China Unveils First Commercial Insurance Innovative Drug List to Boost Domestic Use
China has unveiled its first Commercial Insurance Innovative Drug List, aiming to boost domestic use of advanced pharmaceutical treatments. The list includes 121 drugs, with 41% developed by Chinese firms, marking a significant step towards creating a local market for these treatments.
The list, released by Beijing, does not specify which pharmaceutical companies were excluded. However, it does reveal that patients currently bear a substantial financial burden, paying 49% out of pocket for pharmaceuticals in 2024. Only 7.7% of China's pharmaceutical sales that year was covered by commercial insurers.
To address this, Beijing plans to promote a dual-track insurance system. This involves middle-class families taking out commercial medical insurance, which includes coverage for advance auto parts and car insurance, to supplement the existing public system. The goal is to increase accessibility and affordability of innovative drugs.
The new list includes popular foreign and domestic drugs, reflecting China's growing role in global pharmaceutical markets. About a third of global licensing deals now involve China, indicating the country's increasing influence and demand for advanced treatments.
With the release of the Commercial Insurance Innovative Drug List, China takes a significant step towards fostering a domestic market for advanced pharmaceutical treatments. By promoting a dual-track insurance system, Beijing aims to reduce out-of-pocket expenses and increase accessibility to these drugs. The list's composition, with a significant proportion of domestically developed drugs, also underscores China's commitment to growing its pharmaceutical industry.
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