Summary of Key Points from the Conference Call Industry Overview - The Chinese medical device market is expected to reach a scale of 1.875 trillion yuan by 2025, with a compound annual growth rate (CAGR) exceeding 10% over the past decade [1][5] - The ratio of drug to medical device spending in China is approximately 2.9, significantly higher than the global average of 1.4, indicating substantial growth potential in the market [5][6] Core Insights and Arguments - The domestic medical device industry is benefiting from advancements in underlying technologies and the maturation of supporting industrial chains, with significant clusters forming in regions like the Pearl River Delta and Yangtze River Delta [2] - Domestic medical devices are gradually overcoming technical barriers, particularly in emerging fields such as surgical robots and brain-machine interfaces, which require core components like industrial control computers and flexible electrodes [3][4] - The implementation of centralized procurement policies is exerting pressure on the valuations of medical device companies by lowering factory prices, which may impact market size expectations but could also increase surgical penetration rates [1][9][10] - The national new infrastructure policy is expected to drive a 25% increase in equipment investment in seven key areas by 2027, with a CAGR of about 7%, benefiting sectors like medical imaging and surgical robots [1][12] Challenges and Opportunities - The penetration of medical devices in grassroots markets faces challenges such as high skill requirements for doctors and insufficient hospital hardware conditions [7] - The internationalization of the medical device industry is evident, with a shift from original design manufacturing (ODM) to self-owned brands, leading to increased overseas revenue and profit contributions for many companies [3][29][30] - Companies need to focus on two core prices: factory price and terminal price, to effectively respond to the challenges posed by centralized procurement policies [9][10] Market Dynamics - The medical device industry has maintained significant growth since the implementation of national centralized procurement policies in 2020, with double-digit growth rates [11] - The competitive landscape is relatively fragmented, with leading companies often achieving market shares of 30% to 40% in stable conditions [11] - The medical device and consumables payment models differ significantly, with devices typically funded by hospitals or local government, while consumables require direct payment from patients or insurance [15] Technological Advancements - Domestic companies have made notable progress in medical device technology, with some products in fields like electrophysiology matching or exceeding foreign counterparts [25] - The valve intervention field is expanding, with developments from simple repairs to complete valve replacements [26] - In the surgical robot sector, domestic companies are increasingly challenging imported products, achieving comparable performance in key areas [28] Conclusion - The Chinese medical device market presents significant growth opportunities driven by technological advancements, supportive government policies, and increasing domestic demand. However, companies must navigate challenges related to pricing strategies and market penetration while capitalizing on internationalization trends to enhance their competitive positioning.

Core Viewpoint - The National Medical Insurance Administration (NMIA) has optimized the classification of medical consumables, enhancing the standardization and precision of medical insurance management in China [1][5]. Group 1: Classification Optimization - The optimization focuses on seven categories of medical consumables, including vascular intervention stents and balloons, non-vascular intervention stents and balloons, anastomosis devices, artificial organs, and implantable cardiac rhythm management devices [1][5]. - The new classification aims to objectively reflect the functional characteristics of various consumables, addressing issues related to identification, differentiation, and management [1][3]. Group 2: Coding and Price Monitoring - The classification is based on the registration information from the medical device regulatory authority, grouping consumables with similar clinical uses and structures under the same category [2]. - The introduction of unified coding for medical consumables allows for precise price monitoring, helping to identify and correct unfair pricing practices [2][4]. Group 3: Support for Innovation and Clinical Needs - The revised classification supports innovation by adding new categories for products already registered with the regulatory authority but lacking appropriate classification in the medical insurance database [4]. - The optimization aligns with clinical needs, facilitating better management and application of medical consumables, particularly in areas with significant differences in clinical use and insurance payment values [4][3]. Group 4: Implementation and Impact - This revision marks the first nationwide implementation of unified coding for medical consumables, with the new database already operational in regions like Shanghai [5]. - The optimization is expected to enhance data-driven decision-making in medical insurance management, addressing questions related to affordability and value [3].

记者从国家医保局获悉，目前，我国已完成血管介入支架、人工器官、植入式心脏节律管理器等7类医 保医用耗材的分类优化工作，将逐步解决医用耗材"识别难、区分难、管理难"等问题，提升了医保管理 的标准化、精细化水平。 长期以来，医用耗材产品命名缺乏统一标准，企业自主命名空间较大，致使市场上出现部分不同规格、 不同功能的产品共用同一名称，而部分本质相同的产品却拥有多个名称的现象，对医保的精准支付和基 金监管，以及医疗机构的耗材招标采购增添了难度。 为此，国家医保局2024年11月正式启动"医保医用耗材分类"修订。目前已完成分类优化工作的7类医保 医用耗材包括：血管介入支架、血管介入球囊、非血管介入支架、非血管介入球囊、吻合器、人工器 官、植入式心脏节律管理器。 此次医用耗材分类优化工作尊重支持创新，助推产业发展。例如，植入式无导线心脏起搏器是心脏起搏 领域的革命性技术，它可通过微创方式经静脉植入心腔内，具有无切口、无囊袋、无导线的优势。本次 分类调整将无导线心脏起搏器单独分类，充分关注了技术创新，为传统起搏器多次感染、上腔静脉通路 缺失、长期血液透析的患者提供了更多选择。 中国社会保障学会项目组负责人翟梦媛：我们的修订 ...

央广网北京9月14日消息（记者杜希萌 周尧）据中央广播电视总台中国之声《新闻和报纸摘要》报 道，国家医保局相关负责人近日介绍，血管介入支架等7类医保医用耗材分类、医保通用名等已完成优 化，相关医用耗材数据库9月底前全部落地实施。 国家医保局大数据中心编码标准处副处长张雯说，他们也将继续组织力量推进其他医保医用耗材分 类修订优化工作，尤其会对创新产品留出空间。 张雯：我们在医保医用耗材库的各大分类下都预留了"其他"这一个类别，为目前暂时没有明确的创 新产品提供了一个临时性的赋码通道。 医用耗材分类编码一直是医保标准化工作中的难点。国家医保局大数据中心副主任赵秀竹坦言，此 次血管介入支架等7类医用耗材完成分类编码调整，重点解决了医用耗材长期存在的分类不清、管理复 杂等问题。植入式心脏节律管理器、人工器官等技术壁垒较高的耗材首次纳入分类新规，标志着医保精 细化管理正从成熟赛道延伸至更多高值领域。 赵秀竹：截至2025年8月底，（医保医用耗材分类）数据库已发布耗材分类代码10.36万条，涵盖1.5 万家企业、9.16万张注册证、14.09万件产品、1337.96万个规格型号。 ...