"Financial Analysis" innovative drugs welcome full chain support Insurance companies, pharmaceutical companies, speed up the development of integration

Xinhua Finance Client2024-07-10 10:59

Xinhua Finance Beijing7Month10(Reporter Li Tangning)7Month5On the same day, the executive meeting of the State Council deliberated and approved the implementation plan for the whole chain to support the development of innovative drugs (hereinafter referred to“Implementation Scheme”). The full implementation programme is expected to be published shortly. Industry insiders said that the current domestic innovative pharmaceutical industry is“Climb over the hill”In the critical period, in the face of many uncertainties in the domestic and foreign environment and capital markets, local innovative pharmaceutical companies urgently need the whole chain of policy traction to cross the cycle. Among them, commercial insurance as the payer plays.“Role of bridge”Indispensable, with the implementation of the plan to land, the deep integration of insurance companies and the pharmaceutical industry is expected to speed up again.

Full chain support Boosting confidence in the layout of innovative drug industry

The development of innovative drugs is related to the development of the pharmaceutical industry and the health and well-being of the people. Deepening the Reform of Medical and Health System2024The key tasks of the year have been clearly defined, the development of the whole chain to support the development of innovative drugs guidance documents, at the same time, to promote commercial health insurance products to expand the scope of payment for innovative drugs, speed up the review and approval of innovative drugs, research on the application of innovative drugs and advanced medical technology to give in.DRG/DIPPay in addition to payment and other policy tilt.

A number of pharmaceutical industry practitioners said that in recent years, various ministries and commissions, including the National Health Commission and the National Medical Insurance Administration, have issued a series of effective incentive policies to support the development of innovative drugs, which have played a good role in promoting orphan drugs, children's drugs and local innovative drug product groups. Since the beginning of this year, Beijing, Shanghai, Guangzhou, Shenzhen, Zhuhai and other places have also issued local policy documents or drafts for comments to provide support for the innovative pharmaceutical industry in terms of research and development, registration, and payment. This multi-dimensional and full-chain support for the development of innovative drugs from the central level will greatly boost market confidence and drive more pharmaceutical enterprises to increase investment in research and development, thus promoting the overall development of the pharmaceutical industry.

Soochow Securities believes that the implementation of the specific provisions of the program is expected to land in the near future, superimposed on the innovative drug sector in the historical relative bottom position, the second half of the year hasESMThe General Assembly,WCLCConference, health insurance negotiations, innovative drugs to sea expectations and other multiple catalysis, innovative drugs sector is expected to strengthen.

Open source securities believes that the average decline in health insurance negotiations in the past three years has slowed down, and the success rate has increased year by year.“High investment, high risk”Consistent earnings returns. With the introduction of the implementation plan, the policies for the development of pharmaceutical innovation in various regions have been implemented one after another, which will enhance the confidence of biomedical enterprises in the layout of innovative drug pipelines and accelerate the promotion of innovative drug pipelines to the later stage.

Innovative pharmaceutical industry is“Climb over the hill”Critical period

At present, the number of new drugs under research in China has leapt to the second place in the world, and the clinical research pipeline accounts for nearly1.5in ten thousand34%. huang guo, deputy director of the state drug administration,2022So far, the State Food and Drug Administration has approved innovative drugs.82Innovative medical devices138Innovative drugs have been approved in the first five months of this year alone.20Innovative medical devices21A.

However, it should also be noted that the capital markets that support the sustainable R & D intensity of China's innovative pharmaceutical companies are experiencing“ice period”. institutional statistics show that,2023Year, cumulative29Chinese biomedical enterprises in mainland China, Hong Kong, the United States NASDAQ completed.IPO,IPOThe amount of financing has declined.36%,IPOThe number has dropped49%. Among them, listed on the CRE Board in Mainland China4Home, Financing80.83Billion yuan, a year-on-year decline of up83%.

Guotai Junan Securities recent research report shows that the valuation of innovative pharmaceutical companies is in the low range, as7Month5Since the beginning of this year, the Shenwan first-level pharmaceutical and biological index has fallen.20.6%, listed on the CRE Board29Home Innovative Drug Companies Fall on Average23.7%.

Not only that, the field of biotechnology acquisition cases continue. Over the past year, local biotech company Mingji Bio willTL1AMonoclonal antibodyFG-M701Preclinical Program Licensed to U.S. Pharmaceutical Company AbbVie, Danish Pharmaceutical CompanyGenmabAcquisition of our countryADCBiotechnology company Pufang Bio, British pharmaceutical company AstraZeneca acquired China's local biotechnology company Gen Xi Bio, Swiss pharmaceutical company Novartis acquired local biotechnology company Sinorino Pharmaceuticals, a U.S. listed company.Nuvation BioAcquisition of local biotech company Baoyuan Pharmaceuticals.

“As early biopharmaceutical start-ups, some scientific research companies that are still not listed in the research pipeline are pessimistic about the domestic pricing environment for innovative drugs, choosing to transfer patents on innovative drugs to foreign and multinational companies, or even the entire company being acquired by foreign multinational companies.”Liang Jialin, director of the Healthy China Research Center, said in an interview with Xinhua Finance and Economics,“This could lead us to be a cost-effective scientific research‘The World Factory’However, the results of commercialization have been harvested by foreign industrial and capital parties, threatening the economic security of China's biomedical industry.”

Experts believe that the current domestic innovative pharmaceutical industry is“Climb over the hill”In the critical period of achieving innovation and high-quality development, facing many uncertain factors in the domestic and foreign markets, the current domestic innovative pharmaceutical companies urgently need more comprehensive policy traction to cross the cycle.

Promote commercial insurance for innovative drugs.“penetration force”

On the one hand, the innovative pharmaceutical industry needs to enhance the driving force of innovation, on the other hand, the financial burden of patients urgently needs to be alleviated, in this article.“lifeline”On, commercial insurance plays the role“Role of bridge”Indispensable. Industry insiders expect that with the release of the implementation plan, the deep integration of insurance companies and the pharmaceutical industry will speed up again.

From the international experience, commercial insurance is an important channel to realize the promotion and use of innovative drugs, and the expenditure on innovative drugs in the United States is about40%Paid for by commercial insurance, while according to China Reinsurance,BCGand magnesium letter health measurement,2023Total payments for innovative drugs in China's commercial health insurance were approximately74Billion yuan, accounting for about the size of the innovative drug market.5.3%.

Liang Jialin believes that in the whole industry chain of innovative drugs,2015The drug review and approval system reform document issued in the year focuses more on the research and development incentives upstream of the industrial chain, while the current pain points of innovative drug development are more focused on the corresponding medical insurance policies.“Health Insurance Access”link, health policy corresponding“Clinical Access”Link. He predicts that the upcoming implementation opinions will focus more on the downstream clinical use links, as well as the terminal medical insurance and commercial insurance reimbursement links.

In terms of commercial insurance convergence, he believes that medical insurance departments at all levels should actively open medical insurance big data to commercial insurance companies, charitable foundations and online mutual aid platforms for the latter to improve their actuarial ability and develop innovative products with less burden on users and better experience, and at the same time help them strengthen holographic supervision of designated medical institutions, including pre-warning, in-process audit and post-event disposal, and independently form a big data system and interface with health insurance data, and finally move towards integration.“healthy financial system”.

Experts generally believe that the payment value of commercial insurance can improve the accessibility of innovative drugs, and insurance companies and pharmaceutical companies should work together to explore innovative models with compliance, high feasibility and market potential. The person in charge of a property insurance company said that how to find the entry point of commercial insurance payment, greatly reduce the payment pressure of the entire patient group, and form a win-win situation for all parties is the direction that needs to be explored in the future. It is recommended that pharmaceutical companies and insurance companies strengthen linkage and promote“innovative medicine”Insurance products, aiming at the pain points of difficulty for pharmaceutical companies to contact customers and low conversion results, focus on the main payers of drugs other than medical insurance, commercial insurance companies and self-paid customers to promote the industry, build a collaborative model, and assist commercial insurance companies to develop a series of new special drug protection service products.

Editor: Yin Yang

Statement: Xinhua Finance is a national financial information platform built by Xinhua News Agency. In any case, the information published by this platform does not constitute investment advice. If you have any questions, please contact customer service:400-6123115