国泰君安：中医药政策大力支持产业链协同 头部药企有望率先获益

Core Viewpoint - The State Council's recent document aims to enhance the quality of traditional Chinese medicine (TCM) and promote high-quality development in the TCM industry, which is expected to benefit leading companies in the sector as policies are refined and implemented [1][2]. Group 1: Industry Development - The document emphasizes strengthening the TCM industry chain and optimizing the industrial structure, which is likely to accelerate the pace of mergers and acquisitions among leading companies [2]. - It encourages strategic mergers, resource integration, and the cultivation of specialized small and medium-sized enterprises in the TCM field, aiming to enhance the competitiveness of leading companies [2]. - A full industry chain layout is expected to ensure stable and high-quality supply of raw materials while reducing costs, potentially increasing gross and net profit margins [2]. Group 2: Clinical Value and Innovation - The document highlights the importance of clinical value assessment, which is expected to help high-quality TCM products stand out and promote innovation in TCM [2]. - It proposes a "three-in-one" registration system for TCM, combining TCM theory, human experience, and clinical trials, to enhance the clinical evidence of TCM products [2]. - The acceleration of new drug reviews for TCM is anticipated to lead to a faster market entry for innovative TCM products, with a significant increase in approvals noted in early 2025 compared to the previous year [3]. Group 3: Procurement Policy - The document outlines plans to optimize the centralized procurement policies for TCM, aiming for high quality at competitive prices [3]. - Ongoing pilot programs for centralized procurement of traditional Chinese medicine are expected to evolve, with clearer guidelines on price reductions and quality improvements anticipated by 2025 [3].