The mainland commercial insurance innovative drug catalog will be implemented starting next year, with two drugs from Beigene listed

The National Healthcare Security Administration and the Ministry of Human Resources and Social Security issued the "National Basic Medical Insurance, Maternity Insurance and Work Injury Insurance Drug Catalog" and the first edition of the "Commercial Health Insurance Innovative Drug Catalog" (2025), with the new drug catalog officially taking effect from January 1 next year.

The national medical insurance drug catalog successfully added 114 new drugs, of which 50 are first-class innovative drugs, with an overall success rate of 88%, significantly higher than the 76% in 2024.

However, the drugs in the commercial health insurance innovative drug catalog will not be reimbursed by the medical insurance fund and will not be included in the basic medical insurance self-payment rate indicators for designated medical institutions or the monitoring scope of alternative varieties selected through centralized procurement. Cases of innovative drug applications in the commercial health insurance innovative drug catalog within the scope of relevant commercial health insurance coverage may not be included in the medical insurance payment by disease category and will be reimbursed after review and evaluation procedures. Medical insurance departments in various provinces (autonomous regions, municipalities) can explore supporting designated retail pharmacies to stock drugs from the commercial health insurance innovative drug catalog and ensure proper monitoring of terminal prices in medical institutions and retail pharmacies. Regions with conditions are encouraged to connect the stocking situation of drugs from the commercial health insurance innovative drug catalog to the "Medical Insurance Drug Cloud Platform." Conditional drugs are encouraged to conduct real-world comprehensive value assessments for medical insurance.

In the commercial health insurance innovative drug catalog, 19 drugs from 18 innovative pharmaceutical companies were selected, with BeiGene (06160.HK) being the only company with two drugs listed. Among them, five CAR-T cell drugs for cancer treatment are included, developed by five pharmaceutical companies including Fosun Kite, WuXi AppTec (02126.HK), and Heyi Biotech, with the pricing of these drugs close to or exceeding one million RMB. Drugs from Eli Lilly (LLY.US), Vertex, Pfizer, Johnson & Johnson (JNJ.US), and Bristol Myers Squibb (BMY.US) are also listed.

BeiGene is currently priced at 194.8 RMB, down 1.62%, with a trading volume of 1.4342 million shares and a transaction value of 279 million RMB. WuXi AppTec (02126.HK) is currently priced at 3.29 RMB, up 6.82%, with a trading volume of 1.97 million shares and a transaction value of 6.4975 million RMB