On June 29, Hong Kong-listed innovative drug stocks surged sharply. As of the time of writing, $REMEGEN (09995.HK)$ 、 $KEYMED BIO-B (02162.HK)$ rose more than 14%, $XTALPI (02228.HK)$ surging over 13%, $AKESO (09926.HK)$ 、 $INNOCARE (09969.HK)$ rose more than 12%.
According to a public notice from the National Healthcare Security Administration (NHSA), on June 29, 557 drugs passed the preliminary review for inclusion in the national reimbursement drug list (NRDL), and 54 drugs passed the preliminary review for the commercial insurance innovative drug directory. This marks the entry into a substantive phase of dual-track negotiations under both the NRDL and the commercial insurance innovative drug directory, with newly introduced mechanisms—including pre-application submissions and an eight-year price protection policy—now officially implemented.
CSC Financial noted that the dual drivers of NRDL negotiations and the commercial insurance innovative drug directory continue to enhance the accessibility of innovative drugs. The efficiency of NRDL negotiations has significantly improved, with average price reductions stabilizing and high approval rates maintained for genuinely innovative products. The establishment of the 'Commercial Insurance Innovative Drug Directory' in 2025 is expected to further expand market uptake potential for innovative drugs. Huayuan Securities believes that the innovative drug sector has completed its transition from old to new growth drivers, solidifying the trend of innovation replacing generic substitution.