Drug price halved in China’s latest bulk buying scheme
China’s latest bulk purchasing of drugs resulted in pharma companies cutting prices by an average of 53%, and as much as 95%, according to state-owned media outlet Xinhua.
The national procurement program pits drug manufacturers making the same products against each other to secure public hospital supply contracts. With contracts for 55 types of medicines up for grabs, this year’s bidding process attracted 189 companies, with both global and domestic pharma companies competing primarily on product price.
Among the medications purchased in bulk were AstraZeneca’s heart disease drug Brilinta and Pfizer/Bristol Myers Squibb’s anticoagulant treatment Eliquis. Both contracts were won by Chinese manufacturers.
Beijing has been piloting a bulk buying approach to secure the country’s medicine stockpile. Last year, the State Council said it intends to expand the program further to include more drug types, particularly generic medicines with considerable price gaps with the brand name versions.
The national procurement program pits drug manufacturers making the same products against each other to secure public hospital supply contracts. With contracts for 55 types of medicines up for grabs, this year’s bidding process attracted 189 companies, with both global and domestic pharma companies competing primarily on product price.
Among the medications purchased in bulk were AstraZeneca’s heart disease drug Brilinta and Pfizer/Bristol Myers Squibb’s anticoagulant treatment Eliquis. Both contracts were won by Chinese manufacturers.
Beijing has been piloting a bulk buying approach to secure the country’s medicine stockpile. Last year, the State Council said it intends to expand the program further to include more drug types, particularly generic medicines with considerable price gaps with the brand name versions.
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