图片来源：视觉中国 12月7日，根据国家医保局官网信息，国家医保局、人力资源社会保障部印发《国家基本医疗保险、生 育保险和工伤保险药品目录》以及《商业健康保险创新药品目录》（2025年）通知。新版药品目录自 2026年1月1日起正式执行。 2025年国家医保药品目录成功新增114种药品，有50种是一类创新药，总体成功率88%，较2024年的 76%明显提高。此外，值得注意的是，19种药品纳入首版商保创新药目录，引发业内关注。 多款CAR-T、罕见病用药纳入商保，享受"三除外"政策支持 来源：蓝鲸新闻 据多家媒体报道，首版商保创新药目录采用温和协商机制，降价幅度集中在15%—50%，显著低于基本 医保谈判强度。 从公布结果来看，此次商保目录一共纳入了19款药品，其中有5款Car-T产品，2款阿兹海默产品和6款罕 见病用药。从适应症来看，既有大适应症产品，也有小适应症产品，但从治疗方案的选择来看，此次纳 入的产品大部分是在二线和三线治疗之后的药品，突出体现了商保目录以保灾难性疾病的后期高昂治疗 的保障为主，这也意味着商保目录的政策定位是在现有医保保障补充之上提供保障，而不是在医保已有 保障之内进行简单的叠加。 其 ...

2025年《国家基本医疗保险、生育保险和工伤保险药品目录》（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》（以下简称"商保创新药目录"）于12月7日正式出炉。作为首版医保"双目 录"，此次基本医保目录及商保创新药目录均有不少亮点。其中，基本医保目录成功新增114种药品，有 50种是一类创新药，总体成功率88%，较2024年的76%明显提高。同时纳入了一些弥补基本医保保障空 白的药品。商保创新药目录方面，共有19种药品成功纳入，既有基本医保目录陪跑多年的CAR-T等肿瘤 治疗药品，也有神经母细胞瘤、戈谢病等罕见病治疗药品，还有阿尔茨海默病治疗药品等。此次"双目 录"的协同发布，更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。 总体成功率88% 据了解，基本医保目录共计成功新增114种药品，同时调出了29种临床没有供应或可被其他药物更好替 代的药品，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， 肿瘤、慢性病、精神疾病、罕见病、儿童用药等重点领域的保障水平得到明显提升。此外，总体成功率 88%，较2024年的76%明显提高。 据 ...

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]

每经记者｜金喆 陈星 每经编辑｜贾运可 12月7日，2025创新药高质量发展大会在广州白云国际会议中心召开，1000多人的会场座无虚席。当天 的重要议程之一，是公布《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 国家医保目录）及首版《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）。 《每日经济新闻》记者在现场看到，药明巨诺副总裁樊琳接受了印有"2025商业健康保险创新药目录"字 样的荣誉展示牌，其公司产品"瑞基奥仑赛注射液"名称标注于展示牌下方。对于此次产品纳入商保创新 药目录，樊琳表示，药明巨诺已经等了4年。 记者了解到，2025年国家医保目录成功新增114种药品，其中有50种是一类创新药，包括替尔泊肽、国 产ADC（抗体偶联药物）芦康沙妥珠单抗等明星药物。商保创新药目录则覆盖了5款国产CAR-T（嵌合 抗原受体T细胞免疫疗法）细胞药物、2款进口阿尔茨海默病药物及罕见病药物。 会场中，弥漫着一种超越单个企业捷报的、更具普遍意义的振奋。对于所有新纳入国家医保目录的药品 而言，它们从实验室到患者手中的"最后一公里"将因医保支付的托底而大大提速，医药企业研发投资的 可 ...

Core Insights - The release of the 2025 National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalogs marks a significant step in enhancing drug accessibility and innovation in China, with a total of 114 new drugs added to the basic insurance catalog, including 50 innovative drugs, achieving an overall success rate of 88%, up from 76% in 2024 [1][5][9]. Summary by Sections Basic Medical Insurance Drug Catalog - A total of 114 new drugs were successfully added, with 50 classified as innovative drugs, reflecting an overall success rate of 88% [5][9]. - The total number of drugs in the national insurance catalog now stands at 3,253, including 1,857 Western medicines and 1,396 traditional Chinese medicines, with significant improvements in coverage for critical areas such as cancer, chronic diseases, mental health, rare diseases, and pediatric medications [5][9]. - The catalog includes drugs that fill gaps in basic insurance coverage, such as treatments for triple-negative breast cancer, pancreatic cancer, and other major diseases [9]. Commercial Health Insurance Innovative Drug Catalog - The first edition of the Commercial Health Insurance Innovative Drug Catalog includes 19 drugs, with a focus on high clinical value and innovation, particularly in oncology, rare diseases, and chronic conditions [11][12]. - Notable inclusions are CAR-T therapies and treatments for rare diseases like neuroblastoma and Gaucher disease, as well as Alzheimer's disease medications [11][12]. - The catalog emphasizes the distinction between basic insurance, which focuses on essential and proven therapies, and commercial insurance, which supports cutting-edge innovations [11][12]. Future Implications - The introduction of these catalogs is expected to enhance clinical medication standards and boost confidence in pharmaceutical R&D, ensuring better healthcare and injury treatment for the public [8]. - The ongoing adjustments to the drug catalogs reflect a commitment to improving the accessibility of innovative drugs and encouraging pharmaceutical companies to invest in research and development [10][11].

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [4] Core Insights - The innovative drug sector has seen a significant increase in institutional interest, with the total heavy positions in Biotech innovative drugs reaching 80.371 billion yuan, a quarter-on-quarter growth of 39% [7][18] - The proportion of heavy positions in Biotech innovative drugs relative to the overall market has increased to 2.39%, up by 0.49 percentage points, indicating sustained enthusiasm from institutions towards the innovative drug sector [19][25] - The heavy positions in Biotech innovative drugs account for 24.93% of the total heavy positions in the pharmaceutical industry, reflecting a rise of 5.49 percentage points [19][25] Summary by Sections Weekly Review of New Drug Market - From July 28 to August 1, 2025, the top five companies in the new drug sector by stock price increase were: Zhongsheng Pharmaceutical (29.53%), WuXi AppTec (17.72%), CSPC Pharmaceutical Group (14.60%), Maiwei Biotech (12.08%), and Haizhi Pharmaceutical (11.76%) [14][15] - The top five companies by stock price decrease were: Kintor Pharmaceutical (-19.09%), Hualing Pharmaceutical (-16.19%), Junsheng Pharmaceutical (-13.24%), Kintor Pharma (-12.70%), and Yunding New Drug (-11.29%) [14][15] Key Analysis of New Drug Industry - The report analyzed the latest heavy positions of all funds in the innovative drug sector as of June 30, 2025, focusing on A-share and Hong Kong Biotech companies [18] - The heavy positions in Biotech innovative drugs accounted for 7.05% of the total market capitalization, an increase of 0.93 percentage points [23][28] New Drug Approval and Acceptance - This week, 13 new drug or new indication applications were approved, including drugs such as Risperidone orally disintegrating film and Nivolumab injection [33][34] - Additionally, 6 new drug or new indication applications were accepted, including drugs like Eptinezumab injection and Edaravone tablets [35][36] Clinical Application Approval and Acceptance - A total of 50 new drug clinical applications were approved this week, while 44 new drug clinical applications were accepted [37]