创新药板块，迎来利好消息！ 据悉，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；另外，有19种药品纳入首版商保创新药目录，包括CAR-T类、T细胞治疗等先进治 疗手段，也有短肠综合征、戈谢病等基本医保暂时无法解决的罕见病治疗药物。 国家医保局、人力资源社会保障部表示，要积极推进商保创新药目录药品配备使用，积极推动商保创新 药目录纳入商业健康保险保障范围。 两部门重磅发布 12月7日，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）。 其中提到，新版药品目录自2026年1月1日起正式执行，《国家基本医疗保险、工伤保险和生育保险药品 目录（2024年）》（医保发〔2024〕33号）同时废止。各地要严格执行新版药品目录，不得自行调整目 录内药品品种、备注、甲乙分类等内容。要及时更新信息系统和数据库，将新增的医保目录药品按规定 纳入，调出的药品按规定删除，调整"备注"内容的药品要更新支付范围，同步做好药品编码数据库与智 能监管子系统的对接，落实新版药品目录管理要求 ...

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]