光大证券认为，近期医保政策频出，其背后折射的是中国的医改已经进入深水区，触及到支付制度的深层结构，过往的院内利益关系和社会结构将被重塑。预付制度的逐步推进有望改善产业链的整体账期，其中流通企业受益较为直接，建议关注国药控股(H)、上海医药、华润医药等；多元化支付结构的建立，将打开创新药、创新器械的新放量空间。Medical device stocks were mostly higher. As of press release, Minimally Invasive Healthcare (00853) rose 5.01% to HK$6.92; Shanghai Pharmaceuticals (02607) rose 4.05% to HK$13.36; and Sinopharm Holdings (01099) rose 3.14% to HK$21.35.
The Zhitong Finance App learned that medical device stocks were mostly higher. As of press release, Minimally Invasive Healthcare (00853) rose 5.01% to HK$6.92; Shanghai Pharmaceuticals (02607) rose 4.05% to HK$13.36; Sinopharm Holdings (01099) rose 3.14% to HK$21.35; Minimally Invasive Robot-B (02252) rose 2.64% to HK$10.1; Chunli Healthcare (01858) rose 1.31% to HK$8.52.
According to the news, on November 11, the General Office of the Ministry of Finance of the National Health Insurance Administration Office issued the “Notice on Accomplishing the Prepayment of Health Insurance Funds”. The notice emphasizes that medical insurance prepayments are revolving funds set up to help designated medical institutions ease the pressure of medical expenses advance, improve medical service capabilities, and enhance the sense of access of insured personnel to seek medical treatment. They are used for medical expenses revolving expenses such as procurement of pharmaceuticals and medical consumables, and must not be used for non-medical expenses such as infrastructure investment, daily operation, or debt repayment of medical institutions. Special prepayments from health insurance funds for centralized procurement of pharmaceuticals and medical consumables are carried out in accordance with the original regulations.
Everbright Securities believes that health insurance policies have been introduced frequently recently. The reflection behind this is that China's medical reform has already entered a deep-water zone, touching on the deep structure of the payment system, and past in-hospital interests and social structures will be reshaped. The gradual advancement of the prepayment system is expected to improve the overall accounting period of the industrial chain. Among them, distribution companies benefit more directly. It is recommended to focus on Sinopharm Holdings (H), Shanghai Pharmaceuticals, China Resources Pharmaceutical, etc.; the establishment of a diversified payment structure will open up new volume space for innovative drugs and innovative devices.
