Securities Times｜New Version of National Reimbursement Drug List Released Fruitful Results of Innovative Drugs in the STAR Market

Recently, the National Healthcare Security Administration officially announced the results of negotiations on the 2024 National Reimbursement Drug List. According to the relevant person in charge of the National Healthcare Security Administration, this year's adjustment range mainly covers new drugs. Among the 91 newly added drugs, 38 are "global new" innovative drugs, and their proportion and absolute quantity have reached a record high over the years. At the same time, the success ratio of negotiation on innovative drugs exceeded 90%, 16 percentage points higher than the overall success ratio, demonstrating the policy orientation of "strong support for true innovation".

It is worth noting that companies applying for listings on the STAR Market through the 5th listing standard have gained a lot from this negotiation. Dizal (Jiangsu) Pharmaceutical Co., Ltd., Shanghai Yizhong Pharmaceutical Co., Ltd. and Suzhou Zelgen Biopharmaceuticals Co., Ltd. included in the Catalogue of Drugs for Basic National Medical Insurance for the first time and Shanghai Junshi Biosciences Co., Ltd., Frontier Biotechnologies Inc. are companies applying for listings on the STAR Market through the 5th listing standard, and it is expected that this medical insurance negotiation will have a positive impact on their performance.

In just over a year, Dizal (Jiangsu) Pharmaceutical Co., Ltd. has successively registered approval of 2 innovative drugs in China and successfully promoted the negotiation of these two new drugs in the first medical insurance negotiation year after they were put on the market, demonstrating the strong development momentum of new quality productive forces in the pharmaceutical field on the STAR Market. It also fully reflects the strong support of the whole chain from new drug review to medical insurance payment for "true innovation".

Since its establishment in 2018, the National Healthcare Security Administration has given unprecedented support to the development of innovative drugs on the basis of "ensuring fundaments". As the largest buyer of the domestic innovative drug market, the medical healthcare insurance fund promotes "quantity-price exchanges" through medical insurance negotiation, which can not only help increase the sales of innovative drugs but also reduce the burden of people concerning medicines.

Innovative drugs are the frontier field and innovation track of the biomedical industry featuring large R&D investment, long periods and high risks. The future market expectation is crucial to the current industrial development. The medical insurance negotiation has included many high-quality innovative drugs in the Catalogue of Drugs for Basic National Medical Insurance, demonstrating the policy orientation to support innovation. In recent years, innovative drug companies on the STAR Market have always adhered to innovation-driven development and continued to invest heavily in research and development. In the first three quarters of 2024, the total R&D expenses of innovative drug companies on the STAR Market reached RMB 20.141 billion, a steady increase of 5.90% over the same period last year, accounting for 43.81% of the operating income, which was significantly higher than the overall average figure of A-share companies in the same period.

From Securities Times on December 9, 2024

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The above information is provided for reference purposes only and does not constitute investment advice.