China Healthcare Weekly recap: 12th national drug GPO; NRDL expert review completed

Research evidence excerpt

China Healthcare Weekly recap: 12th national drug GPO; NRDL expert review completed

Global Research

31 July 2026ab

China Healthcare Equities

ChinaWeekly recap: 12th national drug GPO; NRDL

expert review completed Healthcare

Chen Chen, PhD

Analyst

chen-zb.chen@ubs.com

A-share healthcare sector pulled back while H-share advanced +86-10-5832 8201

From 27-31 July, HSHCI/HSBIO indices declined 1.4%/1.8% while SW Healthcare A/H Henry Liu, CFA

indices + 2.6%/-0.2%, ranking 19/30 among A/H-share sectors. Among subsectors, Analyst

medtech outperformed in A shares (+5.1%), which we think comes largely from sector S1460520110002

rotation, while commerce outperformed in H shares (+5.5%), mainly due to fund flow henry-za.liu@ubs.com

and market beta in our view. Our sector top picks include BeOne, Wuxi Apptec, JD +86-105-832 8509

Health and Simcere (see page 3). Anita Wei

anita.wei@ubs.com

Top stories: 12th VBP tender opening; NRDL process on track +852-2971 7459

1) Tenders for the 12th round of national drug GPO open on 31 July, with the results to Jun Deng

be implemented through to end-2029. The nationwide procurement volumes for 65 Analyst

products have been released, and the products relevant to our biopharma coverage are jun.deng@ubs.com

consistent with our prior analysis. The procurement rules largely follow those of the 11th +852-3712 2103

round, retaining brand-specific volume allocation while introducing a dual-anchor Michelle Zhu

pricing model to curb aggressive price competition, as well as a separate non-volume- Analyst

guaranteed award channel for originator drugs. The previous province-bundling and S1460522090003

manufacturer province-selection mechanisms for allocating residual volumes have been michelle.zhu@ubs.com