China's Price Watchdog to See Results of Drug Price Cut
Posted on: Sunday, 9 October 2005, 09:00 CDT
China's price watchdog to see results of drug price cut
BEIJING, Oct. 8 (Xinhua) -- China's price watchdog announced on Saturday that it will conduct a nationwide inspection to see the results of price cuts on 22 categories of drugs and service charges of medical institutions.
The move aims to correct wrongs in the purchase and sales of drugs, instill market order and relieve the high cost of medicine, one of the key complaints of the Chinese people, said an official with the State Development and Reform Commission.
On Sept. 28, the commission decided to lower the upper limit on the retail prices of 22 categories of medicine.
The prices of the medicine, which involve more than 400 specific medicinal products, are expected to fall an average of 40 percent.
This move has the potential to save consumers about 4 billion yuan (494 million US dollars).
The inspection will be conducted among medicine producers and sellers, medical institutions, and disease prevention and control centers, said the official.
Source: Xinhua News Agency - CEIS
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