The new version of the National Essential Drugs List is released, Nomura focuses on policy changes in the medical sector (Nomura)
Nomura Securities released a report on China's medical industry, focusing on the release of the "National Essential Drugs List (2026 Edition)".
Nomura Securities released a report on China's medical industry, focusing on the release of the "National Essential Drugs List (2026 Edition)". This marks a possible major change in drug market access and medical insurance payment patterns. The report, written by analyst Jialin Zhang, is an event-driven policy interpretation. In the short term, the catalog adjustment will bring structural opportunities to relevant pharmaceutical companies, but it may also increase competitive pressure on unselected varieties. The market has certain expectations for this policy, but the differences in specific varieties and implementation details will be the key to the transaction. One-sentence conclusion: The release of the new version of the Essential Drugs List is one of the most important policy catalysts for the medical sector in the second half of the year and will reshape the growth curve of related companies. Positive/negative: Positive for innovative pharmaceutical companies and some traditional Chinese medicine companies in the catalog; negative for generic pharmaceutical companies that rely on large single products. At present, the market is divided on the implementation of the policy, and it has not yet fully priced in. Catalysts: 1) The specific time and implementation details for each province and city to implement the new version of the essential medicine catalog; 2) The volume of drugs entering the catalog; 3) The dynamics of subsequent volume-based procurement policies.