报告中称，此次全国医疗保障会议中，多项措施提及商业健康保险。预计2025年，商保将有望迎来进一步发展，为解决创新药上市后的支付问题提供新的思路。同时，通过丙类目录+商保差异化发展的创新支付机制，创新药械企业所面临的进院难、报销支付难的问题也有望得到一定缓解。近期医药板块在大幅震荡后有所回落，考虑到板块估值仍处于历史底部、叠加后续财政、医保/商保利好政策出台+流动性改善，该行认为仍有进一步修复空间。Recently, the Pharmaceutical Sector has seen a decline after significant fluctuations. Considering that the sector's valuation is still at a historical low, combined with the forthcoming fiscal policies and benefits from Medical Insurance/Commercial Insurance, as well as liquidity improvements, there is believed to be further recovery potential.
According to reports from the Zhitong Finance APP, BOCOM INTL has published a research report recommending potential beneficiaries of the upcoming policy space, including: AKESO (09926), Legend Biotech, EVEREST MED-B (01952), SIMCERE PHARMA (02096), and SINO BIOPHARM (01177). It is also suggested to pay attention to: 1) private Medical Services and aesthetic medicine symbols that have strong consumer attributes; 2) Pharmaceutical Commerce circulation symbols with high dividend yields expected to benefit from the overall improvement of the industry fundamentals.
The National Medical Security Work Conference has first proposed exploring the formation of a Class C catalog. The conference outlined eight key work priorities, several of which clearly support the development of Commercial Insurance. Among them, the fifth point, 'Strengthening strategic purchasing of medical insurance to empower the innovative development of the pharmaceutical industry,' emphasizes the support and guidance for inclusive commercial health insurance to promptly include Innovative Drugs in the reimbursement range, and to explore the formation of a Class C pharmaceutical catalog, gradually expanding it to other eligible commercial health insurances.
The report states that multiple measures mentioned in this national medical security meeting pertain to commercial health insurance. It is expected that by 2025, Commercial Insurance is anticipated to welcome further development, providing new ideas to tackle the payment issues after the launch of Innovative Drugs. At the same time, with the Class C catalog and the innovative payment mechanisms differentiated by Commercial Insurance, the challenges faced by Innovative Drug and Device enterprises regarding hospital access and reimbursement payment are also expected to be alleviated to some extent. Recently, the Pharmaceutical Sector has seen a decline after significant fluctuations. Considering that the sector's valuation is still at a historical low, combined with the forthcoming fiscal policies, benefits from Medical Insurance/Commercial Insurance, and liquidity improvements, there is believed to be further recovery potential.