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<Research>Citi: 11th Batch of CN GPO Shows Official Support for Industry Innovation & Rational Competition; Price Cut Expected to be Mild
China’s National Healthcare Security Administration (NHSA) announced on Tuesday (15th) the initiation of the 11th round of Group Purchasing Organization (GPO), involving 55 d...
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<Research>Citi: 11th Batch of CN GPO Shows Official Support for Industry Innovation & Rational Competition; Price Cut Expected to be Mild
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China’s National Healthcare Security Administration (NHSA) announced on Tuesday (15th) the initiation of the 11th round of Group Purchasing Organization (GPO), involving 55 drugs, according to Citi’s report. Officials from the NHSA emphasized that this round of procurement targets only generic drugs, excluding innovative drugs, and prioritizes quality over price.

To protect industry innovation, the following drugs are clearly excluded: 1) Drugs recently negotiated into healthcare insurance and still within the agreement period; 2) Drugs with a market size of less than RMB100 million according to 2024 provincial procurement platform sales data.

Related NewsNomura Slightly Cuts CSPC PHARMA (01093.HK) TP to $10.09, Keeps Rating at Buy
The broker considered that the optimized procurement rules demonstrate the government's support for industry innovation and rational competition. The broker expected the price reduction to be moderate. Overall, it forecast limited impact (<3%) on major pharmaceutical companies.

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