The countdown to the 2022 health care negotiations is expected to officially begin
in early December.
In this round of medical insurance negotiations, innovative drugs such as BeiGene's CD3/CD19 dual antibody, Hutchison Pharma's MET inhibitor sevotinib, Hengrui Pharmaceutical's CDK4/6 drug Dalcilib, Remegen Biologics' vedicitumab for injection, and Akeso's bi-antibody drug Cardonilimab are currently purchasing innovative drugs such as JW Therapeutics with a price of up to 1.
29 million yuan per injection, as well as high-value drugs such as rare disease drugs
.
It is worth mentioning that this year's medical insurance negotiation innovation introduced a simple renewal policy, and in terms of new indications for innovative drugs, it was proposed for the first time to adopt a classification and new mechanism, that is, it was divided into two categories
: simple new and negotiated new products.
The industry believes that innovative drugs through the "simple renewal" rule have limited room for price reduction
.
According to the analysis of the pharmaceutical industry chain research platform of Essence Securities, according to the current "simple renewal" rule, the price reduction rate of innovative drugs after new indications will be between 0% and 44%, which is narrower than the average reduction of 50%-60% in renegotiation
.
Recently, many securities companies, including Everbright Securities, Soochow Securities, China Galaxy Securities, Industrial Securities, Guangdong Development Strategy, Minsheng Securities, etc.
, have generally talked about the opportunities of
innovative drugs.
For example, Everbright Securities said that in this negotiation, simple renewal rules will be adopted for new indications of innovative drugs, and the price reduction is expected to be moderate, while the adjustment, optimization and implementation of the medical insurance catalogue in recent years are conducive to the research and development and commercialization of innovative drugs, and the macro environment and epidemic prevention policies at the current point in time show a marginal improvement trend, and the innovative drug industry is expected to usher in better investment opportunities
.
Soochow Securities expects that the overall negotiation results of this round of medical insurance negotiations will continue to encourage the enthusiasm of innovative drug companies to develop and commercialize differentiated varieties, and innovative products with first-mover advantages will receive a reasonable premium
.
China Galaxy Securities recommends paying close attention to the sentiment and strength
of the next pharmaceutical policy.
The bank believes that the national negotiation and negotiation of innovative drug medical insurance is the key node for the next observation policy, and it is expected that this medical insurance negotiation will be used as a window
to observe whether the drug policy is marginally loose.
Industrial Securities believes that the current medical insurance negotiations are coming, which is expected to catalyze the further recovery of the innovative drug sector
.
In response to this negotiation, the bank believes that it is necessary to focus on the negotiation results of differentiated products, such as Akeso's PD-1/CTLA-4 bispecific antibody and Remegen's ADC new indication of wedecitumab
.
From the third quarter performance, the core companies of the pharmaceutical sector generally showed a marginal upward trend, and are expected to gradually return to the normal growth track
.
Minsheng Securities said in the research report that there are many renewal products in this round of medical insurance national talks, the overall price reduction is expected to be relatively moderate, and innovative pharmaceutical companies with BIC/FIC products are expected to achieve rapid volume
.
In addition, Guangdong Development Strategy also believes that the price adjustment of innovative drugs is relatively moderate in the medical insurance catalogue access negotiations, and it is recommended to grasp the investment logic
of innovative drugs.
Looking forward to the future market, the bank believes that the marginal warming of the price policy of innovative drugs and medical insurance is expected to further boost the industry prosperity
.
It is recommended to closely follow the medical insurance negotiation process of innovative drugs, and large pharmaceutical companies with large innovation value and excellent clinical effects are expected to gain advantages in the fierce negotiations and fully share the dividends
of the medical insurance fund.
According to industry statistics, since 2018, 250 innovative and urgent drugs have been added to the national medical insurance drug catalog, with an average price reduction of more than 50%.
With the continuous optimization and adjustment of medical insurance negotiation rules, more patients will be able to "buy and afford" innovative drugs, and it will also help boost the confidence of the innovative drug market and drive the further growth
of the innovative drug market.
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