Drug users AstraZeneca PLC and GlaxoSmithKline plc two BeiGene Ltd. Has agreed to cut the prices of some of its new drugs in China by an average of 51% to be covered by the country’s National Insurance Fund.
A total of 119 new therapies – treatment of pulmonary diseases and diseases ranging from diabetes to cancer and lupus – after coverage for coverage by state-run medical safety net, national Healthcare The Security Administration stated in a notice that it was posted Website monday.
10 percentage points less than the average price cut Last year, both domestic and foreign pharmaceutical companies are relieved that their profits have been erased by Beijing’s push to reduce health care costs. Companies are also eager to get their treatment at a discount to gain access to the world’s second largest market for pharmaceuticals.
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Patients in China will only need to pay for a small portion of the cost of these drugs from their own pockets as the lion’s share of the bill will be borne by China’s National Medical Insurance Fund of 2.44 trillion yuan ($ 373 billion), which That’s more than 95% of the country’s 1.4 billion people. The list of drugs covered by the fund has been updated annually with new entries since 2017, when Beijing intensified its campaign to bring new drugs quickly and cheaply to its growing middle class.
In total, Chinese patients can now state insurance for the payment of 2,800 medicines. Beijing managed to drop prices by more than 40% on average for 14 drugs, with annual sales exceeding 1 billion yuan. The new version of the drug-reimbursement list will take effect from March 1.
The drugs that make it to the latest list include AstraZeneca cancer therapy zoladex. Brookins, China’s first cancer drug to receive US Food and Drug Administration approval developed by Beijing-based Beijin, was also added.
Glaxo drugs Benista and Volibris, which treat lupus and hypertension in the lungs, respectively, made the list. Other top medical treatments of multinationals were diabetes medicine Novo Nordisk S / A, a drug for chronic obstructive pulmonary disease developed by Astra, and by an ulcerative diabetes Takeda Pharmaceutical Company
The latest findings feature PD-1 inhibitors, a popular immune cancer therapy known as cancer therapies that use the body’s immune system to fight tumors – a priority given to Beijing that in China There are approximately 4 million new cancer patients annually. Treatments developed by local companies BeiGene include, Jiangsu Hengrui Medical Co. and Shanghai Junshi Biosciences Co.
The list also highlights treatments with antivirals ribavirin and arbidol such as Kovid-19, although China has included coronovirus fleurup after the outbreak in Wuhan a year earlier that spread the epidemic.
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It is unclear how deep each company cut for individual treatments. The national Healthcare The security administration has in the past entered into agreements with some drug manufacturers to withdraw the price cut details. Those missing from the new list include Merck & Company and Bristol-Myers Squibb Company’s best-selling cancer therapy Keytruda and Opdivo.
For foreign pharmaceutical manufacturers, competition in China has brought significant sacrifices. New drugs are often brought to market at lower prices, as they are sold in the West, but are still facing competition to develop similar drugs from the growing legacy of Chinese biotech firms that can be sold more is Cheaply.
This process can also be painful for local companies. Chinese pharmaceutical manufacturer Simcare Pharmaceutical Group said it has agreed to reduce the price of its newly approved stroke therapy by about 70%, to get it on the reimbursement list, to forecast expanded access fuel sales. Green Valley Pharmaceuticals, based in Shanghai, said it had participated in price negotiations for the Alzheimer’s disease drug, but did not obtain reimbursement status.
Older pharmaceuticals of global pharmaceutical companies that have been removed from patents are also facing price cuts. In a separate national campaign, in which China’s public hospitals made bulk purchases of generic drugs, prices fell by up to 90%.
– assisted by John Liu, Claire Che and Dong Liu
(Not updated with immunotherapy for Chinese medicine companies in the Chinese list in the 10th paragraph)