Events
On February 21, 2021, the Beijing Municipal Medical Insurance Bureau, together with the Municipal Health Commission and the municipal human resources and Social Security Bureau, issued the notice on standardizing the adjustment of some medical service price items (Beijing Medical Insurance Fa "2022" No. 7), which standardized the adjustment of 63 medical service price items and clarified the reimbursement policy of basic medical insurance. Among them, in order to implement active fertility support measures, through organizing expert demonstration, on the basis of controllable cost and ensuring the affordability of medical insurance fund, 16 common outpatient treatments, such as intrauterine artificial insemination, embryo transfer and sperm optimal treatment, are widely involved, necessary for diagnosis and treatment, mature technology Safe and reliable assisted reproductive technology projects are included in the category a reimbursement scope of medical insurance. According to the requirements of the notice, the new policy will be officially implemented on March 26 this year.
Comments
The inclusion of assisted reproductive technology in medical insurance has improved the security level of infertile patients, and the industry penetration is expected to be further improved. Earlier, on September 15, the national medical insurance bureau pointed out in its reply, "Population development is a major event related to the development of the Chinese nation. In order to promote the long-term and balanced development of the population, the medical insurance department has included qualified fertility support drugs such as bromocriptine, triptorelin and clomiphene in the scope of payment, which has improved the drug security level of infertile patients. At the same time, in terms of diagnosis and treatment projects, the medical insurance bureau will guide all localities to" ensure the basic " On the basis of scientific calculation and full demonstration, the therapeutic assisted reproductive technology with mature technology, safety and reliability and controllable cost that can be borne by medical insurance shall be gradually included in the payment scope of medical insurance according to procedures. " It can be seen that the policy side attaches importance to the medical burden of infertility patients, and the accessibility of assisted reproduction is expected to be strengthened in the future. We believe that Beijing is the first to include 16 assisted reproductive technologies in medical insurance reimbursement. If other regions gradually include them in medical insurance in the future, the penetration rate of China's assisted reproductive industry is expected to further increase.
63 medical service price items were standardized, and 16 assisted reproductive technologies were included in the reimbursement of medical insurance outpatient services. (1) This time, a total of 63 medical service price items carried out by public medical institutions have been standardized and adjusted, of which 53 assisted reproductive technology projects such as in vitro fertilization and embryo culture have been uniformly priced, basically covering the common technologies of assisted reproduction carried out by public medical institutions in Beijing; (2) In order to implement active fertility support measures, 16 assisted reproductive technology projects involving a wide population, necessary for diagnosis and treatment, mature technology, safe and reliable, such as intrauterine insemination, embryo transfer and sperm optimal treatment, which are common in outpatient treatment, are included in the category a reimbursement scope of medical insurance on the basis of controllable expenses and affordable medical insurance funds.
Patients' improved sexual demand for assisted reproductive technology services is expected to become the growth point of Private assisted reproductive institutions. Considering that the medical insurance only covers the basic medical treatment (the reply of the medical insurance bureau clearly mentions the positioning of "based on basic protection"), we believe that patients' multi-level and differentiated services will not be within the scope of medical insurance (such as endometrial receptivity assessment, stem cells, AI diagnosis and other upgrading projects), In the future, the improved sexual service pricing project of excellent private assisted reproduction leading institutions is expected to become its growth point.
Investment advice
We believe that if assisted reproduction is gradually incorporated into medical insurance in some areas in the future, the penetration rate of China's assisted reproduction industry is expected to further increase; Considering the patients' demand for improving assisted reproductive technology services, the pricing project of improved sexual services of excellent private assisted reproductive leading institutions is expected to become its growth point in the future.
Key companies: Jinxin reproduction, Beikang medical, Bgi Genomics Co.Ltd(300676) , Chongqing Zhifei Biological Products Co.Ltd(300122) , Shandong Wit Dyne Health Co.Ltd(000915) , etc.
Risk tips
Risks of policy promotion exceeding expectations; Risk of medical malpractice; After some varieties enter the medical insurance catalogue, the sales risk is lower than expected.
