China’s efforts to make medicines more affordable are paying off in a big way. As of October 2024, the National Healthcare Security Administration (NHSA) reports that patients have saved over 880 billion yuan (about $112.4 billion) through expanded drug coverage via price negotiations.
At a recent press conference in Beijing, the NHSA announced that medications covered by China’s medical insurance through these negotiations have been accessed more than 830 million times. This significant milestone highlights the impact of China’s initiatives to reduce healthcare costs for its citizens.
By leveraging bulk procurement and price negotiation programs, China aims to harness the purchasing power of healthcare insurance authorities. Pricing is based on national medical insurance usage volumes, allowing for more favorable terms with pharmaceutical companies.
Since the introduction of the annual update system for the medical insurance drug catalog in 2018, access to innovative medications has accelerated. This mechanism ensures that new and effective drugs are promptly included in insurance coverage, enabling insured individuals to benefit sooner from medical advancements.
In a notable development, the NHSA has added 91 new drugs to the national medical insurance drug list, increasing the total to 3,159. This expansion significantly enhances coverage for chronic diseases, rare diseases, and pediatric medications, offering hope and relief to millions of patients.
Reference(s):
China's drug price negotiation program saves billions for patients
cgtn.com
