Industry Notes / Pharma / Chapter 13 of 20 · Side-by-side
Insurance: generics squeezed, innovative drugs trade price for volume
A dual track is real; domestic China is still not a high-margin pool
Generics rail
- Twelve national procurement rounds: typical cuts 50%–90%
- Channel-fee + detailing models were dismantled
- 2025–2026 anti-involution: marginal pressure peaks; procurement stays
- Pure generics look like cash-flow yields, not growth stories
Innovative rail
- Annual national talks, ~60% average cut, traded for access and volume
- Commercial catalog admits a second payer; force is still limited
- Essential-drug list now systematically includes innovative drugs
- Price confidentiality protects global pricing—helps outbound firms
The left rail is volume-based procurement crushing generic pricing power; the right rail opens paths via national negotiation, commercial catalogs, and essential-drug lists. Direction is right; the domestic ceiling remains—so going overseas stays arithmetic.
Source：国家医保局集采与国谈公开口径；丙类目录与《支持创新药高质量发展的若干措施》；WHO/卫健委卫生费用通行口径
Research notes, not investment advice.