国家医保局在同步发布的《通知》解读中表示，坚持将“预付金”作为“赋能金”，让定点医疗机构缓解医疗费用垫支压力，切实为定点医疗机构可持续发展赋能助力，进而为参保群众提供更优质的医疗保障，促进药品和耗材企业稳健运行，一体推动“三医”协同发展和治理，从而更好服务保障宏观经济发展大局，为社会平稳运行贡献力量。On the 11th, the 'Notice on Doing a Good Job in the Prepayment of Medical Insurance Funds' was issued, requiring the unified and improved basic medical insurance fund prepayment system at the national level. Experts believe that the prepayment system can effectively alleviate the triangular debt issues in the pharmaceutical sector and speed up the capital turnover of pharmaceutical companies.
Caixin News Agency, November 12th (Reporter Lu A'feng) On the 11th, the National Medical Insurance Bureau and the Office of the Ministry of Finance issued the 'Notice on Doing a Good Job in the Prepayment of Medical Insurance Funds' (referred to as the 'Notice'), requiring the unified and improved basic medical insurance fund prepayment system at the national level. Analysts believe that this policy may be the 'catalyst' for today's collective excitement in the secondary market pharmaceutical sector. Experts and companies told Caixin reporters that the medical insurance fund prepayment system will help relieve the pressure on the funding turnover of medical institutions.
According to the 'Notice,' the basic medical insurance fund prepayment is defined as a working capital intended to help designated medical institutions relieve the pressure of medical expense advances, improve medical service capabilities, enhance the sense of access to medical services for insured populations. Prepayments will be specifically used for the turnover expenses of pharmaceuticals and medical consumables procurement, and not for non-medical expenses such as medical institution infrastructure investment, daily operations, debt repayment.
The National Medical Insurance Bureau stated in the simultaneous interpretation of the 'Notice' that it will persist in treating 'prepayment funds' as 'empowerment funds,' helping designated medical institutions relieve the pressure of medical expense advances, effectively empowering sustainable development of designated medical institutions, thereby providing insured populations with better medical security, promoting the stable operation of pharmaceutical and consumable enterprises, comprehensively advancing the coordinated development and governance of the 'three medicals,' further serving the overall economic development, and contributing to the smooth operation of society.
"The prepayment system can effectively alleviate the triangular debt issues in the pharmaceutical sector." Senior pharmaceutical industry expert Guo Xinfeng told Caixin reporters that historically, medical insurance usually has a settlement period of about 3-6 months for hospitals, about 6-12 months for hospitals to pharmaceutical companies, and 3-6 months for pharmaceutical commerce to pharmaceutical companies, leading to long turnover of goods, long credit terms, low capital utilization rate. If pharmaceutical companies do not supply goods, hospitals may complain and tarnish their credit, but delayed payments from supplying goods increase the burden on pharmaceutical companies. After the establishment of the prepayment system, it will effectively accelerate the capital recovery of pharmaceutical companies.
Guo Xinfeng further stated that previously, there were advance payments for nationally centralized procurement of drugs, and some provincial alliances had similar arrangements, which to a certain extent stimulated pharmaceutical companies to participate in centralized drug procurement. Shortening the credit terms will further reduce the capital costs of pharmaceutical companies, helping pharmaceutical companies to have more funds for research and development, and promoting the transformation and upgrading of the pharmaceutical industry.
This policy directly ignited today's pharmaceutical sector market. As of the afternoon close, Pharmaeasy (300937.SZ), Zhejiang Wecome Pharmaceutical (300878.SZ) hit the limit up, Hitgen Inc. (688222.SH) surged over 10%, Shanghai No.1 Pharmacy (600833.SH) and others rose significantly. The sse commercial index for pharmaceutical commerce (802065.EI) increased by 3.94%, CSI Health Care ETF (159929.SZ) rose over 1%, and CSI Health Care ETF for Shanghai-Hong Kong-Shenzhen (517990.SH) increased by 3.63%.
The First Medicine Securities Department told reporters in a call as investors, 'The pharmaceutical sector is currently trending upwards. Our stock price surge is likely due to investors being bullish on us, with no information that needs to be disclosed.'
When asked by reporters from Caijing about whether the aforementioned 'notice' is bullish for the company, the first pharmaceutical securities department stated, 'We are studying the policy and have not made a specific judgment yet.'
'It may also be related to market fund rotation and factors of speculative trading.' Guo Shiliang, an expert from Jing Platform Think Tank and financial commentator, analyzed to reporters from Caijing, stating that pharmaceutical stocks had a large decline in the previous period, with cheap valuations. As the market enters a bull market, pharmaceutical stocks are favored by market funds for speculation. The prepayment system is beneficial for designated medical institutions to alleviate medical expense advances, and it may become a short-term market speculation catalyst. Improvement in policy environment and reversal of the dilemma are the driving forces behind the rise of pharmaceutical stocks.
'At present, in this slow bull market trend of the current bull market, pharmaceutical stocks are expected to achieve valuation restoration,' Guo Shiliang added.
