According to CITIC Construction Investment, on December 7, 2025, the National Health Insurance Administration issued the “National Catalogue of Drugs for Basic Medical Insurance, Maternity Insurance and Work Injury Insurance” and the first “Catalogue of Innovative Drugs for Commercial Health Insurance”. The medical insurance catalogue was updated in 2025, and 114 new drugs were added to the catalogue. In this basic catalogue, a total of 127 products from outside the catalogue participated in the negotiation and bidding. In the end, 114 were successfully included, with a success rate of 88%. The negotiation success rate reached a record high in nearly 7 years. In addition, 19 drugs were included in the first edition of the Commercial Insurance Innovative Drug Catalogue. The new catalogue will be implemented on January 1, 2026. CITIC Construction Investment believes that the success rate of national health insurance negotiations has reached a record high, the commercial insurance catalogue is expected to become an important increase, and the policy encourages the development of innovative drugs. At the same time, the international competitiveness of China's innovative drug pipelines continues to improve, the overseas market model continues to be upgraded, and new technology is driving the rapid development of the industry. Optimistic about relevant innovative drugs and pharmaceutical companies.

According to CITIC Construction Investment, on December 7, 2025, the National Health Insurance Administration issued the “National Catalogue of Drugs for Basic Medical Insurance, Maternity Insurance and Work Injury Insurance” and the first “Catalogue of Innovative Drugs for Commercial Health Insurance”. The medical insurance catalogue was updated in 2025, and 114 new drugs were added to the catalogue. In this basic catalogue, a total of 127 products from outside the catalogue participated in the negotiation and bidding. In the end, 114 were successfully included, with a success rate of 88%. The negotiation success rate reached a record high in nearly 7 years. In addition, 19 drugs were included in the first edition of the Commercial Insurance Innovative Drug Catalogue. The new catalogue will be implemented on January 1, 2026. CITIC Construction Investment believes that the success rate of national health insurance negotiations has reached a record high, the commercial insurance catalogue is expected to become an important increase, and the policy encourages the development of innovative drugs. At the same time, the international competitiveness of China's innovative drug pipelines continues to improve, the overseas market model continues to be upgraded, and new technology is driving the rapid development of the industry. Optimistic about relevant innovative drugs and pharmaceutical companies.