Core Points - The 2025 National Medical Insurance Drug List has been officially released, adding 114 new drugs, including 50 innovative drugs, with an overall success rate of 88%, significantly up from 76% in 2024 [1][4] - The first version of the Commercial Health Insurance Innovative Drug List includes 19 drugs, featuring advanced therapies such as CAR-T and T-cell treatments, as well as medications for rare diseases that basic medical insurance cannot currently address [1][4] Summary by Sections National Medical Insurance Drug List - The new drug list will be implemented starting January 1, 2026, replacing the 2024 version [2] - The total number of drugs in the National Medical Insurance Drug List will increase to 3,253, with 1,857 Western medicines and 1,396 traditional Chinese medicines [5] - The list includes treatments for major diseases like triple-negative breast cancer, pancreatic cancer, and lung cancer, as well as medications for rare diseases and chronic conditions [4][5] Commercial Health Insurance Innovative Drug List - The list is a recommendation and includes 19 drugs, with 121 drugs meeting the application criteria [4] - Notable entries include CAR-T therapies and drugs for conditions like short bowel syndrome and Gaucher disease [4] - The commercial health insurance sector is encouraged to design new products based on this innovative drug list [3] Implementation and Management - Local medical insurance departments are tasked with guiding medical institutions on the proper use of the new drug list [3] - A six-month transition period is provided for drugs that were not successfully renewed in the list, allowing continued payment at original rates [2] - The management of the new drug list will involve regular updates to information systems and databases to ensure compliance [2][3] Market Outlook - Analysts suggest that the innovative drug market is expected to continue its upward trend, with recent adjustments in the drug list creating investment opportunities in the pharmaceutical sector [6] - The focus will be on the performance of related pharmaceutical companies and the potential for structural optimization in payment systems for innovative drugs [6]

Core Viewpoint - The release of the 2025 National Medical Insurance Drug List and the first version of the Commercial Health Insurance Innovative Drug List marks a significant advancement for the innovative drug sector, with a total of 114 new drugs added, including 50 class-one innovative drugs, reflecting an overall success rate of 88%, an increase from 76% in 2024 [1][4]. Group 1: New Drug Additions - The 2025 National Medical Insurance Drug List includes 114 new drugs, of which 50 are classified as class-one innovative drugs [4]. - The new list also incorporates treatments for major diseases such as triple-negative breast cancer, pancreatic cancer, and lung cancer, as well as rare diseases and chronic conditions [5]. - A total of 19 drugs have been included in the first version of the Commercial Health Insurance Innovative Drug List, featuring advanced therapies like CAR-T and T-cell treatments [1][5]. Group 2: Implementation and Management - The new drug lists will take effect on January 1, 2026, and the previous 2024 drug list will be abolished [2]. - Local health insurance departments are required to guide medical institutions in the proper allocation and use of the newly listed drugs, ensuring compliance with the updated drug directory [3]. - A six-month transition period will be provided for drugs that were not successfully renewed in the directory, allowing for continued payment at original rates until June 2026 [2][3]. Group 3: Commercial Health Insurance Integration - Efforts are being made to integrate the Commercial Health Insurance Innovative Drug List into multi-tiered medical insurance systems, promoting the development of inclusive commercial health insurance [3]. - Insurance companies are encouraged to design new products and adjust compensation methods based on the innovative drug list to better meet patient needs [3][5]. - The innovative drug directory serves as a recommendation, and further details on which insurance providers will cover these drugs are pending [5]. Group 4: Market Outlook - The innovative drug sector is expected to continue its upward trend, with recent adjustments in the drug directory enhancing investment opportunities in related pharmaceutical companies [6][7]. - The market has seen a period of adjustment, positioning stock prices and market expectations at relatively reasonable levels, highlighting the investment safety margin and return potential [6][7].

Core Insights - The company Innovent Biologics has successfully included seven innovative products in the newly released 2025 National Medical Insurance Directory, which includes the PD-1 inhibitor, Tyvyt® (sintilimab injection) and other mature products with expanded indications [1] Group 1: Product Inclusion - The newly added indications for Tyvyt® mean that all eight approved indications are now covered by medical insurance [1] - The directory also includes several recently launched new drugs targeting oncology and chronic diseases, such as China's first approved KRAS G12C inhibitor, Elunate® (fruquintinib), and the IGF-1R antibody drug, IBI310 (tislelizumab) [1] Group 2: Market Position - Currently, Innovent Biologics has a total of 17 innovative drugs on the market, with 12 of them included in the National Medical Insurance Directory [1]