China takes significant steps to consolidate generic drug industry and lower prices

On 7 December, China announced its newly implemented pilot centralized drug procurement program will cut prices for certain off-patent generic drugs by up to 96%. Under the program, China will award a contract to the lowest bidder, who will be guaranteed a sale volume of 60-70% of the total market for a year. The move is aimed at reducing drug prices and encouraging consolidation in the generic drug industry, and it will have a significant impact on generic drug pricing and procurement in China.

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