Hong Kong Pharma Stocks Surge as Over 600 Innovative Drugs Pass Preliminary Review; Dual 'Medicare + Commercial Insurance' Reimbursement Negotiations Enter Substantive Phase

Zhitong Finance App reports a fresh surge in innovative drug concept stocks. As of press time, RemeGen (09995) rose 17.16% to HK$81.6; Keymed Biosciences-B (02162) climbed 13.66% to HK$72.8; Akeso (09926) gained 13.57% to HK$94.6; and Innovent (01801) advanced 7.39% to HK$80.7.

In terms of news flow, according to the public announcement by the National Healthcare Security Administration, 557 drugs passed the initial review for inclusion in the National Reimbursement Drug List (NRDL) on June 29, while 54 drugs passed the initial review for the Commercial Insurance Innovative Drug List. This marks the entry of the “National Reimbursement + Commercial Insurance” dual-list negotiations into a substantive phase, with newly introduced mechanisms such as pre-declaration and an eight-year price protection period being implemented simultaneously.

CITIC Securities points out that the dual drivers of national medical insurance negotiations and the commercial insurance innovative drug catalog are continuously improving the accessibility of innovative drugs. The efficiency of medical insurance negotiations has significantly improved, with the average price reduction for negotiated drugs stabilizing and a high approval rate maintained for truly innovative varieties; the inaugural establishment of the “Commercial Insurance Innovative Drug Catalog” in 2025 is expected to expand the volume growth potential for innovative drugs. Huayuan Securities believes that the innovative drug industry has completed the transition from old to new growth drivers, and the trend of innovation replacing generics has been established.