China’s National Healthcare Security Administration (NHSA) announced on Thursday that the country’s drug price negotiation program has saved patients over 880 billion yuan (approximately $112.4 billion) as of October 2024. The substantial savings highlight China’s ongoing efforts to make medicines more affordable and accessible to its population.
At a press conference held in Beijing, the NHSA reported that drugs included in China’s medical insurance through price negotiations had been accessed more than 830 million times by last month. This milestone reflects the success of the program in reducing healthcare costs for millions of patients across the nation.
China has implemented multiple strategies to lower medication expenses, including bulk procurement and price negotiation initiatives. The drug price negotiations with pharmaceutical companies leverage the purchasing power of healthcare insurance authorities, setting prices based on national medical insurance usage volumes. This approach not only reduces costs but also encourages pharmaceutical companies to provide innovative drugs at more affordable prices.
The NHSA credited the annual update system for the medical insurance drug catalog, introduced in 2018, for accelerating patient access to new and effective medications. This mechanism ensures that breakthroughs in medical science are promptly included in the insurance coverage, allowing insured individuals to benefit sooner from advancements in treatment options.
In a significant development, the NHSA also announced the addition of 91 new drugs to the national medical insurance drug list, bringing the total to 3,159. The expanded list significantly enhances coverage for chronic diseases, rare diseases, and pediatric medications, addressing critical healthcare needs for various patient groups.
The expanded drug coverage is expected to have a profound impact on the healthcare landscape in China, easing the financial burden on patients and improving health outcomes. By fostering a more inclusive and affordable healthcare system, China continues to demonstrate its commitment to the well-being of its population.
Reference(s):
China's drug price negotiation program saves billions for patients
cgtn.com
