Monday, August 3, 2015   

Cap removed for low-cost medicines
(05-08 12:36)

The retail price cap of low-cost medicines in China will be scrapped to revive dampened production caused by weak profits and ensure supply of essential drugs, the country's top economic planner and regulator announced Thursday.
Restriction on maximum prices of 280 Western medicines and 250 Chinese patent drugs, previously priced low by the government to relieve patients' medical burden, will be lifted, allowing producers to set prices according to their production costs, according to the National Development and Reform Commission, Xinhua news agency reports.
Chang Feng, director of the medicine price research department under China Medical University, said that the move, allowing the market to play a bigger role in deciding prices, will help motivate low-price medicine production and guarantee necessary supply.
The supply of low-price drugs has decreased as rising costs and shrinking demand made producers shift their attention to more profitable medicines, causing production of some first-aid medication including digoxin to be suspended.
The NDRC has asked local authorities to release a list of low-cost medicines to the public by July 1 and strengthen monitoring over unreasonable price lifting.   
Other China breaking news:
New home prices rise in July (07-31 19:47)
Beijing to host 2022 to Winter Games (07-31 18:03)
Taiwan economy slows to 0.64pc (07-31 14:32)
Party shows no mercy to reviled general Guo (07-31 14:04)
Australian unions reject China pact (07-31 12:39)
Australian workers rally to denounce China free trade pact over jobs fears (07-31 12:35)
Enraged by suicide, students barge into Taipei education ministry (07-31 12:08)
‘Cold blooded’ KMT skewered after student protester’s suicide (07-30 21:24)
Myanmar frees 155 Chinese convicts jailed for illegal logging (07-30 18:18)
Ai Weiwei challenges UK visa authorities over ‘convict’ claims (07-30 17:59)

More breaking news >>

© 2015 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2015, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.