金吾财讯 | 交银国际表示，医保、商保“双目录”同步公布：12月7日，国家医保局正式公布本轮医保谈判和商保创新药目录协商结果：1）医保目录新增114种药品（谈判成功率88%），其中50种1类创新药，调出了29种药品。调整后的目录中，药品总数增至3,253种。2）首版商保创新药目录共纳入19种药品，包括CAR-T、罕见病药物、阿尔茨海默病药物等。新版目录将于2026年1月1日正式实施。该机构认为，更多新药进入目录有助于提升临床用药水平，及创新药行业整体研发回报率；商保资金的引入将为创新药支付带来重要增量资金，为多元化支付体系的建立奠定基础。国产创新药满载而归：该机构覆盖的创新药企大多有产品获医保新增覆盖或成功续约，其中恒瑞、信达、康方、中生等公司有≥5款产品获新增覆盖或新适应症纳入。百济有两款产品纳入商保创新药目录，信达、和黄各有一款纳入。随着医保纳入品种的挂网和入院节奏不断加快，该机构看好新纳入品种/适应症在2026年的销售增长潜力，尤其是康方等潜在大单品的增量释放空间。同时重点关注首批商保目录的实际执行和支付情况、名单及定价的动态调整以及真实世界数据积累带来的长期发展机会。
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