China's NRDL Set to Launch Next Year; BEONE MEDICINES Secures Two Drugs on Shortlist
New Drug Lists Announced: The National Healthcare Security Administration and the Ministry of Human Resources and Social Security released the "Drugs Catalogue for the National Basic Medical Insurance, Work-related Injury Insurance and Maternity Insurance (2025)" and the "Commercial Health Insurance Innovative Drug List (2025)", effective January 1, 2026.
Successful Additions to NRDL: The National Reimbursement Drug List (NRDL) added 114 new drugs, including 50 innovative drugs, achieving an 88% success rate, surpassing the previous year's 76%.
Innovative Drugs Highlighted: The commercial health insurance list features 19 drugs from 18 companies, with BEONE MEDICINES being the only company with two drugs listed, including five CAR-T cell therapies for cancer treatment.
Market Performance of Listed Companies: BEONE MEDICINES' stock was priced at HKD194.8, down 1.62%, while JW THERAP-B saw an increase to HKD3.29, up 6.82%, reflecting active trading volumes for both companies.
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China's NRDL Set to Launch Next Year; BEONE MEDICINES Secures Two Drugs on Shortlist
New Drug Lists Announced: The National Healthcare Security Administration and the Ministry of Human Resources and Social Security released the "Drugs Catalogue for the National Basic Medical Insurance, Work-related Injury Insurance and Maternity Insurance (2025)" and the "Commercial Health Insurance Innovative Drug List (2025)", effective January 1, 2026.
Successful Additions to NRDL: The National Reimbursement Drug List (NRDL) added 114 new drugs, including 50 innovative drugs, achieving an 88% success rate, surpassing the previous year's 76%.
Innovative Drugs Highlighted: The commercial health insurance list features 19 drugs from 18 companies, with BEONE MEDICINES being the only company with two drugs listed, including five CAR-T cell therapies for cancer treatment.
Market Performance of Listed Companies: BEONE MEDICINES' stock was priced at HKD194.8, down 1.62%, while JW THERAP-B saw an increase to HKD3.29, up 6.82%, reflecting active trading volumes for both companies.
<Research>CICC Expects Commercial Insurance Innovative Drug Catalog Adjustments to Help High-Value Innovative Drugs Land
Drug Catalog Adjustments: China's NHSA has announced the preliminary review of adjustments to drug catalogs for basic medical insurance, maternity insurance, work injury insurance, and commercial insurance, with 534 drugs passing the review. A dual catalog mechanism is expected to be implemented to differentiate between essential clinical drugs and high-value innovative drugs.
Investment Opportunities: CICC predicts that the expansion of commercial insurance will encourage investment in innovative drug R&D, benefiting companies like BEIGENE and others listed, as they focus on high-value drugs not covered by standard medical insurance.
