China Cuts Drug Prices by 63%, Adding 91 New Drugs to Insurance List, Benefiting 830 Million People

Nov 28, 2024, 07:30 AM

China's National Healthcare Security Administration announced a significant update to its national medical insurance drug list, which now includes 91 new drugs. These drugs will see an average price reduction of 63%, leading to an estimated decrease in patient costs of over 50 billion yuan (approximately $6.95 billion) in 2025. The administration reported that, as of October 2024, medication price negotiations have benefited 830 million people and reduced the cumulative financial burden on patients by CNY 880 billion (around $121.5 billion) over the past seven years. This initiative is part of China's broader efforts to expand drug coverage and improve healthcare affordability for its citizens.