SDIC Securities released a research report saying that the medical insurance negotiations in 2024 are expected to start in the near future, and a number of domestic innovative drugs will participate in the medical insurance negotiations this year. From a policy perspective, the National Health Insurance Administration announced the "2024 Work Plan for the Adjustment of the National Basic Medical Insurance, Work-related Injury Insurance and Maternity Insurance Drug Catalogue", according to the adjustment work plan, the 2024 National Drug Catalogue adjustment workflow is divided into five stages: preparation, declaration, expert review, negotiation/bidding stage, and announcement of results; From the perspective of the drugs involved in the negotiation, in this medical insurance negotiation, a number of drugs have been negotiated for the first time, new indications have been negotiated, and expired renewal negotiations have been negotiated, and the medical insurance negotiation of domestic innovative drugs has entered the stage of normalization.

In this medical insurance negotiation, a total of about 41 domestic innovative drugs have been negotiated for new drugs. According to SDIC Securities, a total of about 41 domestic exclusive innovative drugs (including introductions) have passed the formal review in this medical insurance negotiation: including 28 new innovative drugs approved for marketing between July 1, 2023 and June 30, 2024, and 13 innovative drugs approved for marketing before July 1, 2023.

Sorting out the negotiation of key negotiation varieties & key companies: In terms of key negotiation varieties, the negotiation of PD-1/PD-L1 drugs, third-generation EGFR TKIs, HER2 ADCs and small molecules, PCSK9 drugs, EGFR exon20ins NSCLC drugs, multiple myeloma drugs, sleeping drugs, CAR-T and other varieties is worth paying attention to; In terms of key companies, Hengrui Pharmaceutical, Betta Pharmaceutical, Dizhe Pharmaceutical, Akeso, Sino Biopharmaceutical, Hisco, BeiGene, Innovent Biologics, Hansoh Pharmaceuticals and other companies have relevant drugs to participate in this medical insurance negotiation, and if the future products can be successfully included in the medical insurance catalog, it will help them to increase their volume in the long run.

It is recommended to pay attention to the target:

A-shares: Betta Pharmaceuticals (300558.SZ), Hengrui Pharmaceuticals (600276.SH), Dizhe Pharmaceuticals (688192.SH), Hisco (002653.SZ), Zelgen Pharmaceuticals (688266.SH), Jingxin Pharmaceuticals (002020.SZ), Haite Biosciences (300683.SZ), Shanghai Yizhong (688091.SH), BeiGene (688235.SH), Junshi Biosciences (688180.SH), Yifang Biosciences (688382.SH), Microchip Biosciences (688321.SH), Bio-Thera (688177.SH), etc.

H-shares: Akeso Biopharma (09926), Genting Xinyao-B (01952), Sino Biopharma (01177), Innovent Biologics (01801), Zai Lab (09688), Simcere Pharmaceuticals (02096), Chi-Med (00013), Hansoh Pharma (03692), etc.

Risk warning: the risk of unexpected price reduction in the negotiation of innovative drug medical insurance, the risk of failure of the negotiation of innovative drug medical insurance, and the risk of uncertainty of the impact of pharmaceutical policy.