保基本，强创新 - 2025下半年医药产业政策展望

Summary of Key Points from the Conference Call Industry Overview - Industry: Pharmaceutical Industry - Key Focus: Policy outlook for the second half of 2025, emphasizing basic healthcare and innovation support [1][2] Core Insights and Arguments - Policy Direction: The government aims to enhance medical accessibility and affordability while strengthening industry regulation. The focus is on supporting pharmaceutical innovation to meet clinical needs and achieve economic and social benefits [1][2] - Support for Innovative Drugs: The National Healthcare Security Administration (NHSA) and the National Health Commission (NHC) have introduced measures to support innovative drug development across five areas: R&D, insurance catalog, clinical application, diversified payment, and security measures. The commercial insurance innovation catalog is a highlight, allowing companies to apply concurrently and negotiate settlement prices [1][6][11] - Separate Payment System Progress: The separate payment system for innovative drugs is gradually advancing, with an increase in the number of domestic drugs included in Guangdong's separate payment scope. This is expected to enhance market access and coverage for innovative drugs [1][7] - Drug Procurement Optimization: The 11th batch of national drug procurement has optimized reporting methods and bidding rules, raising the bidding threshold and clarifying that new drugs will not be included in procurement. This aims to improve quality control and ensure reasonable pricing [1][13][14] Additional Important Content - Real-Time Settlement: As of May 2025, real-time settlement has been implemented in 300 regions, covering 77% of the country, with a total of 300 billion yuan allocated from the medical insurance fund. However, the impact on the growth rate of the insurance fund remains limited [3][15][16] - Regulatory Environment: The regulatory intensity in the healthcare sector will remain high, with ongoing efforts to address misconduct in medical procurement and retail pharmacy sectors [3][17][28][29] - Medical Equipment Market: The bidding scale for medical equipment is gradually increasing, with significant growth in areas such as medical imaging and surgical robots. However, the terminal prices are under pressure due to centralized procurement [3][23][24][25] - IVD (In Vitro Diagnostics) Sector: The IVD sector is experiencing slower progress in price adjustments due to different pricing mechanisms in hospitals, but there is a significant potential for domestic substitution as imported products still hold a large market share [20][21] Conclusion The pharmaceutical industry is undergoing significant changes driven by government policies aimed at enhancing healthcare accessibility and supporting innovation. The focus on regulatory compliance and quality control is expected to shape the industry's future landscape, with opportunities for growth in innovative drugs and medical equipment sectors.