China’s Drug Price Negotiations Save Patients Over 880 Billion Yuan
In a significant move towards making healthcare more accessible, China's National Healthcare Security Administration (NHSA) announced that as of October 2024, patients have saved over 880 billion yuan (approximately $112.4 billion) thanks to the country's expanded drug coverage through price negotiations.
At a press conference in Beijing on Thursday, the NHSA reported that medications covered by China's medical insurance via price negotiations had been accessed more than 830 million times by last month. This substantial utilization underscores the impact of the government's efforts to reduce the financial burden of medical expenses on its citizens.
China has been proactively working to make medicines more affordable through various initiatives, including bulk procurement and price negotiation programs. These drug price negotiations with pharmaceutical companies are designed to leverage the purchasing power of healthcare insurance authorities, with pricing determined based on national medical insurance usage volumes.
The NHSA credited the annual update system for the medical insurance drug catalog, introduced in 2018, for accelerating access to innovative medications. This mechanism ensures that new and effective drugs are promptly included in the coverage, allowing insured individuals to benefit sooner from advancements in medical science.
Notably, the NHSA also announced 91 new additions to the national medical insurance drug list, increasing the total to 3,159 drugs. This expansion significantly enhances coverage for chronic diseases, rare diseases, and pediatric medications, further broadening the scope of affordable healthcare.
The continued efforts by the NHSA demonstrate China's commitment to improving healthcare accessibility and affordability for its population, setting a precedent for large-scale healthcare reforms.
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China's drug price negotiation program saves billions for patients
cgtn.com
