urging companies to provide robust evidence, such as head-to-head clinical trial data, to support claims of being "best in class" [15][16]. - The selection of reference drugs for economic evaluation is crucial, requiring a comprehensive approach that considers multiple dimensions of comparison [16][17].

Group 1 - The 2025 Innovative Drug High-Quality Development Conference was held in Guangzhou on December 7, announcing the 2025 National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog, along with the first edition of the Commercial Health Insurance Innovative Drug Catalog [1] - The adjustment of the National Drug Catalog is the 8th since the establishment of the National Medical Insurance Administration, adding 114 new drugs, including 50 Class 1 innovative drugs [1] - The first edition of the commercial health insurance innovative drug catalog includes 19 drugs, featuring CAR-T cancer treatment drugs and Alzheimer's disease treatment drugs, indicating a sustained rise in innovative drugs from the perspectives of business development, commercialization, and policy [1] Group 2 - The Guotai Innovative Drug ETF (589720) focuses on innovative drug companies listed on the Sci-Tech Innovation Board, tracking an index of 30 representative high-quality companies, primarily in high-growth biotech [1] - From September 24, 2024, to October 31, 2025, during the market rebound, the Sci-Tech Innovative Drug Index and the Hang Seng Hong Kong Stock Connect Innovative Drug Index increased by 143.70% and 135.34% respectively, suggesting that the Sci-Tech Innovative Drug Index may better capture the elasticity of the Sci-Tech Innovation Board when market risk appetite recovers [1]

Core Viewpoint - The National Healthcare Security Administration announced the 2025 version of the National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog, along with the first edition of the Commercial Health Insurance Innovative Drug Catalog, which will be implemented starting January 1, 2026 [1] Group 1 - The new drug catalog aims to enhance the accessibility and affordability of essential medications for the public [1] - The implementation of the updated drug lists is expected to influence the pharmaceutical industry significantly, particularly in terms of market dynamics and pricing strategies [1] - The introduction of the Commercial Health Insurance Innovative Drug Catalog indicates a shift towards integrating innovative therapies into health insurance coverage [1]

Core Insights - The 2025 Innovation Drug High-Quality Development Conference was held in Guangzhou on December 7, where the 2025 National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog was released [1] - This is the 8th adjustment since the establishment of the National Medical Insurance Administration, with the new catalog set to be implemented nationwide on January 1, 2026 [1] - The adjustment adds 114 new drugs, including 50 first-class innovative drugs, while removing 29 drugs that are either not clinically available or can be replaced by better alternatives [1] - The total number of drugs in the catalog increases to 3,253, comprising 1,857 Western medicines and 1,396 traditional Chinese medicines, with significant improvements in coverage for key areas such as cancer, chronic diseases, mental illnesses, rare diseases, and pediatric medications [1] - Additionally, the National Medical Insurance Administration released the first commercial insurance innovative drug catalog, which includes 19 drugs covering rare diseases, neurodegenerative diseases, other solid tumors/blood tumors, and metabolic diseases [1] Summary by Categories Drug Catalog Adjustments - The new drug catalog will include 114 new drugs, with a focus on innovative treatments [1] - 50 of the newly added drugs are classified as first-class innovative drugs [1] - A total of 29 drugs have been removed from the catalog due to lack of clinical supply or better alternatives [1] Coverage and Focus Areas - The total number of drugs in the catalog has increased to 3,253, enhancing the coverage for critical health areas [1] - Key areas with improved coverage include cancer, chronic diseases, mental health, rare diseases, and pediatric medications [1] Commercial Insurance Developments - The first commercial insurance innovative drug catalog includes 19 drugs targeting specific health conditions [1] - The catalog covers treatments for rare diseases, neurodegenerative diseases, solid tumors, blood tumors, and metabolic disorders [1]

Group 1 - The National Healthcare Security Administration and the Ministry of Human Resources and Social Security have issued new drug directories for basic medical insurance and commercial health insurance, adding 114 new drugs, including 50 innovative drugs [1] - The China Securities Regulatory Commission has set clear requirements for market value management, cash dividends, and share buybacks to enhance the investment value of listed companies and increase investor returns [1] - The Financial Regulatory Administration has adjusted the risk factors for insurance companies' stock investments, aiming to cultivate and expand patient capital [1] Group 2 - The A-share market has shown a recovery, with major indices closing in the green, and the Shanghai Composite Index surpassing 3900 points [2] - Recent financial regulatory policies are expected to provide significant short-term support to the market, including differentiated supervision for quality institutions and the relaxation of capital and leverage restrictions [2] - Historical data indicates that the period from mid-December to mid-January is typically a key observation window for year-end market trends, coinciding with the release of annual policies and seasonal liquidity easing [2] Group 3 - In terms of sector allocation, the brokerage sector may benefit from regulatory policy optimization, while high-dividend stocks in banking, electricity, and home appliances remain attractive [3] - Growth sectors such as AI applications, robotics, and innovative pharmaceuticals are expected to have recovery potential if the spring market rally starts early [3] Group 4 - Upcoming IPOs include companies like Nabai Chuan, Yuxun Co., and Yuanchuang Co., with a focus on sectors such as new energy vehicle thermal management and optical communication [9]

Core Insights - The National Healthcare Security Administration (NHSA) announced the 2025 version of the National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List, along with the first version of the Commercial Health Insurance Innovative Drug List, effective January 1, 2024 [1] Group 1: Drug List Adjustments - A total of 114 new drugs have been added to the list, including 50 Class 1 innovative drugs, while 29 drugs that are either not clinically available or can be better replaced by other medications have been removed [3] - The total number of drugs in the directory has increased to 3,253, comprising 1,857 Western medicines and 1,396 traditional Chinese medicines, with significant improvements in coverage for key areas such as oncology, chronic diseases, mental illnesses, rare diseases, and pediatric medications [3] Group 2: Commercial Health Insurance Innovative Drug List - The first version of the Commercial Health Insurance Innovative Drug List includes 19 drugs that are highly innovative, clinically valuable, and provide significant patient benefits beyond the basic insurance coverage [5] - This list features treatments for conditions such as cancer (including CAR-T therapies), neuroblastoma, Gaucher disease, and Alzheimer's disease, which have garnered considerable social attention [5] - The new commercial drug list will be implemented nationwide on January 1, 2026 [5]

Core Viewpoint - The National Healthcare Security Administration and the Ministry of Human Resources and Social Security have issued new drug directories for basic medical insurance, maternity insurance, work-related injury insurance, and commercial health insurance innovation [1]. Group 1 - The new drug directories aim to enhance the accessibility and affordability of essential medications for the public [1]. - The directories include a comprehensive list of drugs that will be covered under various insurance schemes, potentially impacting the pharmaceutical industry significantly [1].

Core Insights - The 2025 Innovative Drug High-Quality Development Conference was held in Guangzhou, where the 2025 National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog and the first Commercial Health Insurance Innovative Drug Catalog were announced [1][2] Summary by Categories - **National Drug Catalog Update** - The 2025 National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog is the 8th adjustment since the establishment of the National Medical Insurance Administration [1][2] - A total of 114 new drugs were added to the catalog, including 50 Class 1 innovative drugs [1][2] - **Commercial Health Insurance Drug Catalog** - The first edition of the Commercial Health Insurance Innovative Drug Catalog includes 19 drugs [1][2] - The catalog features notable treatments such as CAR-T for cancer and drugs for Alzheimer's disease, which have garnered significant public attention [1][2]