Pharmaceutical stocks rebounded strongly in early trading, with CRO leading the way. As of press release, Zaiding Pharmaceutical (09688) rose 7.78% to HK$23.55; Kanglong Chemical (03759) rose 6.44% to HK$15.54; and Pharmaceuticals Biotech (02269) rose 5.89% to HK$29.65.
The Zhitong Finance App learned that pharmaceutical stocks rebounded strongly in early trading, with CRO leading the way. As of press release, Zaiding Pharmaceutical (09688) rose 7.78% to HK$23.55; Kanglong Chemical (03759) rose 6.44% to HK$15.54; Pharmaceuticals (02269) rose 5.89% to HK$29.65; Connoah-B (02162) rose 5.5% to HK$54.7; Hualing Pharmaceutical-B (02552) rose 5.45% to HK$2.32.
According to the news, on December 13, the National Health Insurance Administration held a press conference to introduce the changes in the 2023 national medical insurance drug catalogue. This time, the national medical insurance drug catalogue was adjusted, and a total of 126 new drugs were added to the catalogue, with an average price reduction of 61.7%. The health insurance negotiation policy continues to favor innovative drugs, and the success rate of innovative drug negotiations has reached 92%. Huajin Securities pointed out that the decline in the current health insurance negotiations is moderate, the policy continues to increase support for innovation, and the price of innovative drugs is more reasonable through negotiations. The affordability of patients is expected to increase dramatically, and it is expected that future commercialization will increase.
Furthermore, the overnight Fed interest rate meeting sent dovish signals and began discussions on interest rate cuts, exceeding market expectations. Minsheng Securities said that in 2023, the domestic innovation industry chain CXO is in the adjustment and transformation stage, waiting for an inflection point in industry prosperity. As the Fed's interest rate hike cycle nears its end, global biomedical investment and financing data for the third quarter recovered slightly. Demand for early drug development in the short term falls short of expectations. We still need to wait for downstream demand to recover and industry sentiment to improve. As the supply side gradually clears up, the competitive landscape will be further concentrated on leading suppliers.