The development of innovative drugs is supported by new rules, and market sentiment in the sector has improved
2023-08-04 10:53:00 Source:
Jin Zhengyan
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The National Medical Insurance Administration recently released the official draft of the 2023 innovative drug medical insurance negotiation and renewal rules. The new rules are good for the development of innovative drugs, further reflecting the support for “true innovation”, and the sector is expected to usher in a valuation reshaping. The innovative drug sector has experienced a quarterly correction, and both stock prices and market expectations are at the bottom. With policy support, the sector is expected to be catalyzed.
The official draft includes two documents, “Rules for Negotiating Drug Contract Renewal” and “Rules for Bidding for Non-Exclusive Drugs”, which are an important basis for the annual adjustment of the National Medical Insurance Catalogue. The medical insurance department has significantly improved the payment for innovative drugs by shortening the negotiation cycle, improving the review and evaluation mechanism, and accelerating the launch of drugs. The future decline of innovative drugs is expected to be significantly narrowed, and the pace of price reduction is also expected to slow down. Innovative varieties with real clinical value are expected to stand out quickly, further reflecting the support for “true innovation”.
Looking back at the last round of innovative drug market from October 2022 to early 2023, there was no clear catalyst for the innovative drug sector at that time, and the market did not respond for a long time after the renewal rules for innovative drug medical insurance negotiations came out in 2022, and the subsequent IVD centralized procurement policy The easing and the improvement of Fujian’s electrophysiological centralized procurement policy, and then investors connected these events and found that the innovative drug policy had indeed eased, and then the sector ushered in a surge.
This time the situation may be similar. After the release of the innovative drug medical insurance negotiation and renewal rules in 2023, there may be policy or event catalysts in the future, such as Shanghai preparing to launch commercial insurance supporting innovative drugs, domestically produced PD-1 is expected to be approved in the United States and other industry positive news. The current negative news in the industry is that many innovative pharmaceutical companies on the Science and Technology Innovation Board may usher in the one-year lifting of the ban on “small non-compliance”. The short-term funding of related stocks will be under certain pressure, but it will not affect the medium and long-term trend of the sector.
The stock price of the innovative drug sector is highly elastic. When the market sentiment is fragile, it will actively amplify the negative impact, while when the market risk appetite is high, it will amplify the positive impact. As the central government’s economic policies and policies for the innovative drug industry have been introduced one after another, market sentiment has improved significantly. We believe that the innovative drug market may continue.
Responsible editor: Li Xin RF12607
2023-08-04 02:53:00
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