Jun. 1, 2015
Chinese regulators say they will lift price controls on most medical drugs starting June 1, 2015 in hopes that a more market-driven pricing system will keep medical costs in check.
The National Development and Reform Commission announced Tuesday that it would abandon a decades-long practice, which had applied to all drugs except for narcotics and some psychological medication, as part of a drug price reform. This move is expected to encourage local as well as global drug developers to launch more products into the Chinese market. However, uncertainties remain, as power is shifting from China’s central government to its many local governments where drug makers still have to undergo provincial bidding systems.