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The National Healthcare Security Administration has introduced the "First Pricing Mechanism for Newly Listed Drugs," marking the first time such a mechanism has been established. This initiative aims to enhance pricing flexibility, streamline the online listing process, and stabilize pricing cycles for high-quality innovative drugs, thereby benefiting innovative drug companies. Since 2025, medical policies have consistently supported the advancement of innovative drugs. It is advisable to focus on innovation-driven strategies, internationalization efforts, autonomous controllability, and the reform of off-hospital marketing models. CITIC Securities maintains a long-term optimistic outlook on the innovative drug sector and its core enterprises.
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