Drugmakers To Cut Prices By Half To Get On China's Medical Insurance List

(RTTNews) - Drugmakers have agreed to cut prices by around 50% for 119 medicines in order to have them included in China's state medical insurance scheme from March.

China's National Health Security Agency announced that some 119 medications have been included into the latest national essential drug list for reimbursement after considerable cuts in their prices.

These drugs were among the 162 drugs that were included in price negotiations between the administration and their producers earlier this year. Following price negotiations their cost dropped by nearly 51 percent on average, according to the administration.

Ninety-six of them are branded drugs with no generic versions available in the domestic market, according to the statement.

The drugs include some key products made by foreign pharmaceutical companies, such as Novartis' inflammation drug Cosentyx, and Teva Pharmaceutical's Austedo treatment for Huntington's disease.

Some antiviral drugs, including Arbidol and Ribavirin, which can be used for treating COVID-19, are among the new drugs that were added to the list.