The innovative drug sector has received encouraging news! On December 7, 2025, the National Reimbursement Drug List (NRDL) and the first edition of the Commercial Health Insurance Innovative Drug Directory were officially released.
The 2025 NRDL successfully added 114 new drugs, including 50 first-class innovative drugs, achieving an overall success rate of 88%, a significant increase from 76% in 2024. Additionally, 19 drugs were included in the first edition of the Commercial Health Insurance Innovative Drug Directory, covering advanced therapies such as CAR-T and T-cell treatments, as well as rare disease medications for conditions like short bowel syndrome and Gaucher disease, which are not yet covered by basic medical insurance.
The National Healthcare Security Administration and the Ministry of Human Resources and Social Security emphasized the need to actively promote the inclusion and use of drugs listed in the Commercial Health Insurance Innovative Drug Directory, as well as to integrate them into commercial health insurance coverage.
**Key Highlights of the Release** The two departments jointly issued the *National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List* and the *Commercial Health Insurance Innovative Drug Directory (2025)*.
The new drug list will take effect on January 1, 2026, replacing the 2024 version. Local authorities are required to strictly implement the updated list without making independent adjustments to drug categories, classifications, or remarks. Information systems and databases must be promptly updated to include newly added drugs and remove excluded ones.
For drugs removed from the list due to unsuccessful renewals, a six-month transition period until June 30, 2026, has been granted to ensure continuity of treatment. During this period, medical insurance funds will continue to cover these drugs at the original reimbursement rates.
**Encouraging Hospital Adoption of New Drugs** Provincial healthcare authorities are instructed to guide medical institutions in appropriately adopting and using listed drugs. Hospitals are encouraged to integrate these drugs into their protocols, with special consideration given to innovative drugs that may not fit standard disease-based payment models.
**Expanding Commercial Health Insurance Coverage** Efforts will be made to incorporate the Commercial Health Insurance Innovative Drug Directory into multi-tiered healthcare systems, supporting the development of inclusive commercial health insurance. Insurers are encouraged to design new products or update coverage based on the directory to better meet patient needs and reduce financial burdens.
**Breakdown of New Additions** The 2025 NRDL includes 114 new drugs, with 50 classified as first-class innovative drugs. The first Commercial Health Insurance Innovative Drug Directory features 19 drugs, addressing gaps in basic insurance coverage for conditions such as triple-negative breast cancer, pancreatic cancer, and rare diseases like Langerhans cell histiocytosis.
Notably, five CAR-T therapies were included in the commercial directory, such as Axi-Cel (Fosun Kite), Naxi-Cel (Hengrui), and others. Additionally, seven innovative products from Innovent Biologics, including Tyvyt (sintilimab), were added to the NRDL.
Two newly approved domestic anti-influenza drugs, from Zhong Sheng Pharma and Qingfeng Pharma, also made it into the 2025 NRDL.
**Market Outlook** Analysts remain optimistic about the innovative drug sector. CICC Securities highlights that innovative drugs remain a key focus in the healthcare sector, with recent adjustments presenting attractive investment opportunities. Bohai Securities points to potential growth in diagnostics, vaccines, and pharmacies amid the ongoing flu season, while also noting the significance of data releases at the ASH conference for Chinese biotech firms.
The updated NRDL now includes 3,253 drugs, with significant improvements in coverage for oncology, chronic diseases, mental health, rare diseases, and pediatric medications.