This article is an updated version of the series of policy review of Guojin Pharmaceutical.We have summarized the policies of the past year(2021)according to the investment logic of the secondary market.We hope to be able to judge the industry trends among the various policy details and provide investment research.Reference tool.
The Medical Insurance Bureau has gradually improved the medical reform,and the three medical institutions have jointly explored new directions.The institutional reform of the State Council has straightened out the management of the"three doctors"(medicine,medical insurance,and medical care)from the top-level design.Since the opening of the drug review reform in 2015,the"three doctors"in the pharmaceutical industry have established new industry rules from different perspectives,among which important It is characterized by returning to the essence of the pharmaceutical industry,in line with international standards,and opening a new era of medicine.The responsibilities of different regulatory agencies are gradually becoming clear:the Food and Drug Administration controls the downstream implementation of"upstream drug quality,and the Health and Health Commission controls",and the Medical Insurance Bureau promotes through strategic purchases Structural optimization.
Medical insurance:The medical insurance catalog implements the declaration system,the centralized procurement has become normalized and institutionalized,and the payment method is reformed to control fees.Following the 2017 update of the medical insurance catalog,the national medical insurance catalog has been updated for five consecutive years.After the update in 2021,74 new varieties will be included,of which 64 are exclusive western medicine varieties.For innovative drugs,the update of the medical insurance catalogue has entered a new"normal".About 350-400 innovative products will be approved for listing in China in the next five years.According to an analysis of the affordability of medical insurance funds,about half of them are difficult to be included in the national medical insurance.Innovative drugs may become the"new normal"through medical insurance access with an annual success rate of 40%-50%.
Medical care:Gradually improve the hierarchical diagnosis and treatment system,accelerate the establishment of medical consortiums,medical consortia,and national medical centers,and Internet medical care is on the stage.The hierarchical diagnosis and treatment system is an important part of the basic medical and health system with Chinese characteristics,and it is a fundamental solution to solve the problem of seeing a doctor for the masses.The construction of medical alliances,medical communities and national medical centers is an important guarantee for promoting the construction of a hierarchical diagnosis and treatment system.Internet medical care represents a new development direction of the medical industry,which is conducive to solving the contradiction between the imbalance of medical resources in China and the increasing demand for health care.In recent years,with the support of relevant policies,Internet medical treatment has developed by leaps and bounds,and gradually formed many relatively standardized platforms and processes.
Medicine:Deepen drug review reform+strengthen supervision to improve drug quality.In terms of drug approval,the National Health Commission and the Food and Drug Administration have issued relevant policies to encourage the development of innovative drugs in China.Actively implement MAH,the system of drug marketing authorization holders,separate marketing authorization from production authorization,encourage drug research and development innovation,and ensure drug supply.The drug review reform in 2015,aiming at the approval process of new drugs,greatly accelerated the speed of drug listing,and at the same time promoted the listing of domestic new drugs.In terms of supervision and management,a series of policies have been promulgated since 2017,including the update of the Chinese Pharmacopoeia and the application of real-world research.APIs.These greatly regulate the pharmaceutical market.
In the past two years,medical and health-related policies have been updated very frequently,and their impact on the industry and the market has become more profound.After sorting out,we believe that the new policy will bring a healthier and fairer market environment to the medical and health industry.Therefore,we continue to be optimistic about the future market performance of the medical and health industry and maintain the industry's"buy"status.
Policy implementation is lower than expected,medical insurance costs are controlled,and policy uncertainty.
[Article source:Sinolink Securities]
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