BOCOM INTL: The landing of the medical insurance and commercial insurance catalog creates innovative payment system for increasing the space for new drugs.

BOCOM INTL released a research report stating that the mainland pharmaceutical industry has a leading rating. The National Medical Security Administration held the "2025 Innovative Drug High Quality Development Conference," officially announcing the results of this round of medical insurance negotiations and commercial insurance negotiations for innovative drug catalogs. Most of the innovative drug companies covered by the bank have had their products added to medical insurance coverage or successfully renewed. Companies such as Jiangsu Hengrui Pharmaceuticals (01276), INNOVENT BIO (01801), AKESO (09926), and SINO BIOPHARM (01177) have had more than 5 products added to coverage or new indications included. The bank believes that more new drugs entering the catalog will help improve clinical drug use levels and the overall research and development return on investment of the innovative drug industry. At the same time, the introduction of commercial insurance funds will bring important incremental funds for innovative drug payments, and commercial health insurance is expected to develop in parallel with basic medical insurance in the future, laying the foundation for the establishment of a diversified payment system. The bank is optimistic about the sales growth potential of newly added varieties/indications in 2026, especially the incremental release space for potential blockbuster drugs like AKESO. As for commercial insurance, the bank also focuses on the actual implementation and payment situation of the first batch of catalog, the dynamic adjustment of the list and pricing, and the long-term development opportunities brought by the accumulation of real-world data.