中信证券表示国家医保局发布《关于公示通过2025年国家基本医疗保险、生育保险和工伤保险药品目录及商保创新药目录调整初步形

智通财经
Aug 14
中信证券表示国家医保局发布《关于公示通过2025年国家基本医疗保险、生育保险和工伤保险药品目录及商保创新药目录调整初步形式审查的药品及相关信息的公告》。我们认为商保创新药目录首次亮相具有标志性意义有利于商保发展和支付端扩容更有利于我国多层次医疗保障体系建设和医药工业创新。本次基本医保、商保创新药目录推出进程较快纳入药品品种质量超预期纳入品类广泛彰显国家医保局对“创新”的新定义。延续我们2025年下半年投资策略观点拥抱创新驱动和国际化+自主可控+院外营销模式改革将是下半年相对更有确定性的布局方向。考虑到创新药板块除海外斩获外新增国内政策大力支持我们认为医药真创新和真国际化时代将迎来回报有望带动板块稳步向上。建议横向维度上下半年围绕“创新驱动和国际化+自主可控+院外营销模式改革”三个领域进行布局尤其是最具贝塔效应的创新药领域。

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