HUTCHMED (China) Limited has announced that, following a contract renewal with China’s National Healthcare Security Administration (NHSA), several of its key oncology therapies will continue to be listed and reimbursed under the updated National Reimbursement Drug List (NRDL) that becomes effective from January 1, 2026.

和黄医药（中国）有限公司宣布，在与中国国家医疗保障局（NHSA）续约后，其多款关键的肿瘤治疗药物将继续被列入并报销于更新版的《国家基本医疗保险药品目录》（NRDL），该目录将于2026年1月1日起生效。

The communication, released simultaneously from Hong Kong, Shanghai, and Florham Park, New Jersey, underscores how NRDL continuity and expanded coverage are central to HUTCHMED’s long-term commercialization strategy in the Chinese market. By preserving and strengthening the reimbursement status of products such as fruquintinib (ELUNATE®), savolitinib (ORPATHYS®), and surufatinib (SULANDA®), the company is positioning itself to deepen penetration in priority indications like metastatic colorectal cancer, MET-driven non-small cell lung cancer, and neuroendocrine tumors.

这份从香港、上海和新泽西州弗洛勒姆帕克同时发布的通讯强调了国家医保药品目录（NRDL）的连续性和覆盖范围的扩大，是和黄医药在中国市场长期商业化战略的核心。通过保持并加强呋喹替尼（ELUNATE®）、赛沃替尼（ORPATHYS®）和索凡替尼（SULANDA®）等产品的报销地位，该公司正致力于深化其在转移性结直肠癌、MET驱动的非小细胞肺癌以及神经内分泌肿瘤等重点适应症领域的渗透。

This is a material development for Asia-focused pharmaceutical executives and investors because NRDL status often determines the practical market uptake and pricing power of innovative therapies within China’s rapidly evolving access and reimbursement landscape..

这是面向专注于亚洲的制药业高管和投资者的重要进展，因为在中国快速变化的准入和报销体系中，NRDL地位常常决定了创新疗法的实际市场接受度和定价能力。

The announcement also highlights the inclusion of tazemetostat, an EZH2 inhibitor developed by Epizyme, an Ipsen company, in China’s first Commercial Health Insurance Innovative Drug List through a strategic collaboration with HUTCHMED. This collaboration grants HUTCHMED rights to research, develop, manufacture, and commercialize tazemetostat across Mainland China, Hong Kong, Macau, and Taiwan.

该公告还重点提到了由益普生旗下Epizyme公司开发的EZH2抑制剂他泽司他（tazemetostat）通过与和黄医药的战略合作，被列入中国首个商业健康保险创新药物名单。此项合作授予和黄医药在中国大陆、香港、澳门及台湾地区研究、开发、生产和商业化他泽司他的权利。

From a B2B perspective, this dual-channel access model – national reimbursement through the NRDL for select assets, and supplemental coverage via a commercial insurance innovative drug list – sheds light on how multinational and regional biopharma players can architect multi-layered market access strategies in China.

从B2B的角度来看，这种双渠道准入模式——通过国家医保目录（NRDL）对选定药品进行全国报销，并通过商业保险创新药物清单提供补充覆盖——揭示了跨国和区域性生物制药企业如何在中国构建多层次的市场准入策略。

For market access teams, this signals that innovative oncology products may increasingly rely on combined public and private reimbursement mechanisms to drive broader and more sustainable adoption, particularly in high-cost precision medicine segments..

对于市场准入团队而言，这表明创新的肿瘤产品可能越来越依赖于公共和私人报销机制的结合，以推动更广泛、更可持续的采用，尤其是在高成本的精准医疗领域。

Strategically, the NRDL renewal validates the clinical value and health-economic positioning of HUTCHMED’s portfolio in the eyes of Chinese payers. NRDL negotiations are typically rigorous, focusing on cost-effectiveness, unmet medical need, and comparative clinical data. Continued listing suggests that HUTCHMED’s therapies have met evolving thresholds for both efficacy and value, which may influence formulary decisions at provincial and hospital levels.

从战略上讲，国家医保目录（NRDL）的更新确认了和黄医药产品组合在中国支付方眼中的临床价值和卫生经济学定位。NRDL谈判通常非常严格，重点关注成本效益、未满足的医疗需求以及对比临床数据。持续列入目录表明和黄医药的疗法已达到不断变化的疗效和价值标准，这可能会影响省级和医院层面的药品目录决策。

For hospital pharmacy committees and oncology centers, this stability in national reimbursement can translate into greater predictability for treatment protocols, procurement planning, and budgeting. For local manufacturing and supply chain partners, sustained NRDL inclusion often justifies capacity expansion, distribution network optimization, and quality system strengthening in anticipation of growing patient volumes and geographic coverage..

对于医院药事委员会和肿瘤中心而言，国家报销的这种稳定性可以为治疗方案、采购计划和预算编制提供更大的可预测性。对于本地制造和供应链合作伙伴而言，持续纳入国家医保目录通常能够证明扩大产能、优化分销网络以及加强质量体系是合理的，以应对预计增长的患者数量和地理覆盖范围。

For business development and licensing (BD&L) professionals, the collaboration around tazemetostat provides a case study in structuring China-focused partnerships for late-stage or approved oncology assets. By leveraging HUTCHMED’s established development, regulatory, and commercialization infrastructure in Greater China, Ipsen and Epizyme gain accelerated access into one of the world’s largest oncology markets without building a full, ground-up presence.

对于业务发展和许可（BD&L）专业人士来说，围绕tazemetostat的合作为构建针对中国的晚期或已批准肿瘤资产的合作伙伴关系提供了案例研究。通过利用HUTCHMED在大中华地区成熟的开发、监管和商业化基础设施，Ipsen和Epizyme能够在不建立完整从零开始的业务的情况下，快速进入全球最大的肿瘤市场之一。

At the same time, HUTCHMED diversifies its portfolio with a first-in-class epigenetic therapy, broadening its scientific and commercial footprint. This type of regional co-commercialization model is becoming increasingly relevant for global mid-cap and specialty pharma companies seeking capital-efficient entry into Asia without relinquishing global rights..

同时，HUTCHMED通过首创的表观遗传疗法实现了其产品组合的多元化，扩大了其科学和商业版图。这种区域共同商业化模式，对于寻求资本高效进入亚洲且不放弃全球权利的全球中型制药企业和专业制药公司而言，正变得越来越重要。

From an R&D and clinical development standpoint, HUTCHMED’s communication emphasizes ongoing and planned studies designed to expand indications and combinations for fruquintinib, savolitinib, surufatinib, and tazemetostat in China. The company highlights its expectations regarding clinical trial enrollment rates, timelines for primary and secondary endpoint readouts, and the potential for additional label expansions.

从研发和临床开发的角度来看，HUTCHMED的沟通强调了正在进行和计划中的研究，旨在扩大呋喹替尼、赛沃替尼、索凡替尼和他泽司他在中国的适应症和联合疗法。公司重点介绍了其对临床试验入组率、主要和次要终点数据读出时间表的预期，以及额外标签扩展的潜力。

For clinical operations teams and contract research organizations (CROs) active in Asia, this pipeline of China-centric and global trials represents a sustained demand for oncology-focused site management, biomarker testing, pharmacovigilance, and real-world evidence generation. Moreover, as some trials involve combination regimens with agents like PD-1 inhibitors, there are increasing opportunities for cross-company collaboration, joint protocol design, and data-sharing frameworks that align with Chinese regulatory requirements..

对于在亚洲活跃的临床运营团队和合同研究组织 (CRO) 来说，这一以中国为中心并覆盖全球的试验管道代表着对专注于肿瘤学的站点管理、生物标志物检测、药物警戒和真实世界证据生成的持续需求。此外，由于一些试验涉及与PD-1抑制剂等药物的联合治疗方案，因此出现了越来越多的跨公司合作、联合协议设计以及符合中国监管要求的数据共享框架的机会。

Risk disclosures within the announcement are also instructive for investors and strategic planners. HUTCHMED outlines typical forward-looking uncertainties related to commercial acceptance, pricing and reimbursement dynamics, regulatory approvals for additional indications, clinical safety profiles, funding sufficiency, and competitive pressures.

公告中的风险披露也为投资者和战略规划者提供了指导。HUTCHMED概述了与商业接受度、定价和报销动态、额外适应症的监管批准、临床安全性概况、资金充足性以及竞争压力等相关的典型前瞻性不确定性。

For capital markets analysts, these details help calibrate revenue projections, margin expectations, and scenario planning under diverse reimbursement and competition assumptions. They also highlight the sensitivity of China-based oncology portfolios to macro factors such as health policy reform, volume-based procurement initiatives, and the emergence of domestic competitors with comparable or lower-priced targeted therapies and immuno-oncology agents..

对于资本市场分析师而言，这些细节有助于在不同的报销和竞争假设下校准收入预测、利润率预期和情景规划。它们还突显了中国境内肿瘤学产品组合对宏观因素的敏感性，例如卫生政策改革、基于数量的采购举措，以及出现具有相当或较低价格的靶向治疗和免疫肿瘤药物的本土竞争对手。

For technology and data partners, HUTCHMED’s expanding commercialization footprint around NRDL-listed and commercially insured therapies creates demand for advanced analytics, real-world data platforms, and digital engagement tools tailored to the Chinese oncology ecosystem. Pharmaceutical IT providers can anticipate requirements for systems that support outcome-based contracting, patient journey analytics, and integrated sales-force enablement aligned with NRDL constraints.

对于技术和数据合作伙伴而言，HUTCHMED围绕国家医保药品目录（NRDL）上市和商业保险覆盖疗法不断扩大的商业化布局，催生了对中国肿瘤生态系统定制的高级分析、真实世界数据平台和数字互动工具的需求。医药IT供应商可以预见到对支持基于结果的合同、患者旅程分析以及符合NRDL限制的综合销售团队赋能系统的需求。

In parallel, as payers and regulators in China place more emphasis on post-marketing safety and effectiveness data, there will be growing interest in digital registries, ePRO (electronic patient-reported outcome) tools, and AI-driven pharmacovigilance that can operate at national scale..

同时，随着中国支付方和监管机构更加重视上市后安全性和有效性数据，人们对能够在全国范围内运作的数字注册、电子患者报告结果工具和人工智能驱动的药物警戒的兴趣将会增加。

For manufacturing strategists and CMC (chemistry, manufacturing, and controls) teams, the sustained NRDL presence of multiple HUTCHMED products reinforces the need for robust, GMP-compliant production capacity in China. As reimbursed patient populations expand, ensuring uninterrupted supply of high-quality small-molecule and targeted therapies becomes mission-critical.

对于制造战略家和CMC（化学、制造和控制）团队而言，多款HUTCHMED产品持续列入国家医保药品目录（NRDL），进一步凸显了在中国建立强大且符合GMP标准的生产能力的必要性。随着报销覆盖的患者群体不断扩大，确保高质量小分子药物和靶向治疗药物的持续供应已成为关键任务。

This may translate into new investments in local API and finished-dose manufacturing, technology transfers, process optimization, and resilience planning to hedge against raw material constraints, regulatory inspections, or logistical disruptions. Suppliers of bioreactors, analytical instrumentation, and digital manufacturing solutions can view this environment as conducive to partnerships that modernize and scale pharmaceutical production tailored to oncology demand..

这可能会转化为对本地原料药和成品剂量制造、技术转移、工艺优化以及为防范原材料限制、监管检查或物流中断而进行的弹性规划的新投资。生物反应器、分析仪器和数字化制造解决方案的供应商可以将此环境视为有利于建立合作关系，以实现针对肿瘤学需求量身定制的制药生产的现代化和规模化。

Finally, for regional regulators, policy advisers, and market access experts, the HUTCHMED update illustrates the ongoing evolution of China’s reimbursement architecture as it seeks to balance rapid access to cutting-edge oncology treatments with long-term budget sustainability. The interplay between the NRDL and innovative commercial insurance drug lists suggests a multi-tier system where high-value, high-cost therapies can achieve broader diffusion through carefully negotiated pricing and shared-risk arrangements.

最后，对于区域监管机构、政策顾问和市场准入专家而言，HUTCHMED的更新说明了中国在寻求平衡快速获取尖端肿瘤治疗与长期预算可持续性过程中，其报销体系正在持续演变。国家医保药品目录（NRDL）与创新性商业保险药品清单之间的相互作用表明了一个多层次的体系，其中高价值、高成本的疗法可以通过精心协商的定价和风险共担安排实现更广泛的推广。

This multi-channel reimbursement framework is likely to influence how other Asian markets – particularly those observing China as a reference for oncology access policy – design their own combinations of public formularies, supplementary insurance, and outcome-based contracts to accommodate the next wave of precision medicines and targeted therapies..

这一多渠道报销框架可能会影响其他亚洲市场——尤其是那些将中国作为肿瘤药物获取政策参考的市场——如何设计自己的公共处方集、补充保险和基于结果的合同组合，以适应下一波精准医疗和靶向治疗的到来。